An IMF paper published in March says regulatory reforms to move over-the-counter derivatives to central counterparties are unlikely to reduce systemic risks and could increase the likelihood of future taxpayer funded bailouts.

Manmohan Singh, a senior IMF economist and the paper's author, examines the interoperability of central counterparties and the cost of moving to central counterparties with access to central bank funding. Singh says present efforts to move over-the-counter derivatives to