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Derivatives, Regulation, and Banking by Barry Schachter Pdf
Hardbound. This volume provides high quality academic research on the ongoing, and sometimes heated, public policy debate over the benefits of bank derivatives and trading activities. This debate is centered on the potential adverse systemic effects of these activities. To date, relatively little of what is known of the economic causes and consequences of these activities is the result of scientific scrutiny. Firstly, the volume documents the trends in trading activities and derivatives usage. Secondly, this book discusses the economic motivation for, and economic consequences of banks' derivatives and trading activities. Thirdly, the regulatory options and their potential consequences are evaluated. Recommendations for a reasoned supervisory response, based on the analyses in this book, conclude the volume.
The Derivatives Revolution by Raffaele Scalcione Pdf
It is now widely recognized that an uncontrolled "derivatives revolution" triggered one of the most spectacular worst-case scenarios of modern times. This book - the most cogent legal analysis of the subject yet to appear in any language - lays bare the core role played by the failure to adequately regulate derivatives in the financial crisis of recent years. The author's insistence that derivatives must be viewed not as profit-seeking investments but as risk management tools - and his well-grounded prescriptions to ensure that they are regulated in that way - sheds clear light on the best way for companies, financial institutions, and hedge funds to move forward in their use of these useful but highly hazardous instruments. This book clearly shows how such elements as the following fit into the legal analysis of derivatives, and how proper regulation will preserve their usefulness and economic value: ; derivatives allow for the most efficient and cost-effective risk fractioning, hence risk taking, techniques ever conceived; derivatives allow for all measurable and identifiable risks that may exist in modern finance; the ability to isolate risks and insure against risk exposures is the key to the very survival of modern financial markets; risk buyers effectively take on financial exposure to various types of risk while hedgers unload unwanted exposures; derivatives allow domestic investors to acquire exposure to foreign markets without the necessity of dealing with foreign laws, foreign investments, currency exchange, or foreign fiscal regimes; derivatives increase social welfare by making it easier and less expensive to carry out many types of financial transactions; derivatives allow governments to insulate, manage, hedge or concentrate risks deriving from financial, meteorological, and even geopolitical exposure; and derivatives allow radical changes to financial and risk structure to be performed silently and rapidly. To the question: how do we ensure that a company trading derivatives is regulated effectively? this work offers a clear and convincing answer. The author's detailed recommendations for regulatory and corporate governance measures are designed to prevent excessive risk taking, the emergence of rogue traders, and ultimately the emergence of another systemic disturbance caused by chains of derivatives-related losses.
Financial Regulation of Banking Derivatives, Securitizations and Trusts in China by Mark Hsiao Pdf
The opening of China's vast and vibrant economy has necessitated the development of a great variety of financial institutions and products which ten years ago were unknown in China. This book explains derivatives regulations, securitizations and trust law in China which will give anyone interested in the Chinese financial market a clear picture of financial regulations and compliance. This book analyzes the relationship between the financial derivatives regulation, Basel II, and trusts and securitizations, and offers an additional complication by looking into regulations in China. --
Regulating Financial Derivatives by Alexandra G. Balmer Pdf
This book puts forward a holistic approach to post-crisis derivatives regulation, providing insight into how new regulation has dealt with the risk that OTC derivatives pose to financial stability. It discusses the implications that post crisis regulation has had on central counterparties and the risk associated with clearing of OTC derivatives. The author offers a novel solution to tackle the potential negative externalities from the failure of a central counterparty and identifies potential new risks arising from post crisis reforms.
