Power plays from the fringe: East Asian responses to derivatives regulatory reform

Research output: Chapter in Book/Report/Conference proceedingChapter

2 Citations (Scopus)

Abstract

Implementation of global derivatives reforms and the extraterritorial application of US and EU regulations in East Asia have generated political interplays unfolded at inter-state and domestic levels. Leading jurisdictions such as Japan, Singapore, and Hong Kong have exercised "power-as-autonomy" in an attempt to push back and delay the reform agendas spearheaded by global standard-setting bodies and the leading powers. Through leveraging the influence of Asian-based foreign dealers and exploiting the transatlantic disagreements, the Asian authorities have gained some rule-making autonomy in introducing derivatives reforms in local markets. This, however, was also driven by a competitive dynamic between individual Asian jurisdictions to promote the growth of domestic derivatives markets, which experienced dramatic growth in the post-crisis years. This resulted in market rules that do not reconcile and are somewhat inconsistent with each other, making the Asian regulatory landscape more uneven and fragmented along jurisdictional lines. Copyright © 2018 Oxford University Press. All rights reserved.
Original languageEnglish
Title of host publicationGoverning the world's biggest market: The politics of derivatives regulation after the 2008 crisis
EditorsEric HELLEINER, Stefano PAGLIARI, Irene SPAGNA
Place of PublicationNew York
PublisherOxford University Press
Pages107-136
ISBN (Print)9780190864576
DOIs
Publication statusPublished - 2018

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reform
jurisdiction
market
international leading power
autonomy
Singapore
Hong Kong
EU
Japan
regulation

Citation

Li, Y.-W. V. (2018). Power plays from the fringe: East Asian responses to derivatives regulatory reform. In E. Helleiner, S. Pagliari, & I. Spagna (Eds.), Governing the world's biggest market: The politics of derivatives regulation after the 2008 crisis (pp. 107-136). New York: Oxford University Press.

Keywords

  • East Asia derivatives market
  • Japan
  • Singapore
  • Hong Kong
  • Power as autonomy
  • Implementation politics
  • Response to Dodd-Frank
  • Response to EMIR