Journal of Financial Regulation最新文献_第5页

The Enduring Legacy of the Dodd-Frank Act’s Derivatives Reforms 多德-弗兰克法案衍生品改革的持久遗产

IF 2.6

Journal of Financial Regulation Pub Date : 2020-09-20 DOI: 10.1093/JFR/FJAA011

H. Tarbert

{"title":"The Enduring Legacy of the Dodd-Frank Act’s Derivatives Reforms","authors":"H. Tarbert","doi":"10.1093/JFR/FJAA011","DOIUrl":"https://doi.org/10.1093/JFR/FJAA011","url":null,"abstract":"\u0000 Despite the shortcomings of the Dodd-Frank Act, this article argues that the two parts most relevant to derivatives—Titles VII and VIII—are likely to endure. Title VII, which covers the trading of derivatives, especially swaps, generally strikes the right balance between preserving the vibrancy of the US derivatives markets and mitigating risk to market participants and the US financial system. While Title VII’s consolidation of much of the credit risk management function in central counterparties (CCPs) itself poses a systemic risk, this article contends nonetheless that Title VII addresses this risk by giving the Commodity Futures Trading Commission (CFTC) the power to mitigate it through regulations that implement the ‘core principles’ applicable to CCPs. This oversight is complemented by Title VIII, which provides enhanced supervision of systemically important CCPs. The Dodd-Frank Act’s approach to derivatives will endure, it is argued, so long as policymakers understand the interrelationship between Titles VII and VIII. This article focuses on that relationship and closes with a brief discussion of some of the work the CFTC is undertaking to bring finality to the statutory framework created by Titles VII and VIII.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"6 1","pages":"159-171"},"PeriodicalIF":2.6,"publicationDate":"2020-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJAA011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42432428","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

Hybrid and Cyber Security Threats and the EU’s Financial System 混合和网络安全威胁与欧盟金融体系

IF 2.6

Journal of Financial Regulation Pub Date : 2020-09-20 DOI: 10.1093/jfr/fjaa006

M. Demertzis, G. Wolff

{"title":"Hybrid and Cyber Security Threats and the EU’s Financial System","authors":"M. Demertzis, G. Wolff","doi":"10.1093/jfr/fjaa006","DOIUrl":"https://doi.org/10.1093/jfr/fjaa006","url":null,"abstract":"Increasing cyber and hybrid risks will test the European Union’s system of fragmentation on issues of security, but centralization on financial and other economic issues. This asymmetry was not an obstacle in a world in which security threats were more contained or of a different nature. But the world is changing. In this article, we document the rise in cyber attacks in the EU. Meanwhile, hybrid threats are real, though difficult to quantify. We then explore preparations to increase the resilience of the financial system in terms of regulation, testing, and governance. We find that at the individual institutional level, significant measures have been taken, even though there are diverging views on whether individual companies are sufficiently prepared. More worryingly, preparations appear less advanced at the system-wide level. We recommend that EU finance ministers increase resilience through regular preparedness exercises and greater consideration of systemwide regulatory issues. A broader political discussion on the integration of the EU security architecture applicable to the financial system should also be advanced. This includes reopening the framework on foreign-investment screening in order to have screening of foreign investment in critical financial infrastructure at the EU level.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"6 1","pages":"306-316"},"PeriodicalIF":2.6,"publicationDate":"2020-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjaa006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48306613","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: 1

Unregulated Algorithmic Trading: Testing the Boundaries of the European Union Algorithmic Trading Regime 无管制的算法贸易：检验欧盟算法贸易制度的边界

IF 2.6

Journal of Financial Regulation Pub Date : 2020-09-20 DOI: 10.1093/jfr/fjaa008

Clara Martins Pereira

{"title":"Unregulated Algorithmic Trading: Testing the Boundaries of the European Union Algorithmic Trading Regime","authors":"Clara Martins Pereira","doi":"10.1093/jfr/fjaa008","DOIUrl":"https://doi.org/10.1093/jfr/fjaa008","url":null,"abstract":"\u0000 Trading in modern equity markets has come to be dominated by machines and algorithms. However, there is significant concern over the impact of algorithmic trading on market quality and a number of jurisdictions have moved to address the risks associated with this new type of trading. The European Union has been no exception to this trend.\u0000 This article argues that while the European Union algorithmic trading regime is often perceived as a tough response to the challenges inherent in machine trading, it has one crucial shortcoming: it does not regulate the simpler, basic execution algorithms used in automated order routers. Yet the same risk generally associated with algorithmic trading activity also arises, in particular, from the use of these basic execution algorithms—as was made evident by the trading glitch that led to the fall of United States securities trader Knight Capital in 2012. Indeed, such risk could even be amplified by the lack of sophistication of these simpler execution algorithms.\u0000 It is thus proposed that the European Union should amend the objective scope of its algorithmic trading regime by expanding the definition of algorithmic trading under the Markets in Financial Instruments Directive (MiFID II) to include all execution algorithms, regardless of their complexity.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"6 1","pages":"270-305"},"PeriodicalIF":2.6,"publicationDate":"2020-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjaa008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44157407","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: 6

