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Full-Text Articles in Law
Understanding The 2012 Master Securities Forward Transaction Agreement, Christian Johnson, Ranada Fergerson
Understanding The 2012 Master Securities Forward Transaction Agreement, Christian Johnson, Ranada Fergerson
Christian A. Johnson
The trading of forward-settling agency mortgage-backed securities (“MBS”) comprised of pools of home loan mortgage loans, executed in contemplation of securitization through Fannie Mae, Freddie Mac and Ginnie Mae, is one of the largest and most active markets in the world.
Regulatory Arbitrage, Extraterritorial Jurisdiction And Dodd-Frank: The Implications Of Us Global Otc Derivative Regulation, Christian Johnson
Regulatory Arbitrage, Extraterritorial Jurisdiction And Dodd-Frank: The Implications Of Us Global Otc Derivative Regulation, Christian Johnson
Christian A. Johnson
A review of the Dodd-Frank rulemaking projects suggests that the U.S. has entered into a “race to the top” of over-the-counter derivative regulation. Many of the Dodd-Frank statutes and proposed rules go well beyond the relatively modest objectives agreed to by the G20 countries in 2009. These efforts in the U.S. create a legal environment ripe for regulatory arbitrage and the isolation of U.S. OTC derivative markets. Isolation results from participants simply abandoning U.S. markets because of overly aggressive U.S. regulation. Regulatory arbitrage occurs as both U.S. and non-U.S. persons attempt to structure their trading activities to avoid the extraterritorial …