Banking and Finance Law Commons^™

Systemic Regulation Of Global Trade And Finance: A Tale Of Two Systems, R. Michael Gadbaw

Georgetown Law Faculty Publications and Other Works

The recent financial crisis has put enormous strains on the global systems governing international finance and trade. These two important international regulatory systems, created after World War II to promote growth and stability in the global economy, were put to the test in ways unprecedented since the 1930s. This article seeks to analyze and compare their performance as systemic regulators in the course of the crisis and concludes that the trading system performed quite well while the financial system virtually collapsed. This article seeks to account for this difference by looking at the nature of the rules and the institutions …

The Magic Of Money And Banking, Eric J. Gouvin

Faculty Scholarship

This chapter analyzes the banking system in the wizarding world of Harry Potter and compares it to the salient features of the banking system in the Muggle world. The chapter begins with a brief history of money. Although the economies in both the wizarding world and the Muggle world use money, there are striking differences between those worlds on this point. We can only speculate on why these differences exist, but it appears that the wizard concept of money stopped evolving in the Middle Ages, when bankers were really just trusted keepers of valuables. The chapter concludes that although Muggle …

Short Selling And The News: A Preliminary Report On An Empirical Study, Merritt B. Fox, Lawrence R. Glosten, Paul C. Tetlock

NYLS Law Review

No abstract provided.

Counterparty Regulation And Its Limits: The Evolution Of The Credit Default Swaps Market, Houman B. Shadab

NYLS Law Review

No abstract provided.

Keynote Address: The Conflicted Trustee Dilemma, Steven L. Schwarcz

NYLS Law Review

No abstract provided.

A Board’S Duty To Monitor, Eric J. Pan

NYLS Law Review

No abstract provided.

Carpe Crisis: Capitalizing On The Breakdown Of Capitalism To Consider The Creation Of Social Businesses, Celia R. Tayloe

NYLS Law Review

No abstract provided.

On The Continued Vitality Of Securities Arbitration: Why Reform Efforts Must Not Preclude Predispute Arbitration Clauses, Alicia J. Surdyk

NYLS Law Review

No abstract provided.

Sukuk Ijarah : Konsep Dan Amalannya Dalam Pasaran Modal Islam Di Malaysia., Muhammad Azizur Rahman Ramli

Student Works (2010-2019)

Sukuk Ijarah is one of the financial certificates known in the Islamic capital market. This financial certificate is established by taking into consideration two major factors, firstly, preserving the conventional way of investment which is permissible in Islam and, secondly, conforming to the shariah law, as a new financial instrument in the Islamic capital market. Sukuk and Bond are two different instruments in its financial structure. Sukuk eliminates in its structure the use of riba and gharar (uncertainty). Moreover, its financial structure is based on Islamic securitisation concept and exchange contract, such as ijarah, murabahah, bay‘ bithamin ajil and others. …

Kajian Aplikasi Akad Mudarabah Di Pt. Asuransi Takaful Umum Jakarta, Indonesia / Marhadi, Marhadi .

Student Works (2010-2019)

This disertation discourses the contract of mudarabah and its application in the general takaful at PT. Asuransi Takaful Umum Jakarta,Indonesia. The study focuses on the application, profit calculation and some relevant issues in general takaful product. The takaful company itself in form of annual report and also from interviews with the respective officers. It was found from the study that Asuransi Takaful Umum has appliced the mud}a>rabah contract in accordance with the shariah requirement which is to uphold justice, ensure mutual benefits and to avoid riba>, gharar ,maysir and dishonesty.

Payments Data Security Breaches And Oil Spills: What Lessons Can Payments Security Learn From The Laws Governing Remediation Of The Exxon Valdez, Deepwater Horizon, And Other Oil Spills?, Sarah Jane Hughes

Articles by Maurer Faculty

No abstract provided.

Developments In The Laws Governing Electronic Payments Made Through Gift Cards, Debit And Prepaid Cards, Credit Cards, And Direct Deposits Of Federal Benefits, Sarah Jane Hughes, Stephen T. Middlebrook

Articles by Maurer Faculty

No abstract provided.

