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首页> 外文期刊>Journal of regulatory economics >Extraterritoriality of swaps regulation and regulatory arbitrage
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Extraterritoriality of swaps regulation and regulatory arbitrage

机译：掉期监管和监管套利的域外性

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In this paper, we investigate how the extraterritorial applicability of the US over-the-counter derivatives regulation impacts the off-balance sheet positions of foreign branches of US banks. While existing research has focused on the effects of the regulation on swap markets' liquidity, we contribute to the literature by looking at off-balance sheet exposures, focusing on geographically disaggregated data. Swaps exposures are found to increase in those jurisdictions in which limited extraterritoriality applies due to the substitute compliance framework. Furthermore, we find an increase in futures and forwards exposures in foreign branches located in host countries that fully comply with the extraterritoriality. Our results are consistent with a geographical and cross-product regulatory-induced activities reallocation.
机译：在本文中，我们研究了美国场外衍生品监管的域外适用性如何影响美国银行外国分支机构的表外头寸。尽管现有研究集中在监管对掉期市场流动性的影响上，但我们通过查看表外风险敞口，着重于按地理分类的数据，为文献做出了贡献。由于替代合规框架，在适用有限域外管辖权的司法管辖区发现掉期风险增加。此外，我们发现，完全符合域外管辖权的东道国外国分支机构的期货和远期风险敞口有所增加。我们的结果与地理和跨产品监管引起的活动重新分配是一致的。

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