Governing Finance in Europe最新文献

Sharing global regulatory space: transatlantic coordination of the G20 OTC derivatives reforms1 共享全球监管空间:跨大西洋协调G20场外衍生品改革1

Governing Finance in Europe Pub Date : 2020-08-07 DOI: 10.4337/9781839101120.00013

H. Marjosola

{"title":"Sharing global regulatory space: transatlantic coordination of the G20 OTC derivatives reforms1","authors":"H. Marjosola","doi":"10.4337/9781839101120.00013","DOIUrl":"https://doi.org/10.4337/9781839101120.00013","url":null,"abstract":"The governance of the global market for over-the-counter (OTC) derivatives has undergone a metamorphosis. Set in motion by the Group of Twenty (G20) 2009 summit in Pittsburgh, the regulatory overhaul has transformed what used to be a relatively harmonious and transnational legal regime into a global regulatory space which – like all regulatory spaces (Hancher and Moran 1998) – is highly contested. In the light of the hypotheses developed in Chapter 1 of this book, this chapter evaluates the implementation and coordination of the globally agreed derivatives reforms in and between the United States and the European Union (for earlier research on this topic, see Godwin et al. 2017). The chapter focuses specifically on the possible implications of coordination challenges for regulatory structures. The hypothesis is that, together with the risk of regulatory arbitrage, regulatory competition contributes to regulatory centralisation in internal regulatory structures. Prompted by the Global Financial Crisis, the G20 initiatives aimed to increase the transparency and stability of derivative markets, particularly by centralising the execution of trading within regulated trading venues and by imposing mandatory clearing, reporting and risk-management requirements. However, instalment of the new governance system has been cumbersome. Much of the consensus reached under the G20 umbrella was lost when soft principles and policy goals were translated into hard rules. As section 5.2 will show, failures in coordination have resulted in an uneven regulatory playing field characterised by jurisdictional conflicts, inconsistencies, regulatory overlaps and gaps (Carney 2013, p. 15). The Financial Stability Board (FSB), mandated by the G20 to oversee and coordinate the implementation of the reforms, has also admitted that due to the unprecedented scale and complexity of the reforms and unforeseen challenges the implementation “has taken longer than","PeriodicalId":426332,"journal":{"name":"Governing Finance in Europe","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125340632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impacts of technological innovation on regulatory structure: Fintech in post-crisis Europe 技术创新对监管结构的影响:金融危机后欧洲的金融科技

Governing Finance in Europe Pub Date : 2020-08-07 DOI: 10.4337/9781839101120.00017

Agnieszka Smoleńska, Joseph Ganderson, A. Heritier

{"title":"The impacts of technological innovation on regulatory structure: Fintech in post-crisis Europe","authors":"Agnieszka Smoleńska, Joseph Ganderson, A. Heritier","doi":"10.4337/9781839101120.00017","DOIUrl":"https://doi.org/10.4337/9781839101120.00017","url":null,"abstract":"Specific forms of digitised financial innovation have been the subject of several chapters in this volume: Chapter 2 studied the regulation of high-frequency trading and Chapter 3 the role of clearing houses and central depositories in derivatives trading. In this chapter, we examine technological innovation more broadly and in its own right, considering its impact on European regulatory structures in recent years. How does technological innovation, or ‘Fintech’,1 in major financial markets – currencies, payment systems, capital markets, alternative intermediaries and insurance – impact upon regulation? The dynamic features of financial markets and the innovation of complex financial products and services based on new technologies and business models present regulators with significant challenges. Specifically, how can they effectively scrutinise unprecedentedly large volumes of market data? Is ‘Regtech’, an instrument developed by private actors, able to ensure compliance with public regulation? Does an alternative approach which institutionalises public–private cooperation offer answers to new regulatory challenges? New financial technologies and activities often do not fall within the purview of established regulatory regimes, leading to a situation where regulators are playing catch-up with the private sector. At the very least, this necessitates further engagement between public and private actors; at most, it calls for sweeping reforms to regulatory rules and strategies. While it is routine for regulators to encounter asymmetric information problems in interactions with firms (Besanko and Sappington 2001), these are acute in sectors such as finance where disruptive innovation can lead to a state of ‘Knightian uncertainty’, as was demonstrated by the most recent financial crisis itself (Nelson and Katzenstein 2014). A key lesson drawn from the 2008 crisis was that if","PeriodicalId":426332,"journal":{"name":"Governing Finance in Europe","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133728995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Governing finance in Europe: a centralisation of rule-making? 欧洲金融治理:规则制定的集中化?

