Journal of Financial Regulation最新文献

Generative Artificial Intelligence and Cyber Security in Central Banking 中央银行的生成人工智能和网络安全

IF 2.6

Journal of Financial Regulation Pub Date : 2024-08-13 DOI: 10.1093/jfr/fjae008

Iñaki Aldasoro, Sebastian Doerr, Leonardo Gambacorta, Sukhvir Notra, Tommaso Oliviero, David Whyte

引用次数: 0

Enhancing Repo Market Transparency: The EU Securities Financing Transactions Regulation 提高回购市场透明度：欧盟证券融资交易条例

IF 2.6

Journal of Financial Regulation Pub Date : 2024-08-13 DOI: 10.1093/jfr/fjae009

Claudio Bassi, Michael Grill, Felix Hermes, Harun Mirza, Charles O’Donnell, Michael Wedow

{"title":"Enhancing Repo Market Transparency: The EU Securities Financing Transactions Regulation","authors":"Claudio Bassi, Michael Grill, Felix Hermes, Harun Mirza, Charles O’Donnell, Michael Wedow","doi":"10.1093/jfr/fjae009","DOIUrl":"https://doi.org/10.1093/jfr/fjae009","url":null,"abstract":"The introduction of the Securities Financing Transactions Regulation into EU law provides a unique opportunity to obtain an in-depth understanding of repo markets. Based on the transaction-level data reported under the regulation, this article contributes to the literature with key facts about the euro area repo market. We start by providing the regulatory background, as well as highlighting some of its advantages for financial stability analysis. We then go on to present three sets of findings that are highly relevant to financial stability and focus on the dimensions of the different market segments, counterparties, and collateral, including haircut practices. Finally, we outline how the data reported under the regulation can support the policy work of central banks and supervisory authorities and contribute to the existing literature on repo markets. We demonstrate that these data can be used to make several important contributions to enhancing our understanding of the repo market from a financial stability perspective, ultimately assisting international efforts to increase repo market resilience.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142176506","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

Correction to: Could it Happen in the EU? An Analysis of Loss Distributionbetween Shareholders and AT1 Bondholders under EU Law 更正为欧盟会发生这种情况吗？欧盟法律下股东与 AT1 债券持有人之间的损失分配分析

IF 2

Journal of Financial Regulation Pub Date : 2024-07-11 DOI: 10.1093/jfr/fjae007

引用次数: 0

Ten Years of the Single Supervisory Mechanism: Looking into the Past, Navigating into the Future 单一监管机制十年：回顾过去，展望未来

IF 2.6

Journal of Financial Regulation Pub Date : 2024-06-26 DOI: 10.1093/jfr/fjae005

Apostolos Thomadakis, Judith Arnal

{"title":"Ten Years of the Single Supervisory Mechanism: Looking into the Past, Navigating into the Future","authors":"Apostolos Thomadakis, Judith Arnal","doi":"10.1093/jfr/fjae005","DOIUrl":"https://doi.org/10.1093/jfr/fjae005","url":null,"abstract":"In November 2024 European banking supervision will have been operational for 10 years. The Single Supervisory Mechanism (SSM) has evolved from a start-up to a mature, well-established, and respected supervisor. Harmonized and transparent supervisory practices have been implemented, whilst the European banking sector has proved to be resilient. Nevertheless, whilst acknowledging the progress that has been made, Europe should not rest on its laurels. As the global financial landscape is continuously evolving, the European framework must also evolve. Growing geopolitical tensions, the rise of FinTech and BigTech companies, the ongoing digital transformation, and climate change not only impact banks but also add more complexity to the work of supervisors. This is due to unexpected and difficult-to-model events, the creation of new business models, products, and services, as well as the emergence of cultural, behavioural, and ethical considerations that should be taken into account. To address these challenges, supervisors should enhance their competencies, approaches, and tools to stay ahead of evolving market dynamics and to remain aligned with the rapid evolution of technology and the risks that climate change poses. Equally important, ensuring thorough and efficient supervision requires fostering and strengthening collaboration and information sharing between all relevant authorities.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141507702","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

“Tis new to thee’: response to Gruenewald, Knijp, Schoenmaker, and van Tilburg "对你来说是新的'：对 Gruenewald、Knijp、Schoenmaker 和 van Tilburg 的回应

IF 2.6

Journal of Financial Regulation Pub Date : 2024-06-11 DOI: 10.1093/jfr/fjae004

Dimitri Demekas, Pierpaolo Grippa

{"title":"“Tis new to thee’: response to Gruenewald, Knijp, Schoenmaker, and van Tilburg","authors":"Dimitri Demekas, Pierpaolo Grippa","doi":"10.1093/jfr/fjae004","DOIUrl":"https://doi.org/10.1093/jfr/fjae004","url":null,"abstract":"\u0000 In ‘Embracing the Brave New World: A Response to Demekas and Grippa’, a response to our article ‘Walking a Tightrope: Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy’, both published in the Journal of Financial Regulation, Gruenewald, Knijp, Schoenmaker, and van Tilburg claim that climate risk is a clear and present danger to financial stability that justifies imposing higher capital requirements on supervised firms. Until the current prudential risk framework is revised to fully capture climate risk, they advocate ad hoc measures, such as adjustments to risk weights, which, they believe, would have the desired effect. In this article, we argue that these claims are misguided. Given the nature of climate risk, risk assessment models cannot provide a reliable basis for calibrating capital requirements. On the basis of the evidence, prudential tools would have only a negligible impact on the transition. And the idea of adjusting risk weights for climate exposures has been abandoned—for good reasons. Ultimately, there is nothing financial regulation can do about the energy transition that an appropriately designed carbon tax cannot do better. Central banks and financial regulators should resist the pressure to take on additional responsibilities that are essentially political and that they cannot properly discharge.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141359588","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

