The power to constrain: The notion of excessive speculation in the regulation of commodity derivatives markets

Présentation de Hélène Rainelli Weiss (CREM, Université Rennes 1, IGR-IAE)
2019-03-05_Rainelli-Weiss Hélène

Abstract : Using mostly archival data, this paper explores the way the notion of “excessive speculation” has been instrumented over history in debates surrounding the regulation of commodity derivatives markets. It evidences the role of the notion as a quasi-legal standard allowing robust action from the part of regulators. We contribute to the legal institutionalism initiated by Pistor (2013), by showing that the elasticity of law is core on commodity derivatives markets as it is on credit markets but take different paths. The role played by legal standards in market architecture provides novel insight into the entanglement of law, politics and markets