Abstract

http://ssrn.com/abstract=1140869
 
 

References (46)



 
 

Citations (3)



 


 



Competing for a Share of Global Derivatives Markets: Trends and Policy Choices for the United States


Darrell Duffie


Stanford University - Graduate School of Business

Henry T. C. Hu


University of Texas at Austin - School of Law

June 3, 2008

U of Texas Law, Law and Econ Research Paper No. 145
Rock Center for Corporate Governance at Stanford University Working Paper No. 50

Abstract:     
This is a preliminary study on the status of the U.S. in the global market for derivatives-related services. We include some of the policy choices available to enhance this status. We begin with a review of the importance of active and efficient derivatives markets for the U.S. economy. We then analyze the status of U.S. derivatives-market service providers in both over-the-counter and exchange-based markets. We then discuss factors that play a role in determining where a provider of derivatives services is located.

By far the dominant factors are the regional concentration of customers and overall financial market activities. We also consider regulatory and legal factors, and access to specialized human resources, among other factors. We recommend the development and maintenance of a dataset bearing on the co-location advantages of financial services firms within the U.S., particularly in and near New York City, along with data pertinent to related human resources.

Our analysis departs from the view expressed in some 'competitiveness' circles as to a presumed wholesale migration of financial activity from New York and London and as to the dominant role of regulatory differences in such migration.

Number of Pages in PDF File: 58

Keywords: Chicago, co-location, competition, competitiveness, dataset, derivatives, derivatives dealers, derivatives regulation, exchanges, financial institutions, financial markets, financial services, futures, human resources, labor, law, location, London, migration, New York, options, securities regulation

JEL Classification: G21, G24, G28, G38, K22, K23, L16, M41

working papers series


Download This Paper

Date posted: June 5, 2008 ; Last revised: September 29, 2009

Suggested Citation

Duffie, Darrell and Hu, Henry T. C., Competing for a Share of Global Derivatives Markets: Trends and Policy Choices for the United States (June 3, 2008). U of Texas Law, Law and Econ Research Paper No. 145; Rock Center for Corporate Governance at Stanford University Working Paper No. 50. Available at SSRN: http://ssrn.com/abstract=1140869 or http://dx.doi.org/10.2139/ssrn.1140869

Contact Information

James Darrell Duffie (Contact Author)
Stanford University - Graduate School of Business ( email )
518 Memorial Way
Stanford, CA 94305-5015
United States
650-723-1976 (Phone)
650-725-7979 (Fax)

Henry T. C. Hu
University of Texas at Austin - School of Law ( email )
727 East Dean Keeton Street
Austin, TX 78705
United States
512-232-1373 (Phone)
512-471-6988 (Fax)
Feedback to SSRN


Paper statistics
Abstract Views: 6,727
Downloads: 1,693
Download Rank: 4,592
References:  46
Citations:  3

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo3 in 0.422 seconds