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Published by: Business Insights
Published: Apr. 1, 1999 - 101 Pages
Table of Contents
Executive Summary
- The growth and development of global financial markets
- The scope and effectiveness of existing financial regulation
- The requirements for additional regulation and the areas for coverage
- The structures to devise, implement additional regulation and supervise its application and operation
- Limitations on global financial regulation and solutions to this
Chapter 1 The Growth And Development
Of Global Financial Markets
- 1.1Summary
- 1.2 What are international and global financial markets and what is the
- 1.3 Key events and developments in international financial markets which are relevant to financial regulation
- 1.4 The Bretton Woods Agreement
- 1.5 The Eurocurrency Market
- 1.6 The Eurobond Market
- 1.7 The US$ move from the gold standard
- 1.8 The Herstatt Crisis
- 1.9 The bankruptcy of Mexico 1982
- 1.10 Deregulation of exchanges and domestic financial markets.
- 1.11 Communications and technology developments/ their competitive reduction in cost
- 1.12 New financial markets have been created and/or opened to international investors as a result of these developments
Chapter 2 Supervision Of Global Financial Markets
- 2.1 Summary
- 2.2 National regulatory structures, regulatory objectives and methodologies
- 2.3 Advertising:
- 2.4 Regulatory co-operation amongst central banks through the Basle Committeeand amongst the securities commissions through IOSCO
- 2.5 EEC regulatory initiatives
- 2.6 Memoranda of Understanding
- 2.7 The role of professional and industry bodies
Chapter 3 Absence & Weaknesses Of Existing Regulatory Regime
- 3.1 Summary
- 3.2 Exchange rates and capital flows
- 3.3 National laws and regulations, domestic competition and political considerations inhibit the progress of global financial regulation
- 3.4 The growth of electronic exchanges and off-shore markets provide the opportunity for benign regulation and regulatory arbitrage opportunities.
- 3.5 Harmonisation of tax treatment of financial instruments and accounting rules and standards
- 3.6 International political will
Chapter 4 The Requirements For Additional Financial Regulation And Areas For Coverage
- 4.1 Summary
- 4.2 Approaches to systemic and country risks
- 4.3 Derivative instrument regulation
- 4.4 Reduction of the volatility and velocity of exchange rate movements and capital flows
- 4.5 International financial accounting and reporting standards
- 4.6 The development of the 'home regulator' and 'passporting' concepts
- 4.7 Development of financial systems regulatory structures and skills for emerging markets
Chapter 5 The Structures To Devise And
Implement Additional Regulation And Supervise Its Application And Operation
- 5.1 Summary
- 5.2 The establishment of a global financial regulator
- 5.3 The future role of the IMF/World Bank
- 5.4 Patchwork co-operation
- 5.5 The Basle Committee and IOSCO
- 5.6 The role of industry and professional bodies at an international level
- 5.7 National government and its role at a supra national level
Chapter 6 Limitations On Global Financial Regulation And Its Developments
- 6.1 Summary
- 6.2 The objectives of financial services regulation, style and culture of supervision
- 6.3 Domestic financial services regulation
- 6.4 Electronic and offshore markets
- 6.5 Tax harmonisation on investment income and transactions
- 6.6 National governmental and political agendas
Chapter 7 Overall Conclusions
- 7.1 Summary
- 7.2 The current state of global financial regulation
- 7.3 Priorities for future co-operation and resolution
AbstractAn essential overview of the key issues, this report examines the requirement for global financial regulation. The report defines global financial markets and traces their growth. It further analyses the scope and effectiveness of existing financial regulation covering these markets, their participants and their financial instruments. This report identifies the absence of regulation or weakness of existing regulation and the consequences of this and assesses the degree of current regulatory cooperation between national regulators and the impact and effectiveness of these initiatives from an enforcement and disciplinary perspective. From Reuters Business Insight.
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