Hardback
Research Handbook on Shadow Banking
Legal and Regulatory Aspects
9781785362620 Edward Elgar Publishing
Research Handbook on Shadow Banking brings together a range of international experts to discuss shadow banking activities, the purposes they serve, the risks they pose to the financial system and implications for regulators and the regulatory perimeter. Including discussions specific to the UK, European Union, US, China and Singapore, this book offers high level and theoretical perspectives on shadow banking and regulatory risks, as well as more detailed explorations of specific markets in shadow banking.
More Information
Critical Acclaim
Contributors
Contents
More Information
In the Research Handbook on Shadow Banking an international cast of experts discusses shadow banking activities, the purposes they serve, the risks they pose to the financial system, and the wider implications for regulators and the regulatory perimeter. Contributors offer high-level and theoretical perspectives on shadow banking and regulatory risks as well as more detailed explorations of specific markets in shadow banking.
With perspectives from the United Kingdom, the European Union, the United States, China and Singapore, this Research Handbook discusses a range of wholesale sector shadow banking activities including the rehypothecation of assets, securitization and derivatives as well as the implications of hedge fund activities for systemic risk. Further topics of discussion include a range of shadow banking activities led by financial and technological innovation, such as online equity and debt crowdfunding, the rise of exchange traded funds, and the emergence of crypto-currencies and distributed ledger technology.
Interdisciplinary, broad and comprehensive in topic, this Research Handbook will prove to be a one-stop resource for legal academics and practitioners as well as for research students and those participating in the financial industry and trade associations.
With perspectives from the United Kingdom, the European Union, the United States, China and Singapore, this Research Handbook discusses a range of wholesale sector shadow banking activities including the rehypothecation of assets, securitization and derivatives as well as the implications of hedge fund activities for systemic risk. Further topics of discussion include a range of shadow banking activities led by financial and technological innovation, such as online equity and debt crowdfunding, the rise of exchange traded funds, and the emergence of crypto-currencies and distributed ledger technology.
Interdisciplinary, broad and comprehensive in topic, this Research Handbook will prove to be a one-stop resource for legal academics and practitioners as well as for research students and those participating in the financial industry and trade associations.
Critical Acclaim
‘This book is edited by two of the most eminent scholars in financial law. Together with a list of authoritative contributors in their respective fields, this is to date the most definitive book on the subject matter from regulatory perspectives. It is more than a research handbook, it is the "go-to" book on this subject matter with great insights. This research handbook is an outstanding scholarly book for financial law academics and postgraduate research students. If you are a legal practitioner in financial law, the comprehensiveness and profound debates in this single collection of articles about shadow banking makes it a must read!’
– Angus Young, Journal of International Banking Law and Regulation
‘The Research Handbook brings a heavyweight group of contributors to the disparate group of financial activities called “shadow banking”. Under the distinguished editorship of Professors Chiu and MacNeil, it provides an analysis of issues relating to financial regulation, the law and policy-making which is both contemporary and of the highest quality.’
– The Hon. Sir William Blair, Queen Mary, University of London, UK
‘In the ten years since the financial crisis, we have seen a broad spectrum of the functions traditionally performed by banks being taken up by other players. This is one of the most fascinating fields of economics and regulation in the world of financial intermediaries. The book covers the entire spectrum of this new field, both wholesale as well as retail: a truly valuable contribution to this important topic.’
– Katja Langenbucher, Goethe-Universität Frankfurt, Germany
– Angus Young, Journal of International Banking Law and Regulation
‘The Research Handbook brings a heavyweight group of contributors to the disparate group of financial activities called “shadow banking”. Under the distinguished editorship of Professors Chiu and MacNeil, it provides an analysis of issues relating to financial regulation, the law and policy-making which is both contemporary and of the highest quality.’
– The Hon. Sir William Blair, Queen Mary, University of London, UK
‘In the ten years since the financial crisis, we have seen a broad spectrum of the functions traditionally performed by banks being taken up by other players. This is one of the most fascinating fields of economics and regulation in the world of financial intermediaries. The book covers the entire spectrum of this new field, both wholesale as well as retail: a truly valuable contribution to this important topic.’
