Public Promises and Organizational Agendas
19 Pages Posted: 26 Feb 2009 Last revised: 18 Mar 2009
Date Written: February 24, 2009
This essay considers standard-form over-the-counter (OTC) derivatives contracts from an organizational perspective. OTC derivatives contracts are highly standardized and have a peculiar modular structure. Most are drafted by a single trade group, which is not party to the contracts. These features in turn shape the behavior of the trade group, the contracting institutions, national regulators, and the global financial markets.
Keywords: contracts, organizational theories, derivatives, financial markets, ISDA
JEL Classification: G15, G20, K12, K22, L14, L20, O16, O17
Suggested Citation: Suggested Citation