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Evolution of OTC Derivatives Markets Since the Financial Crisis

Research
Research Notes January 12, 2021
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Over the past decade, significant regulatory reforms have been implemented in order to make derivatives markets safer and more robust. A major test of these reforms came in the first half of 2020, as the COVID-19 pandemic disrupted global financial markets and central banks intervened to provide much-needed liquidity.

While derivatives experienced volatility and liquidity pressures in line with cash markets, they continued to function without any major issues or dislocations reported by policy-makers or market participants.

The performance of derivatives markets during the pandemic reflects important changes and a significant reduction in counterparty credit risk over the past decade. As a result of the financial regulatory reforms, derivatives markets have become safer, more resilient and more transparent.

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