From Fire Hose To Garden Hose: Section 13(3) Of The Federal Reserve Act, Christian A. Johnson
Dec 2018
From Fire Hose To Garden Hose: Section 13(3) Of The Federal Reserve Act, Christian A. Johnson
Christian A. Johnson
At the height of the Great Financial Crisis, the Federal Reserve employed a previously unused section of the Federal Reserve Act, Section 13(3), to engage in a level of lending unparalleled in global financial history. Section 13(3) provided a firehose of liquidity for the US financial system, and The Federal Reserve used it to successfully fight the Great Financial Crisis. However, once the worst of the crisis had passed, Congress quickly acted to limit the Federal Reserve’s powers under Section 13(3) by passing DoddFrank and introducing the orderly liquidation authority.
These limitations have reduced the Federal Reserve’s Section 13(3) power …
Detection Of Mycobacterium Ulcerans In The Environment Predicts Prevalence Of Buruli Ulcer In Benin, Heather R. Williamson, Mark Eric Benbow, Lindsay P. Cambell, Christian R. Johnson, Ghislain Sopoh, Yves Barogui, Richard W. Merritt, Pamela L. C. Small
Jul 2015
Detection Of Mycobacterium Ulcerans In The Environment Predicts Prevalence Of Buruli Ulcer In Benin, Heather R. Williamson, Mark Eric Benbow, Lindsay P. Cambell, Christian R. Johnson, Ghislain Sopoh, Yves Barogui, Richard W. Merritt, Pamela L. C. Small
Christian A. Johnson
Background: Mycobacterium ulcerans is the causative agent of Buruli ulcer (BU), a destructive skin disease found predominantly in sub-Saharan Africa and south-eastern Australia. The precise mode(s) of transmission and environmental reservoir(s) remain unknown, but several studies have explored the role of aquatic invertebrate species. The purpose of this study was to investigate the environmental distribution of M. ulcerans in south-eastern Australia.
Regulatory Arbitrage, Extraterritorial Jurisdiction, And Dodd-Frank: The Implications Of Us Global Otc Derivative Regulation, Christian Johnson
Jul 2015
Regulatory Arbitrage, Extraterritorial Jurisdiction, And Dodd-Frank: The Implications Of Us Global Otc Derivative Regulation, Christian Johnson
Christian A. Johnson
No abstract provided.
Assessing A Decade Of Interstate Bank
Branching, Christian A. Johnson, Tara Rice, Ph. D.
Jul 2015
Assessing A Decade Of Interstate Bank
Branching, Christian A. Johnson, Tara Rice, Ph. D.
Christian A. Johnson
Since its inception, US. banking regulation has effectively prohibited a bank from opening or owning a branch located outside of its home state, commonly referred to as interstate branching. Only since the passage of the Riegle-Neal Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 have banks been able to engage in interstate branching, albeit still subject to significant state restrictions. Despite IBBEA 's removal of those barriers, it still allowed the states to impose anticompetitive restrictions governing the entry of out-of-state banks through the establishment of branch offices. As a result, states that were opposed to entry used IBBEA …
Legal Challenges In The Global Financial Crisis, Christian Johnson
Jun 2015
Legal Challenges In The Global Financial Crisis, Christian Johnson
Christian A. Johnson
Legal Challenges in the Global Financial Crisis is the fruit of a conference held in Oxford in March 2012 that was organized by the Faculties of Law of the University of Oxford and the Ludwig-Maximilians-Universität München. The distinguished work of twelve experts and scholars drawn from the two Universities was, according to the editors, an effort to address the “gap in bridge-building” in understanding the Great Financial Crisis between the legal disciplines of constitutional law, financial markets regulation and European Law.
Moving From Soft Law To Hard Law In The Derivative Area: A Case Study, Christian Johnson
May 2015
Moving From Soft Law To Hard Law In The Derivative Area: A Case Study, Christian Johnson
Christian A. Johnson
The Changing Landscape of Global Financial Governance and the Role of Soft Law provides interdisciplinary perspectives on the changing landscape of global financial governance by exploring the impact and role of soft law, directly or as a precursor of hard law, pertaining to financial governance.
A Practical Guide To Using Repo Master Agreements, Christian Johnson, Paul Harding
Dec 2014
A Practical Guide To Using Repo Master Agreements, Christian Johnson, Paul Harding
Christian A. Johnson
This new 2nd edition offers readers a detailed guide on the most broadly used European and US repo master agreements all in one book. A comprehensive guide which also includes a summary of recent developments in the European and US repo markets since 2012.
