Date: 2015
Type: Article
Private power and international law : the international swaps and derivatives association
European journal of legal studies, 2015, Vol. 8, No. 1, pp. 46-66
BOROWICZ, Maciej Konrad, Private power and international law : the international swaps and derivatives association, European journal of legal studies, 2015, Vol. 8, No. 1, pp. 46-66
- https://hdl.handle.net/1814/38652
Retrieved from Cadmus, EUI Research Repository
International lawyers have traditionally been interested in public power, i.e. ability to influence substantive outcomes across national borders through state coercion or threat thereof. They have been (and continue to be) engaged in debates about ways in which that type of power can be limited or, at the very least, made accountable. More recently international lawyers have also developed an interest in private power, i.e. ability to influence substantive outcomes across national borders without the use of state coercion or threat thereof. This paper explains how accountability for exercise of private power is achieved using the International Swaps and Derivatives Association (ISDA) as an example. ISDA’s accountability consists of a combination of procedural Global Administrative Law-like standards applicable to ISDA itself as well as legislative, regulatory and judicial recognition of the market conventions developed by ISDA. This model of accountability makes ISDA responsive to both cosmopolitan and national constituencies.
Additional information:
Published online: 09 September 2015
Cadmus permanent link: https://hdl.handle.net/1814/38652
ISSN: 1973-2937
External link: https://ejls.eui.eu/
Publisher: European University Institute
Keyword(s): ISDA Derivatives Accountability
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