Could it Happen in the EU? An Analysis of Loss Distribution between Shareholders and AT1 Bondholders under EU Law 这种情况会在欧盟发生吗？欧盟法律下股东与 AT1 债券持有人之间的损失分配分析

IF 2.6

Journal of Financial Regulation Pub Date : 2024-04-08 DOI: 10.1093/jfr/fjae003

Sjur Swensen Ellingsæter

引用次数: 0

The European Securitization Market: Effects of an Uneven Regulatory Playing Field 欧洲证券化市场：不均衡监管环境的影响

IF 2.6

Journal of Financial Regulation Pub Date : 2024-03-26 DOI: 10.1093/jfr/fjae002

Thomas Papadogiannis Varouchakis

{"title":"The European Securitization Market: Effects of an Uneven Regulatory Playing Field","authors":"Thomas Papadogiannis Varouchakis","doi":"10.1093/jfr/fjae002","DOIUrl":"https://doi.org/10.1093/jfr/fjae002","url":null,"abstract":"\u0000 This article critically assesses the European securitization industry’s claim of the existence of an uneven regulatory playing field for securitization structures vis-à-vis financial instruments deemed ‘neighbouring’ to securitization by the industry, like whole loan pools, corporate bonds, and covered bonds. According to market participants, the adverse regulatory treatment of securitization is negatively affecting the European securitization market, by pushing issuers and investors towards other financial instruments that are treated preferentially. Ultimately, this prevents the securitization market from escaping the subdued state in which it has been ever since the global financial crisis. To address this problem, market participants are advocating a fundamental recalibration of the existing regulatory framework. By examining the regulatory framework that applies to securitization structures, against the backdrop of regulation for whole loan pools, corporate bonds, and covered bonds, this article confirms that securitization structures are indeed treated adversely, as claimed by the industry. Nevertheless, a valid comparison can only be drawn between ‘true sale’ residential mortgage-backed securities (RMBS) structures and mortgage covered bonds, given the structural-economic similarities between the two financial instruments. In that regard, the adverse regulatory treatment of RMBS is found to be negatively impacting the European securitization market, by fuelling a ‘crowding out’ of RMBS by covered bonds.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140380514","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

New Technologies and the Future Governance of Bank Run Risk 新技术与银行挤兑风险的未来治理

IF 2.6

Journal of Financial Regulation Pub Date : 2024-03-15 DOI: 10.1093/jfr/fjae001

Signe Krogstrup, Thomas Sangill

引用次数: 0

Decentralized Finance (DeFi): A Functional Approach 分散式金融（DeFi）：功能性方法

IF 2.6

Journal of Financial Regulation Pub Date : 2024-01-05 DOI: 10.1093/jfr/fjad013

Matteo Aquilina, Jon Frost, Andreas Schrimpf

{"title":"Decentralized Finance (DeFi): A Functional Approach","authors":"Matteo Aquilina, Jon Frost, Andreas Schrimpf","doi":"10.1093/jfr/fjad013","DOIUrl":"https://doi.org/10.1093/jfr/fjad013","url":null,"abstract":"\u0000 ‘Decentralized finance’ (DeFi) refers to a range of applications in the crypto-asset space that seek to disintermediate the provision of financial services through reliance on self-executing computer code (‘smart contracts’). DeFi has so far been mainly self-referential in that it has largely facilitated the financing and trading of crypto-assets rather than providing intermediation services to support real economic activity. Yet this may change in the future, should asset tokenization or the use of DeFi applications by existing financial institutions lead to greater interconnections with traditional finance (TradFi). We argue that many of the functions that DeFi tries to mimic are similar to those in TradFi, and so are many of the risks that this intermediation entails. The same economic rationale that has guided financial regulation for decades can hence be applied to the crypto and DeFi world as well. Risks in DeFi are often exacerbated by the severity of market failures (externalities and information asymmetries). Having compared the functions performed in TradFi and DeFi, we show how regulation to protect consumers, maintain market integrity, and ensure financial stability applies to DeFi. Finally, we sketch a possible approach to the regulation of DeFi that takes into account its specificities and functions.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139381688","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

An Economic Case against Public Banking, and a Case for It 反对公共银行业务的经济学理由，以及支持公共银行业务的理由

IF 2.6

Journal of Financial Regulation Pub Date : 2024-01-05 DOI: 10.1093/jfr/fjad012

Prasad Krishnamurthy, Tucker Cochenour

引用次数: 0