Trade in Financial Services Regionalism: Derivatives Clearing and Settlement in Economic Integration Agreements

41 Pages Posted: 11 Dec 2018

See all articles by George A. Papaconstantinou

George A. Papaconstantinou

European University Institute, Department of Law (LAW)

Date Written: December 2018

Abstract

Trade in financial services is integrated through Economic Integration Agreements (EIAs), in addition to the multilateral trading system developed under the WTO. Securities’ clearing and settlement services have nowadays become more important than ever. The latter have gained enormous strategic relevance due to the global regulatory shift towards tasking clearinghouses to mitigate the risks associated with trading of OTC derivatives. This study assesses the liberalization levels of the financial services in the plurilateral trading system. It aims to shed light on the underlying dynamics that could explain the rationale behind international trade treaties. Most importantly, this contribution assesses the relationship between regulation of international trade and regulation of financial market infrastructure in order to bring into the spotlight problematic features that underscore existing silos in WTO Members’ administrations.

Keywords: Regional Vs Multilateral trade in financial services, Preferential trading system, EIAs, Clearing and Settlement, GATS, Regulation of financial market infrastructure, Clearing house

JEL Classification: K40, K33

Suggested Citation

Papaconstantinou, George A., Trade in Financial Services Regionalism: Derivatives Clearing and Settlement in Economic Integration Agreements (December 2018). Robert Schuman Centre for Advanced Studies Research Paper No. RSCAS 2018/63, Available at SSRN: https://ssrn.com/abstract=3297072 or http://dx.doi.org/10.2139/ssrn.3297072

George A. Papaconstantinou (Contact Author)

European University Institute, Department of Law (LAW) ( email )

Via Boccaccio 121 (Villa Schifanoia)
Firenze
Italy

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
37
Abstract Views
296
PlumX Metrics