ABSTRACT
Chapter 4 turns to OTC derivatives regulation. It shows how the FSB failed to forge a government network with the composition and powers necessary to facilitate the development of global standards in this issue area. Instead, the United States and the European Union developed standards unilaterally. It connects the protagonism of national legislatures and the absence of a strong government network to shortcomings in the global reform of OTC derivative regulation. The chapter then traces the emergence of new initiatives regarding the regulation of central counterparties under the FSB umbrella in the late 2010s and assesses their advances and limits. Based on this empirical material, it tests the government network hypothesis against competing explanations.
