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La gestion du risque de contrepartie en matière des dérivés de gré à gré : approche juridique

Abstract : Ln the aftermath of the 2008 financial crisis, the authorities tackled the issue of counterparty risk associated with OTC derivatives. The ten years that have passed since then allow us an opportunity to take stock of the effectiveness of the regulatory framework then put in place. This study aims to map the different elements that make up or feed the counterparty risk in OTC derivatives and analyzes the effectiveness of the various techniques deployed to manage it. The management tools used in OTC derivatives to mitigate counterparty risk rely on a variety of legal mechanisms. If some are at the free disposal of the parties, others are imposed by the regulations. All these instruments participate -alone or jointly-in actually mitigating the counterparty risk. But each of them only deals with a particular aspect of this risk and none of them can completely neutralise it. Some situations even sometimes disrupt the effectiveness of counterparty risk management tools and negate their beneficial effects. Ultimately, it is understood that the effective management of counterparty risk requires three stages: the identification of the risks attached to each operation, followed by the development of relevant management tools with a view to the mitigation of such risks, and finally steps to avoid the risk of inefficiency of the tools used. ln any case, counterparty risk management in OTC derivatives is not only imperfect but also eminently fragile.
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Submitted on : Friday, February 22, 2019 - 3:36:07 PM
Last modification on : Wednesday, November 23, 2022 - 2:34:01 PM
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  • HAL Id : tel-02046183, version 1



Guerric Brouillou. La gestion du risque de contrepartie en matière des dérivés de gré à gré : approche juridique. Droit. Université Panthéon-Sorbonne - Paris I, 2018. Français. ⟨NNT : 2018PA01D056⟩. ⟨tel-02046183⟩



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