Bonding Bankers: Notes Toward A Governance Approach To Risk Regulation, Frederick Tung

Faculty Scholarship

Important regulatory failures have been identified in the wake of the recent financial crisis, and comprehensive regulatory reform has been much on the minds of policymakers. Reform proposals call for a number of significant changes to the scope and structure of financial regulation to address systemic risk. With banking regulation, however, the twin tools of capital requirements and external supervision seem to remain the dominant regulatory levers. In this short discussion, I introduce the contours of an important supplement to the existing approach, a governance approach that uses bank executives' compensation arrangements as a policy lever. I propose that bank …

Counterparty Regulation And Its Limits: The Evolution Of The Credit Default Swaps Market, Houman B. Shadab

Articles & Chapters

Over-the-counter (OTC) derivatives are widely regarded as “unregulated” financial instruments. While it is true that OTC derivatives are subject to relatively minimal federal regulation, OTC derivatives are in fact subject to a robust form of control and governance in the form of counterparty regulation. Counterparty regulation arises when two or more parties are continually exposed to counterparty credit risk for the duration of a long-term contract, and it consists of specific governance mechanisms such as the daily adjustment of collateral and the netting out of redundant trades. Counterparty regulation governs derivatives transactions but not securities transactions.

This essay reviews recent …

Triple-A Ratings Stench: May The Credit Rating Agencies Be Held Accountable?, Thomas J. Pate

Barry Law Review

This article analyzes the role the Credit Rating Agencies (CRAs) played in developing markets for certain types of asset-backed securities in order to identify how the CRAs promoted the leverage build up that occurred over the past 15 years. This analysis will highlight the fundamental flaws in the ratings process, with a view toward being able to assign responsibility accordingly. Further, the motivations of banks, financial institutions, and corporate issuers in relying on the CRAs will be critiqued. Additionally, the principal past and current in-court claims against the CRAs will be analyzed and hypotheses will be drawn on the liability …

Foreclosed: High-Risk Lending, Deregulation, And The Undermining Of America's Mortgage Market, By D Immergluck [Book Review], David J. Reiss

Cornell Law Faculty Publications

This is a short book review of Dan Immergluck, FORECLOSED: HIGH-RISK LENDING, DEREGULATION, AND THE UNDERMINING OF AMERICA’S MORTGAGE MARKET (Cornell University Press 2009). The book provides a good introduction to the causes of the crisis in the mortgage market. Given, however, that the book was written before the crisis has fully taken its course, it does have certain limitations. In particular, the book deals with some fundamental questions too superficially. These fundamental questions include, what is the right level of complexity for the secondary mortgage market? What is the right level of credit access for subprime borrowers? And, what …

A Fixer-Upper For Finance, Robert C. Hockett

Cornell Law Faculty Publications

Three facts bear notice in connection with our current financial troubles. The first is that the First World War, before the Second began, was known as "the Great War." The second is that the global Depression that struck between those two wars, which for now we can still label "Great," commenced with the burst of a multiyear real estate price bubble prior to the 1929 stock market crash. The third is that the U.S. accordingly addressed that depression through mutually reinforcing new regimes not only of financial regulation, but also of home mortgage finance - the very reforms that brought …

First Principles For An Effective Federal Housing Policy, David J. Reiss

Cornell Law Faculty Publications

Federal housing policy is heavily funded and made up of a morass of programs. This article provides a taxonomy of goals for housing policy. The article first asks what the aim of housing policy is. In other words, what can a well-designed and executed housing policy achieve? The answer to this question is not at all clear-cut. Some argue that the aim of housing policy is to allow all Americans to live in safe, well-maintained and affordable housing. Others argue for a more modest aim – achieving an income transfer to low- and moderate-income families that mandates that the income …

Populist Retribution And International Competition In Financial Services Regulation, Adam C. Pritchard

Articles

The pattern of regulatory reform in financial services regulation follows a predictable pattern in democratic states. A hyperactive market generates a bubble, the bubble deflates, and much financial pain ensues for those individuals who bought at the top of the market. The financial mess brings the scrutiny of politicians, who vow "Never again!" A political battle ensues, with representatives of the financial services industry fighting a rearguard action to preserve its prerogatives amidst cries for the bankers' scalps. Regulations, carefully crafted to win the last war, are promulgated. Memories fade of the foolish enthusiasm that fed the last bubble. Slowly, …

Saving Up For Bankruptcy, Ronald J. Mann, Katherine Porter

Faculty Scholarship

Bankruptcy is a numbers game. Policymaking, public perception, and the scholarly literature are captivated with the number of annual bankruptcy filings, which hit one million in 2008. The number of annual bankruptcy filings has become a barometer of economic health, reflecting an implicit assumption that bankruptcy is a useful proxy for financial distress.

But at the level of the individual family, the causative relation between financial distress and bankruptcy filings is unclear. On the one hand, only a fraction of those in serious financial distress will ever file for bankruptcy. For example, a study by Michelle White examined a group …