To date, over-the-counter derivatives reform is the primary example of a post-crisis effort at market-wide regulation.5 Given that the 2007–2008 financial crisis was driven more by disruptions in the SFT markets than by disruptions in the over-thecounter derivative markets, comparable attention to SFT markets is surely needed.
Over the past two years, the Financial Stability Board (FSB) has been evaluating proposals for a system of haircuts and margin requirements for SFTs.