Regulating Financial Derivatives

Regulating Financial Derivatives

This book isolates the occurrences of the derivatives market, which were implied as the core accelerator and enabler of the global financial crisis.

Author: Alexandra G. Balmer

Publisher: Edward Elgar Publishing

ISBN: 1788111915

Category:

Page: 240

View: 369

The financial crisis, which spanned 2007 and 2008, may have occurred ten years ago but the resulting regulatory implications are yet to be implemented. This book isolates the occurrences of the derivatives market, which were implied as the core accelerator and enabler of the global financial crisis.Offering a holistic approach to post-crisis derivatives regulation, this book provides insight into how new regulation has dealt with the risk that OTC derivatives pose to financial stability. It discusses the effects that post-crisis regulation has had on central counterparties and the risk associated with clearing of OTC derivatives. Alexandra G. Balmer 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.Comprehensive and astute, this book will provide legal and financial scholars, academics and lawyers with much food for thought. National supervisors and regulators will also benefit from an understanding of general market risks and factors affecting exposure to such risks.
Categories:

Regulating Financial Derivatives

Regulating Financial Derivatives

Clearing and Central Counterparties Alexandra G. Balmer. ELGAR. FINANCIAL. LAW. Series Editor: Takis Tridimas, Queen Mary, University of London, UK This important series comprises high quality monographs on a wide range of topics in the ...

Author: Alexandra G. Balmer

Publisher: Edward Elgar Publishing

ISBN: 9781788111928

Category: Law

Page: 256

View: 321

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.
Categories: Law

Principles of Banking Regulation

Principles of Banking Regulation

14 See Balmer A, Regulating Financial Derivatives: Clearing and Central Counterparties (Elgar Financial Law Series 2018), 16–48. 15 See Financial Stability Board, 'Key Attributes of Effective Resolution Regimes for Financial ...

Author: Kern Alexander

Publisher: Cambridge University Press

ISBN: 9781108427265

Category: Business & Economics

Page: 497

View: 762

Analyses banking regulation and recent international developments, including Basel IV, bank resolution and Brexit, and their impact on bank governance.
Categories: Business & Economics

Enforcing Shareholders Duties

Enforcing Shareholders    Duties

ELGAR FINANCIAL LAW Series Editor: Takis Tridimas, Queen Mary, University of London, UK This important series comprises ... A Law and Finance Approach José Gabilondo Regulating Financial Derivatives Clearing and Central Counterparties ...

Author: Hanne S Birkmose

Publisher: Edward Elgar Publishing

ISBN: 9781788114875

Category:

Page: 320

View: 909

A heavily debated topic, the evolution of shareholders’ duties risks the transformation of the very concept of shareholder primacy, crucially associated with shareholder rights. Offering a distinctive and comprehensive examination of both current and forthcoming enforcement mechanisms in the area of shareholder duties, this timely book provides an exhaustive analysis of the many issues related to these mechanisms, and considers the ongoing challenges surrounding their implementation.
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Equivalence in Financial Services

Equivalence in Financial Services

Azariadis C, 'Self-Fulfilling Prophecies' (1981) 25 Journal of Economic Theory 380. Balmer AG, Regulating Financial Derivatives. Clearing and Central Counterparties (Elgar Financial Law 2018). Bank of Japan, 'Policy on Oversight ...

Author: Francesco Pennesi

Publisher: Springer Nature

ISBN: 9783030992699

Category: Business & Economics

Page: 265

View: 982

Equivalence in Financial Services offers a comprehensive and cross-industry examination of the rules and procedures under EU financial legislation dedicated to third-country market actors. The equivalence regime has become particularly topical after Brexit, as the United Kingdom is now a third country from the perspective of the European Union. This book investigates whether the current equivalence system is fit for its purpose, namely facilitating cross-border finance while minimizing as extensively as possible financial risks. After describing how the European Commission adopts equivalence measures, the book examines the implementation of the equivalence regime for the following entities: Credit Rating Agencies, Benchmarks, Trading Venues, Investment Firms, Investment Funds, Central Securities Depositories, Trade Repositories, and Central Counterparties. Addressing the most recent policy and legal developments, Equivalence in Financial Services provides an insightful guide into this complex area of financial regulation for scholars of financial regulation, legal practitioners, and policy makers.
Categories: Business & Economics

The European Banking Union and the Role of Law

The European Banking Union and the Role of Law

Series Editor: Takis Tridimas, Chair of European Law at King's College, London, UK This important series comprises high ... A Law and Finance Approach José Gabilondo Regulating Financial Derivatives Clearing and Central Counterparties ...