– Katja Langenbucher, Goethe-Universität Frankfurt, Germany
Contributors
Contributors: J.M. Amico, V. Baklanova, S. Bala, I.H.-Y. Chiu, J. Cullen, E.J. Curtin, P. de Gioia Carabellese, A.P. Donovan, E.F. Greene, P.F. Hanrahan, C. Hofmann, M. Hsiao, C. Johnson, M. Lin, I.G. MacNeil, H. McVea, H. Nabilou, A.M. Pacces, W. Shen, J. Tanega
Contents
Contents:
The Risks and Regulatory Perimeter for Shadow Banking
Iris H-Y Chiu and Iain G. MacNeil
Part I Perspectives on Shadow Banking and the Regulatory Perimeter
1. The Law and Economics of Shadow Banking
Hossein Nabilou and Alessio M. Pacces
2. Taking a Functional Approach to Understanding Shadow Banking: A Critical Look at Regulatory Policy
Iris H-Y Chiu
Part II Shadow Banking in the Wholesale Sector: Financial Innovation or Regulatory Arbitrage?
3. The Repo Market, Collateral and Systemic Risk: In Search of Regulatory Coherence
Jay Cullen
4. Securitization and Structured Finance: from Shadow Banking to Legal Harmonization?
Pierre de Gioia Carabellese
5. Pushing Shadow Banking into the Light: Reforming the US Tri‐Party Repo Market
Christian Johnson
6. Targeting Hedge Funds and ‘Repo Runs’
Harry McVea
7. Regulating OTC Derivatives: The CCP’s Role and the EMIR
Mark Hsiao
8. Shadow Banking Directive Instruments
Edmond J. Curtin and Joseph Tanega
Part III Shadow Banking in the Retail Sector and Issues Relating to Financial Innovation
9. Blockchain, Marketplace Lending and Crowdfunding: Emerging Issues and Opportunities in Fin Tech
Edward F. Greene, Jeffrey M. Amico and Surya Bala
10. Out of the Shadow? Promises and Challenges of Peer-to-Peer Lending
Mingfeng Lin
11. (Shadow) Banking on the Blockchain: Permissioned Ledgers, Interoperability and Common Standards
Anna P. Donovan
12. European Money Market Fund Regulations and Universal Transparency
Joseph Tanega and Viktoria Baklanova
13. Exchange Traded Funds in the Shadow Banking System
Pamela F. Hanrahan
Part IV Shadow Banking and Issues in Other Financial Centres
14. Understanding Shadow Banking in the Chinese Context: Shadow Banking with Chinese Characteristics
Wei Shen
15. Shadow Banking in Singapore
Christian Hofmann
Index
The Risks and Regulatory Perimeter for Shadow Banking
Iris H-Y Chiu and Iain G. MacNeil
Part I Perspectives on Shadow Banking and the Regulatory Perimeter
1. The Law and Economics of Shadow Banking
Hossein Nabilou and Alessio M. Pacces
2. Taking a Functional Approach to Understanding Shadow Banking: A Critical Look at Regulatory Policy
Iris H-Y Chiu
Part II Shadow Banking in the Wholesale Sector: Financial Innovation or Regulatory Arbitrage?
3. The Repo Market, Collateral and Systemic Risk: In Search of Regulatory Coherence
Jay Cullen
4. Securitization and Structured Finance: from Shadow Banking to Legal Harmonization?
Pierre de Gioia Carabellese
5. Pushing Shadow Banking into the Light: Reforming the US Tri‐Party Repo Market
Christian Johnson
6. Targeting Hedge Funds and ‘Repo Runs’
Harry McVea
7. Regulating OTC Derivatives: The CCP’s Role and the EMIR
Mark Hsiao
8. Shadow Banking Directive Instruments
Edmond J. Curtin and Joseph Tanega
Part III Shadow Banking in the Retail Sector and Issues Relating to Financial Innovation
9. Blockchain, Marketplace Lending and Crowdfunding: Emerging Issues and Opportunities in Fin Tech
Edward F. Greene, Jeffrey M. Amico and Surya Bala
10. Out of the Shadow? Promises and Challenges of Peer-to-Peer Lending
Mingfeng Lin
11. (Shadow) Banking on the Blockchain: Permissioned Ledgers, Interoperability and Common Standards
Anna P. Donovan
12. European Money Market Fund Regulations and Universal Transparency
Joseph Tanega and Viktoria Baklanova
13. Exchange Traded Funds in the Shadow Banking System
Pamela F. Hanrahan
Part IV Shadow Banking and Issues in Other Financial Centres
14. Understanding Shadow Banking in the Chinese Context: Shadow Banking with Chinese Characteristics
Wei Shen
15. Shadow Banking in Singapore
Christian Hofmann
Index
