Principles of Financial Regulation by Armour, John -- Read -- Imperial Library of Trantor

Index

Halftitle page Title page Copyright page Preface

How We Came to Write This Book How to Read This Book

Acknowledgements Contents List of Abbreviations Table of Cases

UK Australia EU US

Table of Legislation

(UK) Statutory Instruments US Codes and Statutes European Legislation Table of Basel Accords

Guide to the Companion Website Part A Foundations

1. Introduction

1.1 The Changing Financial System 1.2 The Genesis of the Financial Crisis 1.3 The Intellectual Framework 1.4 This Book’s Foundations 1.5 An Overview of the Rest of the Book 1.6 Conclusion

2. The Financial System

2.1 Introduction 2.2 The Functions of Financial Systems 2.3 The (Traditional) Components of the Financial System 2.4 International Differences in Financial Systems 2.5 Changes in the Financial System 2.6 Where Financial Systems Go Wrong 2.7 Conclusion

3. The Goals and Strategies of Financial Regulation

3.1 Introduction 3.2 The Efficiency of Markets 3.3 Market Failures 3.4 The Goals of Financial Regulation 3.5 The Strategies of Financial Regulation 3.6 Conclusion

4. The Limits of Financial Regulation

4.1 Introduction 4.2 The Informational Challenge 4.3 Regulatory Arbitrage 4.4 Design Challenges 4.5 The Political Economy of Financial Regulation 4.6 The International Context 4.7 Overcoming the Limitations? 4.8 Conclusion

Part B Financial Markets

5. Theory of Financial Markets

5.1 Introduction 5.2 Efficient Markets 5.3 Market Participants 5.4 Price Setting 5.5 Conclusion

6. Information Intermediaries

6.1 Introduction 6.2 The Role of Information Intermediaries: General Considerations 6.3 The Roles of Information Intermediaries: Specific Cases 6.4 The regulation of information intermediaries 6.5 Conclusion

7. Market Structure

7.1 Introduction 7.2 Stock Exchanges 7.3 Off-Exchange Trading Systems 7.4 The Structure of Corporate Bond Markets 7.5 The Role of Regulation 7.6 Conclusion

8. Issuer Disclosure Regulation

8.1 Introduction 8.2 The Use of Disclosure to Protect Investors in Securities Markets 8.3 Why is Mandatory Disclosure Mandatory? 8.4 The Scope of Issuer Disclosure Obligations 8.5 The Content of Issuer Disclosure: Initial and Ongoing Disclosures 8.6 Enforcement of Mandatory Disclosure Obligations 8.7 Conclusion

9. Trading and Market Integrity

9.1 Introduction 9.2 Market Manipulation and Insider Trading 9.3 The Regulation of Insider Trading 9.4 The Regulation of Market Manipulation 9.5 Enforcement 9.6 Short Selling 9.7 Conclusion

Part C Consumers and the Financial System

10. Regulating Consumer Finance

10.1 Introduction 10.2 Imperfect Consumer Choice 10.3 Can Markets Supply Solutions? 10.4 Justifying Regulatory Intervention in Consumer Finance Markets 10.5 Who Should be Treated as a ‘Consumer’? 10.6 Conclusion

11. Financial Advice

11.1 Introduction 11.2 Regulatory Strategies for Financial Advice 11.3 Regulating the Relationship between the Adviser and the Investor 11.4 Conclusion

12. Financial Products

12.1 Introduction 12.2 An Overview of Retail Financial Products 12.3 Regulating Consumer Financial Products 12.4 Prudential Regulation 12.5 Conclusion

Part D Banks

13. Theory of Banking

13.1 Introduction 13.2 What is a Bank? 13.3 Payments 13.4 Monitoring and Screening 13.5 The Regulation of Banks 13.6 Conclusion

14. Capital Regulation

14.1 Introduction 14.2 Setting Capital Rules: The Main Issues 14.3 Against Which Risks Should Capital be Held? 14.4 Risk-Weighting of Assets 14.5 What Counts as Capital? Basel III Requirements 14.6 Are Basel III Capital Levels High Enough? 14.7 Conclusion

