Decentralised assets trading, centralised clearing and systemic risk

本项目旨在研究规范场外交易金融市场对经济绩效的影响。场外金融市场缺乏透明度可能加剧了2007-09年金融危机的严重性。作为回应，世界各地的监管机构决定对场外交易的衍生品进行集中清算，认为这将降低整个系统的风险。该项目将研究监管变化对市场参与、交易量和价格的影响，以及将风险从市场参与者转移到清算所的行为影响。它预计将提出清算所可以实施的补救政策，以控制市场参与者的风险偏好。这些都有助于提高澳大利亚未来的生产力和减少失业。

This project aims to study the effect of regulating over-the-counter (OTC) financial markets on economic performance. The lack of transparency of OTC financial markets may have exacerbated the severity of the 2007-09 financial crisis. In response, regulators around the world decided to mandate centralised clearing of derivatives traded OTC, believing this would reduce system-wide risk. This project will study the regulatory change’s effects on market participation, volumes of trade and prices, and the behavioural effect of shifting risk from market participants to clearinghouses. It expects to suggest remedial policies clearinghouses could implement to control market participants’ risk appetite. These can help enhance future productivity and reduce unemployment in Australia.