Unintended Consequences of the Global Derivatives Market Reform
研究发现美国OTC衍生品改革导致银行将高达60%的业务转移至监管较宽松的境外地区，这种监管套利虽降低了交易成本，却增加了金融风险。
Abstract Following the early implementation of the global over-the-counter (OTC) derivatives market reform in the USA and the associated increase in trading costs, US banks shifted up to 60% of their OTC derivatives activity abroad, particularly toward less regulated jurisdictions. Consistent with a cost saving incentive of regulatory arbitrage, we find that this flight abroad is driven by costlier blocks of the reform and subsequently causes a narrowing of swap spreads. We further show that this regulatory arbitrage causes an increase in financial risk as more activity is shifted to more lenient jurisdictions.