The Second Half

This chapter explores the implementation of the derivatives rules included within the Dodd-Frank by US regulatory agencies. This phase brought to a halt the tightening in the regulation of derivatives markets that had been set in motion by the financial crisis, as regulators have come to exclude a number of actors and transactions from regulatory requirements mandated by Congress. In order to explain this outcome, this chapter will map the ecology of interest groups from within and outside the financial industry that have mobilized during the implementation of Dodd-Frank. The analysis will reveal how the breadth and cohesiveness of the opposition front that emerged in response to different rules have influenced the capacity of regulators to withstand pressures to whittle down the scope and strictness of Dodd-Frank during the implementation phase.