Five years after the global financial crisis washed over us all, the future of finance is unclear. The debate continues over how to rebuild a financial system that is vibrant and dynamic, that serves society, and that won’t blow up and drag the whole world down every few years. From my perspective, a new era of capitalism is emerging out of the fog. What I define as fiduciary capitalism is gathering strength and needs to become the future of finance.
Proposals to tax financial transactions are popular now, and many concerns motivate these proposed taxes. Although many members of the Financial Economists Roundtable recognize and respect these concerns, they believe that governments should be extremely wary of imposing or increasing financial transaction taxes, which can have highly negative consequences with respect to the revenue raised.
There are many lessons to be gleaned from the financial crisis of 2008, to be sure. I recently came across Bethany McLean's article "The Top Five Unlearned Lessons of the Financial Crisis," and while McLean highlights serious problems, it seems to me that her list doesn't go far enough.
According to author Larry Doyle, the financial crisis of 2008–2009 was a failure of regulation and oversight, and he contends that the leaders of major institutions escaped retribution for irresponsible practices that helped cause the crisis. He calls for enhanced accountability and effectiveness in the regulatory arena.
Anthony Neoh, SC, former chief advisor to the China Securities Regulatory Commission and ex-chairman of the Hong Kong Securities and Futures Commission, discusses the progress and prospects of financial sector reforms and capital market liberalizations in China.
Fung Global Institute President Andrew Sheng says the central challenge for financial reform is reining in the sector, which has grown too big.
With unprecedented changes in the foreign institutional investor quota and related rules, as well as the hint of further new policy moves by the government, the China A-Shares market is starting to attract investor interest once again.
In a recent poll conducted in the CFA Institute Financial NewsBrief, we asked readers, “Should fund managers be required to disclose their portfolio holdings on a quarterly basis?" Nearly 77% of the 737 global respondents think fund managers should be required to disclose their portfolio holdings on a quarterly basis, while about 23% of respondents don’t believe managers should have to reveal their positions every three months.
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