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Transnational Legal Ordering And Regulatory Conflict: Lessons From The Regulation Of Cross-Border Derivatives, Hannah L. Buxbaum

Articles by Maurer Faculty

This paper is about the theory and practice of transnational legal ordering. It seeks to gain insight into how transnational legal orders advance by examining one particular problem: the regulation of over-the-counter derivatives. It focuses on events following the global financial crisis, which exposed the deficiencies of the existing regulatory order in identifying and containing the risks created by trading in those securities. In the aftermath of the crisis, the cross-border systemic risk created by OTC derivatives trading was characterized as a problem of global dimension that necessitated a global response. A wide array of actors and institutions, both domestic …