Safety and Soundness Issues Related to Bank Derivatives Activities: Minority report by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs Pdf
Regulation and Supervision of the OTC Derivatives Market by Ligia Catherine Arias-Barrera Pdf
The over-the-counter (OTC) derivatives market has captured the attention of regulators after the Global Financial Crisis due to the risk it poses to financial stability. Under the post-crisis regulatory reform the concentration of business, and risks, among a few major players is changed by the concentration of a large portion of transactions in the new market infrastructures, the Central Counterparties (CCPs). This book, for the first time, analyses the regulatory response of the United Kingdom and the United States, the two largest centres of OTC derivatives transactions, and highlights their shortcomings. The book uses a normative risk-based approach to regulation as a methodological lens to analyse the UK regime of CCPs in the OTC derivatives market. It specifically focuses on prudential supervision and conduct of business rules governing OTC derivatives transactions and the move towards enhancing the use of central clearing. The resulting analysis, from a normative risk based approach, suggests that the UK regime for CCPs does not fulfil what would be expected if a coherent risk based approach was taken. Our comments on the Dodd-Frank Act highlight that the incoherent adoption of risk-based approach to regulation affects the effectiveness of the US regime for CCPs. Such a regime does not follow the pace of events of ‘innovation risk’; in particular, the foreseeable changes FinTech will bring to the OTCDM and central clearing services. The second inadequacy of the US regime concerns the dual regulatory structure of the CFTC and the SEC, and the inadequate adoption of different and not well-coordinated regulatory strategies. We also analyse the cross-border implications of the US regime for non-US CCPs that provide clearing services to US market participants. Finally, we study the negative effects of the absence of a clearly defined resolution regime for CCPs.
Safety and Soundness Issues Related to Bank Derivatives Activities by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs Pdf
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance
Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance Publisher : Unknown Page : 192 pages File Size : 45,8 Mb Release : 1994 Category : Banking law ISBN : UCR:31210013754443
H.R. 4503, the Derivatives Safety and Soundness Supervision Act of 1994 by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance Pdf
Over-the-counter Derivatives by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment Pdf
Southern Methodist University. Institute of International Banking and Finance
Author : Southern Methodist University. Institute of International Banking and Finance Publisher : Kluwer Law International B.V. Page : 264 pages File Size : 40,8 Mb Release : 2000-08-08 Category : Law ISBN : 9789041197818
Modern Financial Techniques, Derivatives and Law by Southern Methodist University. Institute of International Banking and Finance Pdf
This work examines both the UK and international regulation, as well as the case law and legislation affecting a wide spectrum of modern financial techniques. Within the scope of those financial techniques are the broad range of instruments, structures and contracts deployed by global financial markets in relation to corporate customers, sovereign entities and other public sector bodies. The essays in this collection are concerned with the nature of the modernity of financial products like derivatives, and the particularly acute challenge that they pose both to the control of financial markets by private law and by established means of regulation. Much of the book focuses on derivatives as exemplars of this broader context. The authors analyse practical and theoretical issues as diverse as credit derivatives, dematerialised securities, the ISDA EMU protocol, and the OTC derivatives market, as well as the regulation of financial products, the economics of financial techniques, and the international regulatory framework. They examine issues of private law, including the legal implications of immobilisation and dematerialisation in collateral transactions, seller liability in credit derivatives markets and fraud. The essays examine the benefits and shortcomings of various legal mechanisms and methods of financial regulation, and suggest new approaches to the questions facing the law of international finance. The essays in this book arose out of the W.G. Hart workshop on Transnational Corporate Finance and the Challenge to the Law held at the Institute of Advanced Legal Studies in London in 1998.
Over-the-Counter Derivatives Regulation in Hong Kong and Singapore by Christopher Chen Pdf
In this work, Christopher Chen examines and compares the regulation of over-the-counter derivatives in Hong Kong and Singapore regarding the reporting, clearing and trading mandates for regulating OTC derivatives in relation to developments in the US and Europe.
The Politics of Regime Complexity in International Derivatives Regulation by Lucia Quaglia Pdf
This book provides the first comprehensive account of post-crisis international regulation of derivatives by bringing together the international relations literature on regime complexity and the international political economy literature on financial regulation. It addresses three questions: What factors drove international standard-setting on derivatives post-crisis? Why did international regime complexity emerge? And how was it managed and with what outcomes? This research innovatively combines a state-centric, a transgovernmental, and business-led explanations. It examines all the main sets of standards (or elemental regimes) concerning various aspects of derivatives markets, namely: trading, clearing, and reporting of derivatives; resilience, recovery and resolution of central counterparties; capital requirements for bank exposures to central counterparties and derivatives; margins for derivatives non-centrally cleared. It is argued that regime complexity in derivatives ensued from the multi-dimensionality and the interlinkages of the problems to tackle, especially given the fact that it was a new policy area without a focal international standard-setter. Despite these challenges, international cooperation resulted in relatively precise, stringent, and consistent rules, even though there was variation across standards. The main jurisdictions played an important role in managing regime complexity, but their effectiveness was constrained by limited domestic coordination. Networks of regulators gathered in international standard-setting bodies deployed a variety of formal and informal coordination tools to deal with regime complexity. The financial industry, at times, lobbied for less precise and stringent rules and engaged in 'venue shopping', whereas, other times, it contributed to the quest for regulatory consistency.