Understanding The 2012 Master Securities Forward Transaction Agreement, Christian Johnson, Ranada Fergerson
Dec 2013
Understanding The 2012 Master Securities Forward Transaction Agreement, Christian Johnson, Ranada Fergerson
Christian A. Johnson
The trading of forward-settling agency mortgage-backed securities (“MBS”) comprised of pools of home loan mortgage loans, executed in contemplation of securitization through Fannie Mae, Freddie Mac and Ginnie Mae, is one of the largest and most active markets in the world.
Regulatory Arbitrage, Extraterritorial Jurisdiction And Dodd-Frank: The Implications Of Us Global Otc Derivative Regulation, Christian Johnson
Dec 2013
Regulatory Arbitrage, Extraterritorial Jurisdiction And Dodd-Frank: The Implications Of Us Global Otc Derivative Regulation, Christian Johnson
Christian A. Johnson
A review of the Dodd-Frank rulemaking projects suggests that the U.S. has entered into a “race to the top” of over-the-counter derivative regulation. Many of the Dodd-Frank statutes and proposed rules go well beyond the relatively modest objectives agreed to by the G20 countries in 2009. These efforts in the U.S. create a legal environment ripe for regulatory arbitrage and the isolation of U.S. OTC derivative markets. Isolation results from participants simply abandoning U.S. markets because of overly aggressive U.S. regulation. Regulatory arbitrage occurs as both U.S. and non-U.S. persons attempt to structure their trading activities to avoid the extraterritorial …
A Primer On Clearing Otc Derivatives: A Buyside Blueprint For Implementation, Christian Johnson, Laura Dicioccio
May 2013
A Primer On Clearing Otc Derivatives: A Buyside Blueprint For Implementation, Christian Johnson, Laura Dicioccio
Christian A. Johnson
June 10, 2013 is an important date for many large buyside firms: the date that the Dodd-Frank Act will require them to clear over-the-counter derivatives. Even firms that qualify for the end-user exception to mandatory clearing may still want to have the ability and capacity to clear for pricing or operational efficiency reasons.
Mastering The Isda Collateral Documents, Christian Johnson, Paul Harding
Dec 2011
Mastering The Isda Collateral Documents, Christian Johnson, Paul Harding
Christian A. Johnson
As the only accessible single volume guide to the ISDA Credit Support Annexes under English and US law, this revised and updated edition remains an invaluable resource for anyone negotiating these documents. Mastering the ISDA Collateral Documents is the essential introduction to collateral documentation. This thoroughly revised and updated edition provides informative and practical guidance and covers collateral management from an operational perspective. It focuses on the two main ISDA Credit Support Documents and provides a clear, concise explanation of their provisions and amendments commonly seen in the market.
Mastering Securities Lending Documentation: A Practical Guide To The Main European And Us Master Securities Lending Agreements, Christian Johnson, Paul Harding
Oct 2011
Mastering Securities Lending Documentation: A Practical Guide To The Main European And Us Master Securities Lending Agreements, Christian Johnson, Paul Harding
Christian A. Johnson
Securities lending master agreements are vital for covering securities loans between contracting parties. They also offer legal and credit protection and a close-out netting procedure if a party defaults or goes bankrupt. These agreements are widely used by banks, securities houses, pension funds, hedge funds and insurance companies.
Exigent And Unusual Circumstances: The Federal Reserve And The Financial Crisis, Christian Johnson
Dec 2010
Exigent And Unusual Circumstances: The Federal Reserve And The Financial Crisis, Christian Johnson
Christian A. Johnson
The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused clause in the Federal Reserve Act. Such efforts effectively doubled the size of the Federal Reserve’s balance sheet. This expansion of authority exercised by the Federal Reserve not only has significance in today's financial crisis but also sets a precedent for future Federal Reserve actions. The Federal Reserve has relied on Section 13(3) to authorize its controversial lending …
Understanding Derivative Complexity And Convergence Book Review: Derivatives: Legal Practice And Strategies, Christian Johnson
Dec 2009
Understanding Derivative Complexity And Convergence Book Review: Derivatives: Legal Practice And Strategies, Christian Johnson
Christian A. Johnson
For books written by practitioners for practitioners, reviews should focus on a few key issues: First, is the book written by experts recognized and respected by other practitioners? Next, is the material current and up-to-date on market practice? Finally, is the book accessible and easily usable by both expert and neophyte?