Governing Finance in Europe Pub Date : 2020-08-07 DOI: 10.4337/9781839101120.00007

A. Heritier, Magnus G. Schoeller

引用次数: 1

The choice of instrument for EU legislation: mapping the system of governance under MiFID II and MiFIR 欧盟立法工具的选择:绘制MiFID II和miifir下的治理体系

Governing Finance in Europe Pub Date : 2020-08-07 DOI: 10.4337/9781839101120.00011

M. Strand

引用次数: 0

The emergence of transnational hybrid governance: how private risks trigger public intervention 跨国混合治理的出现:私人风险如何引发公共干预

Governing Finance in Europe Pub Date : 2020-08-07 DOI: 10.4337/9781839101120.00015

J. Karremans, A. Heritier

{"title":"The emergence of transnational hybrid governance: how private risks trigger public intervention","authors":"J. Karremans, A. Heritier","doi":"10.4337/9781839101120.00015","DOIUrl":"https://doi.org/10.4337/9781839101120.00015","url":null,"abstract":"The wave of financial market regulations that followed the financial crisis of 2008 offers new insights for understanding the conditions under which public regulators intervene in privately self-regulated markets and the possible forces containing their actions. The legislative and regulatory initiatives that were taken in the EU between 2009 and 2018, in fact, extended the reach of public regulation into areas that were previously mostly regulated through privately set standards. However, as the new rules and regulations do not affect all aspects of the financial markets in the same way, they provide a considerable degree of within-case variation in terms of the extent to which certain segments of the market are affected by – or remain exempt from – the extension of public oversight. This within-case variation is highly useful in providing a deeper insight into whether – and under which conditions – private self-regulation prompts (centralised) public regulation (H8). In this chapter, by investigating the interaction between private and public regulators during the post-crisis regulatory wave, we probe the plausibility of our hypotheses about how systems of hybrid governance emerge and develop. As anticipated in Chapter 1 (section 1.3), with regard to the emergence and development of systems of hybrid regulatory governance, we expect a sequence of two different causal mechanisms. First, our expectation is that systems of private self-regulation develop together with the emergence of new market instruments (H8.1) and that private self-regulatory regimes will attract new market actors who will abide by their existing norms and procedures (H8.2). Second, systems of hybrid governance develop in a subsequent stage and largely rely on the existing structures of the private regimes, but with some surveillance by public actors. More specifically, we expect there to be two conditions under which public authorities may decide to intervene in a private","PeriodicalId":426332,"journal":{"name":"Governing Finance in Europe","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122210179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Technological innovation perspective 技术创新视角

Governing Finance in Europe Pub Date : 1900-01-01 DOI: 10.4337/9781839101120.00016

引用次数: 1

Horizontal international perspective: rival financial regulatory powers 横向国际视角:相互竞争的金融监管权力

Governing Finance in Europe Pub Date : 1900-01-01 DOI: 10.4337/9781839101120.00012

引用次数: 0

Hybrid governance perspective: public and private regulation 混合治理视角:公共和私人监管

Governing Finance in Europe Pub Date : 1900-01-01 DOI: 10.4337/9781839101120.00014

引用次数: 0

Vertical research perspective: European legislation in the context of international agreements 纵向研究视角:国际协定背景下的欧洲立法

Governing Finance in Europe Pub Date : 1900-01-01 DOI: 10.4337/9781839101120.00008

引用次数: 0