Views on improving the integrity of global capital markets

Systemic Risk

Systemic Risk Council: Little to Celebrate on Dodd-Frank’s Two-Year Anniversary

From the “continuing procession of financial scandals” to the impact of industry lobbyists, Sheila Bair, laments the sad state of U.S. regulatory reform and the needto restore public trust in the financial system.

Reining in Risk: Improve the Transparency of Banking Financial Reports

Vincent Papa, PhD, CFA, examines the link between sovereign debt and bank risk; capital requirements for the banking industry; the need to improve transparency for derivatives; and other systemic risk issues relating to banks.

LIBOR: A Tale of Two Scandals

Along the range of scandalous behaviors by the banking industry, is the latest episode — the LIBOR-rate-fixing scandal — one of the most vulgar examples of banks behaving badly, or merely trifling? Kurt Schacht, CFA, examines the issue.

Shining a Light on Shadow Banking: How to Define It and What to Do about It?

Regulators worldwide are working on shadow banking following the G20 mandate to extend regulation to previously unregulated parts of financial markets by the end of 2012. Graziella Marras examines the need for consistent outcomes at the national and regional level to avoid a regulatory patchwork and jurisdictional arbitrage.

Déjà vu: South Korean Banking Crisis Hits Again

South Korean bankers are in the spotlight again, and for reasons similar to the 1997 banking crisis. What happened to the lessons learned from the banking closures, restructuring, and bailouts more than a decade ago?

New Systemic Risk Council Challenges U.S. Regulators to Step up Monitoring Efforts

The new Systemic Risk Council (SRC) has thrown down the gauntlet, calling on U.S. regulators to step up addressing the forces that caused the market collapse four years ago and continue to threaten the world financial marketplace.

CFA Institute Co-Sponsors Systemic Risk Council Led by Former Bank Regulator Sheila Bair

CFA Institute and the Pew Charitable Trusts join forces with former FDIC Chair Sheila Bair to launch the Systemic Risk Council (SRC). The SRC brings together experts in investments, financial markets regulation, policy making, and academia to offer seasoned opinions on the structuring of proper systemic risk oversight.

Financial (Dis)Integration in Europe

While EU policy makers have taken steps on a number of fronts to strengthen financial and institutional frameworks, it has failed to reverse the current trend of “financial disintegration” of EU markets.

JPMorgan’s Derivatives Blow-up May Benefit Taxpayers

JPMorgan’s $2 billion derivatives trading loss underscores the need for a properly implemented Volcker Rule.

Has Financial Innovation Hurt or Helped Market Integrity?

Innovation has been a mixed bag for investors, according to an expert panel convened at the 65th CFA Institute Annual Conference in Chicago.

Big Troubles in Eurozone: Debt Starts with “D” and That Rhymes with “Flee”

Jim Allen, CFA, examines capital flows between member states and the headaches and fissures they are creating within the Eurozone.

Message to G-20: Dodd-Frank Fragmentation Poses Systemic Threat

The current state of U.S. regulatory reform is an example of regulatory fragmentation that threatens the kind of coordinated response required to deal effectively with systemic risks.

European Companies Move away from Bank Loans to Corporate Bonds: Implications for Investors

Does the shift away by corporates from seeking bank financing have an unforeseen impact on systemic risk? Vincent Papa, CFA, examines the issue.

Europe’s Fragmented Securities Settlement Landscape

Settlement is typically thought of as the dull, boring part of the financial system. Rhodri Preece, CFA, takes a look at the fragmented securities settlement landscape in Europe and finds that it's anything but.

Australian Equity Markets: Structural Reform Continues

The Australian Securities and Investments Commission (ASIC) recently closed its consultation on the Australian equity market structure. The Commission is now considering how best to tackle a range of market structure issues, such as algorithmic and high-frequency trading (HFT), dark pools, price transparency, and liquidity fragmentation.

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