The Enigma Of Clearing Buy Side Otc Derivatives, Christian Johnson
Nov 2009
The Enigma Of Clearing Buy Side Otc Derivatives, Christian Johnson
Christian A. Johnson
Congress is currently drafting bills and holding hearings on regulating the over-the-counter (“OTC”) derivatives market. One principal focus is on reducing credit and systemic risk by eventually requiring the majority of OTC derivatives to be cleared through registered clearing organizations or agencies (hereinafter “clearing-houses”).
Opening A Portal Into The World Of Central Banking: A Review Of Legal Foundations Of International Monetary Stability Rosa M. Lastra, Christian Johnson
Jan 2009
Opening A Portal Into The World Of Central Banking: A Review Of Legal Foundations Of International Monetary Stability Rosa M. Lastra, Christian Johnson
Christian A. Johnson
The term portal entered the commonplace lexicon in the 1990s. High-tech denizens co-opted the term to symbolize a gateway into the cyberworld of the internet. Just as yahoo and google provide access to the internet's riches, Rosa Lastra has provided a user-friendly portal into the arcane, jargon-laced and complex world of central banking. Just like an internet portal, Rosa Lastra has provided an extraordinary tool to decipher and understand the workings of international monetary stability, equally useful for the apprentice as well as the wizard.
Accounting For Mortgages And Mortgage Backed Securities, Christian Johnson, Luis Betancourt, Sharon Nowakowski
Dec 2007
Accounting For Mortgages And Mortgage Backed Securities, Christian Johnson, Luis Betancourt, Sharon Nowakowski
Christian A. Johnson
Helps financial accounting policymakers and practitioners in companies, public accounting firms, and other professional environments keep abreast of ongoing and emerging issues and assists them in analyzing pronouncements and other actions by major accounting and auditing standard setters.
The Central Bank’S Role In The Payment System: Legal And Policy Aspects, Christian Johnson, Robert Steigerwald
Dec 2007
The Central Bank’S Role In The Payment System: Legal And Policy Aspects, Christian Johnson, Robert Steigerwald
Christian A. Johnson
The paper starts with a brief overview of the payment system and the roles central banks have traditionally played as payment intermediaries. In particular, it discusses interbank settlement and the role of bank money as a settlement asset. The paper shows that the concept of settlement finality, which has both legal and risk management dimensions, is a key attribute of any form of payment and is not a unique attribute of payments made through a central bank.
Assessing A Decade Of Interstate Bank Branching, Christian Johnson, Tara Rice
Dec 2007
Assessing A Decade Of Interstate Bank Branching, Christian Johnson, Tara Rice
Christian A. Johnson
U.S. banking regulation has historically prohibited the ability of a bank to open or own a branch located outside of its home state, commonly referred to as interstate branching. Only since the passage of the Riegle-Neal Interstate Banking and Branching Efficiency Act (IBBEA) in 1994 have banks have been able to engage in interstate branching, though subject to state restrictions. Despite IBBEA's removal of branching barriers, it still allowed the states to impose restrictions on the entry of out-of-state branch offices. This article describes the changes in Federal and state interstate branching law since passage of IBBEA and reviews how …
A Bank By Any Other Name..., Christian Johnson, George Kaufman
Nov 2007
A Bank By Any Other Name..., Christian Johnson, George Kaufman
Christian A. Johnson
Banks come in a wide variety of forms. These include commercial banks, savings banks, savings and loans, and credit unions. But, all banks are not perceived as equally vital to the economy so as to require the same degree of government regulation to promote their safe and efficient operation. To regulate efficiently, it is necessary to carefully define the entity to be regulated.
Collateralizing Over-The-Counter Derivative Obligations, Christian Johnson
Aug 2007
Collateralizing Over-The-Counter Derivative Obligations, Christian Johnson
Christian A. Johnson
Featuring 16 chapters, the book provides a practitioner-oriented perspective on fixed charges over circulating assets, the role of the security trustee and the prospects for reform of the English personal property security regime. The book also examines the use of security interests to support derivatives and private equity transactions and the taking of security interest over aircraft, bank accounts, cross-border receivables, intellectual property and ships. Guidance is also provided on secured finance transactions in Brazil, China, the Czech Republic, Mexico, Poland and Russia and the use of credit derivatives to manage credit risk.
Accounting And Disclosure For Derivative Instruments (Portfolio 5112), Christian Johnson, Mary Grossman, Ira Kawaller, Reva Steinberg
Dec 2006
Accounting And Disclosure For Derivative Instruments (Portfolio 5112), Christian Johnson, Mary Grossman, Ira Kawaller, Reva Steinberg
Christian A. Johnson
This Portfolio, BNA Tax and Accounting Portfolio 5112-2nd, Accounting and Disclosure for Derivative Instruments (Accounting Policy and Practice Series), explains both how to account for derivatives and how to disclose transactions in derivatives.
