Disentangling derivatives: international policy reforms concerning central counterparties

After the 2008 financial crisis, international policy reforms were adopted on various aspects of derivatives markets, highlighting need for precise and consistent rules. We examine making rules concerning resilience, recovery resolution central counterparties (CCPs), which form acritical global infrastructure. argue that regulators played an important role in setting relatively standards CCPs over time. Facing common challenges, such as market fragmentation interlinkages between issues, fostered a problem-solving approach transgovernmental networks. also identify coordination tools used by regulators.