Author: Gianni Lo Schiavo

Publisher: Edward Elgar Publishing

ISBN: 9781788972024

Category: Bailouts (Government policy)

Page: 320

View: 734

The European Banking Union and the Role of Law offers a comprehensive and unique examination of the European Banking Union’s (EBU) impact on existing legal disciplines and assesses the role of law in shaping the EBU framework.
Categories: Bailouts (Government policy)

Regulating the Crypto Economy

Regulating the Crypto Economy

'Complexity, Innovation, and the Regulation of Modern Financial Markets' (2012) 2 Harvard Business Law Review 235. —— 'Towards a Supply-Side Theory of ... Balmer, AG, Regulating Financial Derivatives: Clearing and Central Counterparties ...

Author: Iris H-Y Chiu

Publisher: Bloomsbury Publishing

ISBN: 9781509935765

Category: Law

Page: 384

View: 811

This book focuses on the building of a crypto economy as an alternative economic space and discusses how the crypto economy should be governed. The crypto economy is examined in its productive and financialised aspects, in order to distil the need for governance in this economic space. The author argues that it is imperative for regulatory policy to develop the economic governance of the blockchain-based business model, in order to facilitate economic mobilisation and wealth creation. The regulatory framework should cater for a new and unique enterprise organisational law and the fund-raising and financing of blockchain-based development projects. Such a regulatory framework is crucially enabling in nature and consistent with the tenets of regulatory capitalism. Further, the book acknowledges the rising importance of private monetary orders in the crypto economy and native payment systems that do not rely on conventional institutions for value transfer. A regulatory blueprint is proposed for governing such monetary orders as 'commons' governance. The rise of Decentralised Finance and other financial innovations in the crypto economy are also discussed, and the book suggests a framework for regulatory consideration in this dynamic landscape in order to meet a balance of public interest objectives and private interests. By setting out a reform agenda in relation to economic and financial governance in the crypto economy, this forward-looking work argues for the extension of 'regulatory capitalism' to this perceived 'wild west' of an alternative economic space. It advances the message that an innovative regulatory agenda is needed to account for the economically disruptive and technologically transformative developments brought about by the crypto economy.
Categories: Law

English and European Perspectives on Contract and Commercial Law

English and European Perspectives on Contract and Commercial Law

(No 2) Regulations 20035 (FCARs) in the course of a chapter on 'Perfection of Security Interests over Financial ... degree of standardisation, compulsory clearing through central counterparties is being introduced pursuant to the ...

Author: Louise Gullifer

Publisher: Bloomsbury Publishing

ISBN: 9781782255185

Category: Law

Page: 424

View: 169

The purpose of this book is to honour the influential and wide-ranging work of Professor Hugh Beale. It contains essays by twenty-five very distinguished authors, each of whom has worked with Professor Beale as a co-author, as a teaching colleague, during his time as Law Commissioner of England and Wales, or as part of the study groups working in Europe on contract and commercial law. The essays reflect different aspects of Professor Beale's interests. Some concentrate on English contract law, either from a historical or a current perspective, while others are focused on aspects of European contract law. There are four essays looking at current issues relating to security and financing, and, as befits a former Law Commissioner, three essays on law reform. The essays in the final section discuss trends in transnational and European commercial law. This book brings together the reflections of eminent writers from all over Europe on important issues facing contract and commercial law and will be of interest to all scholars and practitioners working in these areas.
Categories: Law

Regulation and Supervision of the OTC Derivatives Market

Regulation and Supervision of the OTC Derivatives Market

Adam W. Glass, 'The Regulatory Drive Towards Central Counterparty Clearing of OTC Credit Derivatives and the Necessary Limits on This' (n11). See Philip Wood, Law and Practice of International Finance (Sweet & Maxwell 2008), 217.

Author: Ligia Catherine Arias-Barrera

Publisher: Routledge

ISBN: 9781351797719

Category: Business & Economics

Page: 280

View: 242

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.
Categories: Business & Economics

Regulating Finance in Europe

Regulating Finance in Europe

Everson, M. (2012), A Technology of Expertise, EU Financial Services Agencies, LSE Europe in Question Discussion Paper ... Mandatory clearing: The infrastructural authority of central counterparty clearing houses in the OTC derivatives ...

Author: HŽritier, Adrienne

Publisher: Edward Elgar Publishing

ISBN: 9781800379596

Category: Business & Economics

Page: 200

View: 278

This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties.
Categories: Business & Economics