The Quest for a European Safe Asset—A Comparative Legal Analysis of Sovereign Bond-Backed Securities, E-Bonds, Purple Bonds, and Coronabonds 对欧洲安全资产的追求——主权债券支持证券、E-Bonds、紫色债券和冠状债券的比较法律分析

IF 2.6

Journal of Financial Regulation Pub Date : 2020-08-13 DOI: 10.1093/jfr/fjaa009

S. Grund

{"title":"The Quest for a European Safe Asset—A Comparative Legal Analysis of Sovereign Bond-Backed Securities, E-Bonds, Purple Bonds, and Coronabonds","authors":"S. Grund","doi":"10.1093/jfr/fjaa009","DOIUrl":"https://doi.org/10.1093/jfr/fjaa009","url":null,"abstract":"Abstract The European sovereign debt crisis and, more recently, the COVID-19 pandemic have revealed the European Economic and Monetary Union’s fragility, which essentially emanates from the inherent tension between a single monetary policy and decentralized fiscal policies. To cushion economic and financial shocks and sever the sovereign-bank doom loop, different proposals to create a common public debt security have been put forward, although none of them has so far seen the light of day. Building on pertinent economic and finance scholarship, this article reviews four promising safe asset proposals from a legal perspective: Sovereign bond-backed securities (SBBS), E-bonds, Purple bonds, and Coronabonds. Rather than focusing on their feasibility under EU law or national constitutional law, this article compares the proposals from an investor perspective against the backdrop of the following formal and functional legal characteristics that render assets ‘safe’: governing law, dispute settlement forum, investor protection, and investor representation in sovereign debt restructurings. Against this backdrop, targeted recommendations on critical design elements of safe assets, with the aim of reconciling the economic policy objectives with the pertinent legal constraints, are advanced.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"1 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2020-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjaa009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42310074","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: 3

The Role of Bank Management in the EU Resolution Regime for NPLs 银行管理层在欧盟不良贷款处置机制中的作用

IF 2.6

Journal of Financial Regulation Pub Date : 2020-08-05 DOI: 10.1093/jfr/fjaa007

A. Kokkinis, A. Miglionico

引用次数: 2

Restructuring Euro Area Sovereign Debt: Have the Options Narrowed? 重组欧元区主权债务：选择余地缩小了吗？

IF 2.6

Journal of Financial Regulation Pub Date : 2020-06-25 DOI: 10.1093/jfr/fjaa003

W. M. C. Weidemaier

{"title":"Restructuring Euro Area Sovereign Debt: Have the Options Narrowed?","authors":"W. M. C. Weidemaier","doi":"10.1093/jfr/fjaa003","DOIUrl":"https://doi.org/10.1093/jfr/fjaa003","url":null,"abstract":"This Essay examines the intersection between two key attributes of sovereign debt governance in the Euro Area. First, sovereigns mostly issue bonds governed by their own law. This “local law advantage” should make debt restructuring comparatively easy, for the sovereign can change the law to reduce its debt. The second attribute is the so-called Euro CAC, a contractbased restructuring mechanism mandated by the Treaty Establishing the European Stability Mechanism (ESM). Euro CACs let a bondholder supermajority approve a restructuring and bind dissenters. Since 2013, nearly all Euro Area sovereign debt has included the clause. Many believe the ESM Treaty requires governments to use the Euro CAC to restructure. But if so, the Treaty is a suicide pact, for the design of the Euro CAC is flawed. In a meaningful subset of cases, the clause will not provide adequate debt relief. This Essay makes two primary contributions. First, using an Italian restructuring as an example, it explains why the ESM Treaty does not, in fact, require the use of the Euro CAC. Second, it examines the legal constraints—the most pertinent of which derive from the European Convention on Human Rights—that do restrict the use of local law advantage.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"6 1","pages":"125-147"},"PeriodicalIF":2.6,"publicationDate":"2020-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjaa003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45343113","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 Role of Deposit Insurance in Bank Resolution 存款保险在银行清算中的作用

IF 2.6

Journal of Financial Regulation Pub Date : 2020-06-25 DOI: 10.1093/jfr/fjaa002

C. Hofmann

引用次数: 3

When Governments Promise to Prioritize Public Debt: Do Markets Care? 当政府承诺优先处理公共债务时:市场会在意吗?

IF 2.6

Journal of Financial Regulation Pub Date : 2020-03-20 DOI: 10.1093/jfr/fjaa001

Mitu Gulati,Ugo Panizza,W Mark C Weidemaier,Gracie Willingham