OECD Working Papers on Sovereign Borrowing and Public Debt Management

ISSN :
2226-4132 (online)
DOI :
10.1787/22264132
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OECD Working Papers on Sovereign Borrowing and Public Debt Management provide authoritative information on technical and policy issues in the area of public debt management (PDM) and government securities markets. Studies track closely structural issues, trends and challenges in government debt policies and markets. Topics include pressing government debt policy issues such as the measurement of sovereign risk; how to contain the cost of government borrowing operations; the use of electronic systems; sovereign asset and liability management (SALM); liquidity of markets in government debt; advances in risk management; the role of derivatives in PDM; linkages between PDM and monetary policy and the role of debt managers in pricing and managing contingent liabilities.

These studies are prepared for dissemination among sovereign debt managers, financial policy makers, regulators, financial market participants, rating agencies, and academics. By providing information on this highly specialised field of government activity and policy, papers aim to stimulate discussions among a wider audience as well as further analysis.

 

Regulatory Reform of OTC Derivatives and Its Implications for Sovereign Debt Management Practices You or your institution have access to this content

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Author(s):
OECD
Publication Date
30 Sep 2011
Bibliographic information
No.:
1
Pages
42
DOI
10.1787/5k9gz2n0sgq2-en

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This report analyses the possible implications for public debt management practices arising from regulatory changes for over the counter derivatives (OTCD) that are being developed worldwide to strengthen the resiliency of the financial system. Many OECD sovereigns use OTCD in their debt management activities (mainly interest rate swaps and cross-currency swaps). Some of the regulatory initiatives for OTCD markets may lead to changes in sovereign and dealer practices. Potential changes include modifications to collateralization requirements, the use of central clearing for OTCD trades, and increased pre- and post-trade reporting. Issues around sovereign exemptions and the transition of existing OTCD portfolios may also require attention from sovereign debt managers...
Keywords:
sovereign debt, general financial markets, international financial markets, government policy and regulation, debt management
JEL Classification:
  • G15: Financial Economics / General Financial Markets / International Financial Markets
  • G18: Financial Economics / General Financial Markets / Government Policy and Regulation
  • H63: Public Economics / National Budget, Deficit, and Debt / Debt; Debt Management; Sovereign Debt