Derivatives Law and Regulation by Rasiah Gengarathan Pdf
This book provides a straightforward and up-to-date analysis of the wide range of issues surrounding the use of derivatives in common law countries. It is the only work of its kind that focuses on derivatives law and regulation in Australia, New Zealand, Singapore, Malaysia and Hong Kong. Topics covered include: the nature of derivatives key legal issues standard market documentation derivatives regulation recent market developments regulatory reform This work will be of significant interest to bankers, lawyers, regulators and academics wanting to gain a better understanding of this complex subject.
Assessment of post-GFC derivative regulations and impact of new processes and technologies in the financial derivatives sector by Mert Ozenay Pdf
Seminar paper from the year 2019 in the subject Economics - Finance, , language: English, abstract: The year 2008 marks one of the worst financial crises since the Great Depression. This market crisis has caused a paradigm shift in the global financial and capital markets. During the period between 2008 and 2012, a number of complications were seen in the markets, ultimately leading to a collapse of many institutions. Credit risk and complex securitized products were priced incorrectly and insufficient risk management functions amplified the scale of risks transmitted within multiple channels across the global markets. This paper addresses these developments and explores the current state of regulatory convergence. It furthermore seeks to understand the optimum level of regulatory convergence in the derivatives market and evaluates the developments in the global derivative markets. The primary focus is not on critically evaluating the highly technical aspects of regulatory developments but rather on assessing the practical outcomes derived from such changes. In addition, this paper also seeks to find an answer to achieve transformative changes by setting effective policies across the EU and the US derivatives landscape. This paper is furthermore focused on the more recent technological advancements which have a direct impact on derivative trading activities. Taking into consideration that innovation has tended to outpace regulation throughout history, it attempts to answer the question of regulating two selected innovations: smart derivative contracts and derivative security tokens.
Practical Derivatives by Edmund Parker,Marcin Perzanowski Pdf
Since the near-collapse of the global financial system back in 2008, the derivatives industry has come a long way. As derivatives were blamed for causing, or contributing to, the crisis, the politicians and regulators on both side of the Atlantic (and in most other developed jurisdictions) decided to take action. In September 2009 the G20 leaders at their meeting in Pittsburg resolved the following: "All standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by the end of 2012 at the latest." Even though it is now 2016, the regulators continue to work on the detailed rules, which still won't be fully implemented for a while. Nonetheless, the derivatives markets have already changed almost beyond recognition, and continue to evolve.Featuring updated chapters, this third edition of Practical Derivatives: A Transactional Approach shows how derivatives are used in a variety of transactions, how the documentation works, and why boards need to be aware of the derivatives market. It also analyses the impact of the recent regulatory changes on derivatives transactions and related documentation. With contributions from leading law firms, investment firms and academics, this accessible book takes a transactional approach and features coverage of product innovations.This latest edition includes chapters on established markets such as equity and energy derivatives, but it also discusses the expansion of derivatives into new markets such as credit risk, weather risk and property. It features topical analysis on corporate governance and directors' duties; it includes an overview of the documentation produced by the International Swaps and Derivatives Association, the International Capital Markets Association and the German banking association; and it discusses related issues such as close-out netting. This edition would not be complete without an analysis of the recent derivatives regulation, and the transactional documentation that helps to implement the new rules.Whether you are at a bank or financial institution or from a company or organisation looking to invest or manage your risk, this title will provide you with practical tools for using derivatives in your business.
