Description

We analyze the ongoing international debate on regulation and market infrastructure for OTC derivatives, the results of which are now in the early stages of implementation in key international markets. Our purpose is to study a possible application in Chile of some of its core elements. As a result of the analysis, whic h considers the specific characteristics of the domestic market, we conclude that, from a fina ncial stability perspective, in the particular case of Chile, it is necessary to move forward in the development and implementation of more sophisticated market infrastructures than those today available, togeth er with the necessary regulation for their proper functioning, in order to enhance the safety and efficiency of the local derivatives market. Among the types of infrastructure that emerge as priorities for future development of the domestic market, we draw attention to trade repositories and central counterparties