Governing the World's Biggest Market

Eric Helleiner is Professor in the Department of Political Science and Balsillie School of International Affairs, University of Waterloo. He is a Fellow of the Royal Society of Canada and presently serves as co-editor of the book series Cornell Studies in Money. He has authored and edited ten books, of which the most recent include Forgotten Foundations of Bretton Woods (2014), The Status Quo Crisis (2014), and The Great Wall of Money (2014).Stefano Pagliari is a Senior Lecturer in the Department of International Politics at City, University of London. His research has been published in journals such as International Organization, Review of International Political Economy, and Socio-Economic Review.Irene Spagna is a Ph.D. candidate in Global Governance and Global Political Economy at the Balsillie School of International Affairs, University of Waterloo.

• PrefaceContributorsAbbreviationsList of Illustrations Introduction. Governing the World's Biggest Market: The Politics of Derivatives Regulation After the 2008 CrisisEric Helleiner, Stefano Pagliari and Irene Spagna Chapter 1. Becoming the World's Biggest Market: OTC Derivatives Before the Global Financial Crisis of 2008Irene Spagna Chapter 2. Financial Regulatory Cooperation: Coordination of Derivatives MarketsElliot Posner Chapter 3. Global Markets, National Toolkits: Extraterritorial Derivatives Rulemaking in Response to the Global Financial CrisisMatthew Gravelle and Stefano Pagliari Chapter 4. Power Plays from the Fringe: East Asian Responses to Derivatives Regulatory ReformYu-wai Vic Li Chapter 5. The Second Half: Interest Group Conflicts and Coalitions in the Implementation of the Dodd-Frank Act Derivatives RulesStefano Pagliari Chapter 6. The Politics and Practices of Central Clearing in OTC Derivatives Markets Erin Lockwood Chapter 7. Positioning for Stronger Limits? The Politics of Regulating Commodity Derivatives MarketsEric Helleiner Chapter 8. A Web Without a Center: Fragmentation in the OTC Derivatives Trade Reporting SystemPeter Knaack

"Governing the World's Biggest Market is the kind of book that everyone agrees we need, but few people actually sit down and write. Out-of-control derivatives markets had been a central villain in many accounts of the 2007/08 Global Financial Crisis and thus a candidate for root and branch overhaul. Helleiner, Pagliari, and Spagna do us an invaluable service by dissecting the decade of regulatory changes since then. The even-handed and erudite accountsin this volume reveal why reforms have remained patchy without jumping to simplistic conclusions." --Daniel Mügge, Political Science Department, University of Amsterdam"We have remarkably few accounts of the politics of derivatives markets. This extraordinary collection tackles the question of whether these 'financial weapons of mass destruction' can be adequately regulated, while brilliantly articulating the challenges ahead for the global system." --Kathleen McNamara, Professor of Government and Foreign Service, Georgetown University