Die Regulierung von Kreditderivaten

After the outbreak of the financial crisis in the years 2007/2008, OTC credit derivatives came to the centre of attention. Especially the regulation of so-called Sovereign CDS, which are used for the transfer of sovereign credit risks, are deemed problematic. These financial instruments are suspected of allowing financial market participants a speculation to the detriment of the concerned sovereigns.
With an interdisciplinary approach, the author investigates the risks of (Sovereign) CDS based on the relevant standard documentation, the available market data and current economic studies. In addition, the legal nature of CDS is explored. The results gained are used in an analysis of the European supervisory framework of reporting, capital and infrastructure requirements such as the clearing obligation and collateralisation as well as the ban on certain Sovereign CDS.