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Credit Derivatives: Industry Initiative Supplants Need For Direct Regulatory Intervention. A Model For The Future Of U.S. Regulation?, John T. Lynch
Credit Derivatives: Industry Initiative Supplants Need For Direct Regulatory Intervention. A Model For The Future Of U.S. Regulation?, John T. Lynch
John T Lynch
A brief introduction to credit derivatives and the current state of the market is given as a means of orienting the reader to the complexity and evolving importance of these financial instruments. This comment then offers a detailed survey of the recent developments in the credit derivatives market from 2005-2006, focusing on the initiative by the market participants that were called to action by the Federal Reserve Bank of New York. This model of shifting market control to the private sector is then explored as a central tenet of a revised U.S. financial regulatory structure, proposed in this comment as …
New Governance, Compliance, And Principles-Based Securities Regulation, Cristie L. Ford
New Governance, Compliance, And Principles-Based Securities Regulation, Cristie L. Ford
Cristie L. Ford
The UK securities regulator, the Financial Services Authority, claims that its "principles-based" approach to securities regulation is simply "better" than what it characterizes as the prescriptive, rules-based American approach. The striking shift in financial sector business from New York to London over the last two years has brought the question of the wisdom of principles-based regulation into sharp relief. In fact, an FSA-style regulatory approach may also be taking hold in Canada, through the agency of the province of British Columbia. This paper examines BC's innovative proposals for a principles-based securities regime through the lens of New Governance theory. I …