Licensing the Gatekeeper? Public Pathways, Social Significance and the ISDA Credit Derivatives Determinations Committees

DC FieldValueLanguage
dc.contributor.authorBiggins, John
dc.contributor.authorScott, Colin
dc.date.accessioned2015-08-12T14:46:44Z
dc.date.available2017-02-01T02:00:08Z
dc.date.issued2015
dc.identifier.citationTransnational Legal Theoryen
dc.identifier.urihttp://hdl.handle.net/10197/6788
dc.description.abstractRegulatory relationships in financial markets exemplify the importance and changing nature of transnational business governance interactions (TBGI). These interactions involve reciprocal forces of influence between private and public regulators. We examine one key case of private governance in financial markets: the emergence, structures and decision-making of Credit Derivatives Determinations Committees (DCs) of the International Swaps and Derivatives Association (ISDA). We highlight the mechanisms or ‘pathways’ of interaction between ISDA, governments, courts and public regulators. We demonstrate how interactions between state and non-state actors can occur in both operational and policy spheres. We find ISDA to be a particularly resilient private regulator in an environment subject both to the significant external shock of the Global Financial Crisis and intense pressure on governmental actors to demonstrate that they are counteracting risk. We consider the sources of ISDA’s adaptive capacities. It is clear that ISDA operates as a key gatekeeper in the field and, significantly, the organisation appears to have a form of 'regulatory licensing' power in the DCs. This power of regulatory licence is derived in an immediate sense from the propagation of a web of contracts and norms established by market actors, the content of which is substantially derived from instruments such as the Master Agreement, set down by ISDA itself. But, equally importantly, we find that this regulatory licensing capacity is ultimately backstopped by an implicit delegation from public actors, which lends additional legitimacy to the DCs.en
dc.language.isoenen
dc.publisherTaylor and Francisen
dc.rightsThis is an electronic version of an article published in Transnational Legal Theory, 6 (2): 370-398 (2015). Transnational Legal Theory is available online at: www.tandfonline.com/doi/abs/10.1080/20414005.2015.1083223en
dc.subjectRegulationen
dc.subjectGatekeepingen
dc.subjectDerivativesen
dc.subjectISDAen
dc.subjectPrivate governanceen
dc.subjectRegulatory reformen
dc.titleLicensing the Gatekeeper? Public Pathways, Social Significance and the ISDA Credit Derivatives Determinations Committeesen
dc.typeJournal Articleen
dc.statusPeer revieweden
dc.identifier.volume6en
dc.identifier.issue2
dc.identifier.startpage370
dc.identifier.endpage398
dc.identifier.doi10.1080/20414005.2015.1083223-
dc.neeo.contributorBiggins|John|aut|-
dc.neeo.contributorScott|Colin|aut|-
dc.internal.notesLicensingTheGatekeeper.pdfen
dc.description.adminDeposited by bulk importen
dc.internal.rmsid400420026en
dc.date.updated2015-07-31T17:04:54.322+01:00en
dc.rights.licensehttps://creativecommons.org/licenses/by-nc-nd/3.0/ie/en
item.grantfulltextopen-
item.fulltextWith Fulltext-
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