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| Author | : Ligia Catherine Arias Barrera |
| Publisher | : |
| Total Pages | : 746 |
| Release | : 2016 |
| Genre | : Derivative securities |
| ISBN | : |
| Author | : Ligia Catherine Arias-Barrera |
| Publisher | : |
| Total Pages | : 30 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
The paper addresses the question of whether risk-based regulation is an efficient approach to the regime of Central Counterparties (CCPs) in the OTC derivatives market. The discussions below will first attempt to throw some light on the way risk-based regulation operates. They highlight the benefits, limits and complexities tied to the adoption of this approach to regulation. The core of the study in this paper is the analysis concerning the parameters that risk-based regulation offers to assess the current regime of Central Counterparties in the OTC derivatives market in the UK. The paper explores the UK risk-based model of regulation and supervision governing OTC derivatives. It is specifically focused on prudential supervision and conduct of business rules governing OTC derivatives transactions and the increasing tendency to use Central Counterparties CCPs. Additionally, this study will identify and assess the risks to the regulator's objectives that are posed by the Central Counterparties CCPs, and to address those using various regulatory tools. Different models of regulation could be considered to analyse the new UK approach. However, this research uses the risk-based regulation -- adopted in the UK -- as a method of analysis of the OTC derivatives regulatory structure. The reason is that risk-based regulation is broad and feasible enough in the time framework of this research. Furthermore, this method is interesting, because it exposes the reality that there might be a limit on the resources that can be spent on controlling certain types of risk. In addition, the method allows analysis of how the studied regime is satisfying expectations regarding transparency and accountability.It is particularly interesting to use the risk-based regulation approach to analyse the UK regulation of CCPs. Indeed, a general concern after the Global Financial Crisis was that risk-based regulation tends to be operated in a manner that places too much emphasis on individual sites and that, as a result, this approach is slow to come to terms with systemic and cumulative risks. Therefore, this discussion leads to question the emphasis that has been placed on the regulation on CCPs in the UK. Is the risk-based regulation the approach assisting regulator in the effective management of systemic risk in the OTC derivatives market? Does it need to be complemented with other strategies of regulation?
| Author | : Ligia Catherine Arias-Barrera |
| Publisher | : Routledge |
| Total Pages | : 215 |
| Release | : 2018-05-11 |
| Genre | : Business & Economics |
| ISBN | : 1351797719 |
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.
| Author | : |
| Publisher | : Lulu.com |
| Total Pages | : 294 |
| Release | : 2004 |
| Genre | : Bank capital |
| ISBN | : 9291316695 |
| Author | : Financial Crisis Inquiry Commission |
| Publisher | : Cosimo, Inc. |
| Total Pages | : 692 |
| Release | : 2011-05-01 |
| Genre | : Political Science |
| ISBN | : 1616405414 |
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
| Author | : Marc Dobler |
| Publisher | : International Monetary Fund |
| Total Pages | : 63 |
| Release | : 2016-01-22 |
| Genre | : Business & Economics |
| ISBN | : 1513567780 |
The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.
| Author | : Thomas H. Jackson |
| Publisher | : Hoover Press |
| Total Pages | : 267 |
| Release | : 2015-10-01 |
| Genre | : Political Science |
| ISBN | : 0817918868 |
In 2012, building off work first published in 2010, the Resolution Project proposed that a new Chapter 14 be added to the Bankruptcy Code, exclusively designed to deal with the reorganization or liquidation of the nation's large financial institutions. In Making Failure Feasible, the contributors expand on their proposal to improve the prospect that our largest financial institutions—particularly with prebankruptcy planning—could be successfully reorganized or liquidated pursuant to the rule of law and, in doing so, both make resolution planning pursuant to Title I of Dodd-Frank more fruitful and make reliance on administrative proceedings pursuant to Title II of Dodd-Frank largely unnecessary. This book highlights the problems of dealing with large financial institutions in distress, and Chapter 14's responses to those twin issues. The contributors first outline the basic features of Chapter 14 and point to their continuation as well as additional features to ensure the quick resolution of large financial institutions that would not depend on government discretion and would mesh with emerging ideas about cross-border resolution. The remaining chapters provide the context for reform and show how Chapter 14, as envisioned in this book, would be a substantial advance on administrative-focused resolution procedures.
| Author | : Ross Cranston |
| Publisher | : Oxford University Press |
| Total Pages | : 633 |
| Release | : 2018 |
| Genre | : Business & Economics |
| ISBN | : 0199276080 |
This third edition of the Principles of Banking Law provides an authoritative treatment of both domestic and international banking law. This edition contains expanded coverage of developments in other comparable jurisdictions, internet banking services and money laundering.
| Author | : Group of Ten. Committee on Payment and Settlement Systems |
| Publisher | : |
| Total Pages | : 80 |
| Release | : 2004 |
| Genre | : Clearing of securities |
| ISBN | : |
| Author | : Vanessa Le Leslé |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2012-03-01 |
| Genre | : Business & Economics |
| ISBN | : 1475502656 |
In this paper, we provide an overview of the concerns surrounding the variations in the calculation of risk-weighted assets (RWAs) across banks and jurisdictions and how this might undermine the Basel III capital adequacy framework. We discuss the key drivers behind the differences in these calculations, drawing upon a sample of systemically important banks from Europe, North America, and Asia Pacific. We then discuss a range of policy options that could be explored to fix the actual and perceived problems with RWAs, and improve the use of risk-sensitive capital ratios.