The Rosetta Stone Of Banking Regulation: The Law Of International Banking Institutions, Christian Johnson
Sep 2006
The Rosetta Stone Of Banking Regulation: The Law Of International Banking Institutions, Christian Johnson
Christian A. Johnson
Although banking has gone global, banking regulation is still primarily local. A large money center bank in New York is just as likely to do business with an Austrian bank as one headquartered in California. However, even though each of the New York and Austrian banks engages in business banking, their chartering and regulations are still controlled by their local regulators. A failure to appreciate the differences between a bank chartered and regulated by the U.S. Office of the Comptroller of the Currency versus the Austrian Financial Market Authority can result in misunderstandings, lost business and perhaps civil or criminal …
The Financial Services Lawyer's Bookshelf: A Selected Bibliography Of Payment, Clearing And Settlement Resources, Christian Johnson, Robert Steigerwald
Sep 2006
The Financial Services Lawyer's Bookshelf: A Selected Bibliography Of Payment, Clearing And Settlement Resources, Christian Johnson, Robert Steigerwald
Christian A. Johnson
To understand today's payment, clearing and settlement systems, we must be aware that these arrangements rely to some extent upon financial and operational technologies that were developed in other times and circumstances.
Confronting The Top 10 Excuses When Negotiating Isda Derivative Documentation, Christian Johnson
Aug 2006
Confronting The Top 10 Excuses When Negotiating Isda Derivative Documentation, Christian Johnson
Christian A. Johnson
ISDA Master Agreement negotiations are notoriously difficult and lengthy. Traders and marketers wring their hands in frustration at the inexplicable difficulty of putting into place standardized ISDA documentation, watching profitable opportunities to trade disappear.
Check Substitution: The Payment Processors' Perspective, Christian Johnson, Peter Soraparu
Sep 2005
Check Substitution: The Payment Processors' Perspective, Christian Johnson, Peter Soraparu
Christian A. Johnson
The fifth and concluding panel of the Federal Reserve Bank of Chicago's 2005 Payments Conference brought together payment processors to discuss check substitution by payors and the elimination of the physical check in the clearance and settlement process. Although the panelists agreed that while check usage is decreasing, they generally concluded checks will still remain an important part of the payment system in the foreseeable future. The panelists focused on how innovations, incentives and regulation are influencing check substitution and improvements to check processing.
Distinguishing Swaps From Futures: A Regulatory History, Christian Johnson
Apr 2005
Distinguishing Swaps From Futures: A Regulatory History, Christian Johnson
Christian A. Johnson
Over 20 years since the first official over-the-counter derivative trade went public between IBM and the World Bank, the divide between the OTC and exchange-traded derivatives industries is as wide as ever. Although many firms trade both types, the individual participants in those shops still tend to think of themselves as either a swaps or a futures person. Such division can best be understood by appreciating the regulatory battle in the U.S. over swap regulation. Although much of that battle ended in 2000 with the passage of the Commodity Futures Modernization Act, defining differences continue to distinguish the two industries.
A Guide To Using And Negotiating Otc Derivatives Documentation, Christian Johnson
Dec 2004
A Guide To Using And Negotiating Otc Derivatives Documentation, Christian Johnson
Christian A. Johnson
Focuses on the ISDA Agreements and how to apply them in OTC derivatives transactions.
Justice And The Administrative State: The Fdic And The Superior Bank Failure, Christian Johnson
Dec 2004
Justice And The Administrative State: The Fdic And The Superior Bank Failure, Christian Johnson
Christian A. Johnson
This essay demonstrates through the Superior Bank failure how an administrative agency, the FDIC, can act without taking into account what is fair and just for all involved parties, instead maximizing its power or its economic recovery. The author argues that the FDIC lost sight of how it should have responded and not how it could have by giving preferential treatment to Superior's shareholders and attempting to sue the auditor Ernst & Young in contravention of Superior's contractual obligations. The FDIC's actions sublimated the fairness of the insolvency resolution process for the creditors of Superior and exposed Ernst & Young …
Jobs, Christian Johnson
Oct 2004
Jobs, Christian Johnson
Christian A. Johnson
Being a law professor's research assistant is much more than an opportunity to earn academic credit or a monetary stipend. It can significantly boost your job prospects by giving you additional legal research training and experience.
