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Distributional Effects in the Law of Transnational Financial Markets: The Case of Close-out Netting&#160;[caption id="attachment_2346" align="alignleft" width="212"] Johan Horst[/caption]Johan Horst’s research project examines distributional effects of legal rules in the OTC derivatives markets. Using insights of heterodox theories such as Hyman Minsky and Katharina Pistors’s legal theory of finance, his project evaluates how markets for OTC derivatives redistribute wealth via redistribution of financial risk. His case study is the evolution of close-out netting-clauses. As a basic element of the legal infrastructure of the OTC derivatives markets, close-netting relocates financial risk (credit risk) from the market participants to creditors outside the OTC derivatives markets. Yet, despite its massive distributional consequences, close-out netting was mostly discussed as a mere technical regulation necessary for the proper functioning of these markets. Emphasizing the distributional effects of such clauses is a first and necessary step towards repoliticizing the rules for transnational financial markets.Johan Horst is Research Fellow in the project “Transnational Force of Law”, where he directs the subproject “Lex Financiaria”. Before, he was Research Fellow at the Collaborative Research Center (SFB 597) “Transformation of the State” at Universität Bremen. In 2017 Johan Horst finished his PhD in law with summa cum laude for his dissertation on transnational financial markets law, under the supervision of Andreas Fischer-Lescano and Gunther Teubner. He studied law as well as philosophy and history in Freiburg, Berlin, Paris, and at Georgetown University, Washington DC. During his legal clerkship he worked at the KG Berlin (Court of Appeals of the State of Berlin), in the Federal Foreign Office at the United Nations Desk and at Hengeler Mueller. Johan has published inter alia on international and transnational economic law and legal theory and is interested in critical legal studies, postcolonial studies, critical systems theory, and law and heterodox economics.