15. Liquidity Regulation

15.1 Introduction 15.2 Bank Runs 15.3 Regulating Banks’ Balance Sheets for Liquidity 15.4 Insuring the Bank 15.5 Insuring Short-Term Funders 15.6 Conclusion

16. Bank Resolution

16.1 Introduction 16.2 Bail-Outs 16.3 Special Transfer Procedures for Banks and Other Financial Institutions 16.4 Resolution and Large Banks/Non-Financial Institutions 16.5 Bail-In 16.6 Bail-in and Single Point of Entry Resolution 16.7 Contingent Capital 16.8 Resolution in the European Banking Union 16.9 Conclusion

17. Bank Governance

17.1 Introduction 17.2 Corporate Governance: How are Banks Different? 17.3 Bank Boards of Directors 17.4 Executive Pay in Banks 17.5 Shareholder Rights 17.6 Liability Rules 17.7 Conclusion

18. Payment and Settlement Systems

18.1 Introduction 18.2 Wholesale Payment Systems 18.3 Securities Settlement Systems 18.4 Retail Payment Systems 18.5 Emerging Issues in Payment and Settlement Systems 18.6 Conclusion

19. The Macroprudential Approach

19.1 Introduction 19.2 Foundations of the Macroprudential Perspective 19.3 The Evolution of Macroprudential Tools 19.4 The Challenges of MacroPru 19.5 New Macroprudential Institutions 19.6 Information Gathering and Analysis 19.7 Conclusion

Part E Markets and Banks

20. Market-Based Credit Intermediation: Shadow Banks and Systemic Risk

20.1 Introduction 20.2 The Rise of Market-Based Credit Intermediation 20.3 Liquidity and Maturity Transformation through Markets: Enter Systemic Risk 20.4 Securitization and the ‘Perfection’ of Credit Transformation 20.5 Shadow Banking and Market-Based Financial Intermediation 20.6 Conclusion

21. Making Markets

21.1 Introduction 21.2 Wholesale Funding Markets 21.3 Structured Finance Markets and Securitization 21.4 OTC Derivatives Markets 21.5 Interconnection and Intermediation Chains 21.6 Conclusion

22. Asset Managers and Stability

22.1 Introduction 22.2 Collective Investment Funds 22.3 Insurance 22.4 Pension Schemes 22.5 Conclusion

23. Structural Regulation

23.1 Introduction 23.2 The Rationale(s) for Structural Regulation 23.3 The Strength of the Partition 23.4 The Activities Restricted 23.5 Exemptions 23.6 Linkage to Other Stability Measures 23.7 Conclusion

Part F The Mix of Institutions

24. From Principles to Practice

24.1 Introduction 24.2 Design Choices in Institutional Architecture 24.3 An Overview of Regulatory Architecture 24.4 Regulatory Delegation to Market Participants 24.5 Conclusion

25. The Political Economy of Financial Regulation

25.1 Introduction 25.2 The Internal Motivations of Financial Policymakers 25.3 The External Influences on Financial Policymakers 25.4 Regulatory Failures 25.5 Constraining Regulatory Failure: Holding Policymakers to Account 25.6 Conclusion

26. Supervision and Enforcement of Financial Regulation

26.1 Introduction 26.2 The Dimensions of Supervision 26.3 The Dimensions of Enforcement 26.4 The Relationship between Regulation, Supervision, and Enforcement 26.5 Conclusion

27. Regulatory Architecture: What Matters?

27.1 Introduction 27.2 The Horizontal Allocation of Subject-Matter Jurisdiction 27.3 Regulatory Hierarchy: The Primacy of Financial Stability 27.4 Conclusion

28. International Regulatory Coordination

28.1 Introduction 28.2 The Institutions of International Regulatory Coordination 28.3 The Post-Crisis Response of International Organizations 28.4 One Hard Law Post-Crisis Response: The European Banking Union 28.5 International Financial Regulatory Coordination: The Problem of Supervision 28.6 Post-Crisis Response: Cross-Border Resolution 28.7 Is International Financial Regulatory Convergence, or Harmonization, Desirable? 28.8 Why Not an International Regulator? 28.9 Conclusion

29. Conclusion—Designing Tomorrow’s Financial System Today

29.1 Gains from Translation 29.2 What Have We Learned? 29.3 Emerging Issues

Index

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