Main Article Content
Clearing of prices in over the counter derivatives (OTC) market has been
subject to state intervention via a new regulatory financial frame work in the post Global
Financial Crisis (GFC) era. The classical and neo classical approach is being questioned.
For Emerging Asia, a financial regulatory framework was already in place even before the
GFC of 2008, camouflaging itself as macro prudential policies, with a heavy state led
intervention in clearing of prices in the OTC market ala Keynesian. However, many of
the emerging Asian financial markets find it difficult to embrace and integrate their
localised macro prudential policies with the new global financial regulatory framework.
Thus, policy makers need weigh whether they want a sequential approach in relation to
financial market liberalisation or to embrace in totality the new global financial regulatory
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