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Articles 1 - 6 of 6
Full-Text Articles in Law
Hedge Funds, Hot Markets And The High Net Worth Investor: A Case For Greater Protection, Helen Parry
Hedge Funds, Hot Markets And The High Net Worth Investor: A Case For Greater Protection, Helen Parry
Northwestern Journal of International Law & Business
shares; that, if proprietary exchanges are allowed to act as regulators, they should be subject to some constraints as to how they perform this function; and that, contrary to the ordinary case where we have reason to believe that markets discipline firms, a vigorous market for control of exchanges could have harmful effects. The concern that underlies these conclusions is a concern that a country's national interest in protecting its domestic capital markets for the benefit of domestic enterprise and investors is likely to be undermined in a world where exchanges act just like any other business. Management, are clearly …
New Legislation Permitting Stock Futures: The Long And Winding Road, William J. Brodsky
New Legislation Permitting Stock Futures: The Long And Winding Road, William J. Brodsky
Northwestern Journal of International Law & Business
This article will explain how the stock futures issue arose, how Congress handled it last year, and the application of the legislation to this new product. While I believe that the approach taken in the CFMA will allow stock futures to trade on a level regulatory playing field in many areas with stock options, which are regulated solely as securities, it will not remove all the disparities between these two competing products. That will only occur when Congress acquires the political will to merge the SEC and the CFTC to create a modem regulatory system for the U.S. equity markets.
Multinational Regulatory Competition And Single-Stock Futures , Frank Partnoy
Multinational Regulatory Competition And Single-Stock Futures , Frank Partnoy
Northwestern Journal of International Law & Business
Whereas these first two forms of regulatory competition are well documented and covered in the legal literature, the third form - which I call "multinational regulatory competition" - is newer and more difficult to characterize. Accordingly, any claims about future regulatory competition in this form necessarily are speculative. By "multinational regulatory competition," I mean competition occurring when a group of regulators from more than one sovereign forms a partnership as a multinational regulator and then seeks to compete with other groups of regulators, also formed from more than one sovereign. There is some recent empirical evidence that regulatory trends in …
Securities Price Risks And Financial Derivative Markets , Peter H. Huang
Securities Price Risks And Financial Derivative Markets , Peter H. Huang
Northwestern Journal of International Law & Business
The financial and popular media report almost daily on the volatility of securities market prices. Yet, many people continue to buy securities to hedge against or speculate on certain risks. People can also buy or sell derivatives to hedge against or speculate on fluctuations in securities prices. This Article discusses three regulatory policy implications of utilizing derivatives markets to reallocate the bearing of securities price risks. First, if there are too few non-redundant derivative markets, a competitive market equilibrium allocation of securities price risks is typically constrained Pareto inefficient. This financial economic result means that for typical economies, a regulator …
Demutualization Of Financial Exchanges: Business As Usual, Caroline Bradley
Demutualization Of Financial Exchanges: Business As Usual, Caroline Bradley
Northwestern Journal of International Law & Business
The article begins by outlining some of the history of mutual business forms, and the recent demutualization movement. Then, after examining the idea of exchanges as proprietary businesses, the article examines three new problems caused by demutualization: how shares in an exchange will be traded; how a proprietary exchange can function as a regulator; and the risk that a proprietary exchange will become a take-over target. The article concludes that there is no perfect arrangement for trading in an exchange's shares; that, if proprietary exchanges are allowed to act as regulators, they should be subject to some constraints as to …
International Regulatory Responses To Derivative Crises: The Role Of The U.S. Commodity Futures Trading Commission , Brooksley Born
International Regulatory Responses To Derivative Crises: The Role Of The U.S. Commodity Futures Trading Commission , Brooksley Born
Northwestern Journal of International Law & Business
Over the past decade, as derivatives markets - and particularly the over-the-counter ("OTC") market - have become increasingly global in nature, the U.S.. Commodity Futures Trading Commission ("CFTC") - the federal regulatory agency that oversees futures and commodity option trading' - has played an active role in fostering international regulatory cooperation. The technology of the information age, allowing instant communication and electronic trading, has revolutionized financial markets, instituting around-the-clock, around-the-globe trading, globally active market users and market intermediaries, and an increasing pace of market innovation. Market crises now have the potential for widespread financial impact and require international regulatory response. …