Regulating International Financial Markets: Issues and Policies

✍ Scribed by Franklin R. Edwards, Hugh T. Patrick (auth.), Franklin R. Edwards, Hugh T. Patrick (eds.)

• Publisher: Springer Netherlands
• Year: 1992
• Tongue: English
• Leaves: 317
• Edition: 1
• Category: Library

✦ Synopsis

Franklin R. Edwards Hugh T. Patrick As the 19908 unfold, we stand on the threshold of a new age of global financial markets. The seeminglyinevitable, market-driven dynamicofthe international integration of banking, securities, and futures markets is bringing about a profound transformation of financial flows and the efficiency and effectiveness of the domestic and international markets serving them. Propelled in the 1980s by a variety offorces-technological, economic, political, and (de)regulatory-the implications of international financial market integration are pervasive. This new era promises to raise a host of new public and business policy issues as well as opportunities. These include issues of financial market integrity, international competitiveness, and regulatory harmony. What will the rules of the game be? How will prudential concerns for the safety as well as the efficiency of international financial markets, and their national counterparts, be met? What are the appropriate new institutional arrangements? How and to what degree will international financial mar­ kets be supervised, harmonized, and regulated, and for what purposes? Whowill be makingthese decisions andimplementingthem?Thesearethe issues that confront-and bedevil-policymakers, practitioners, and scho­ lars alike. 1 2 INTRODUcnON The Context The 1980s were witness to major transformations of the international political, economic, andfinancial environment. Amongthe majordevelop­ ments was rapidly increasing international financial market integration across major nations and across financial product markets. The major sources of financial change were several, interrelated, and reinforcing.

✦ Table of Contents

Front Matter....Pages i-xxii
Introduction....Pages 1-10
Front Matter....Pages 11-11
Global Financial Markets: The Past, The Future, and Public Policy Questions....Pages 13-20
The Telecommunications and Information Revolution: Implications for Financial Markets, Trading Systems, and Regulation....Pages 21-32
The Financial System and Global Socioeconomic Structural Changes....Pages 33-38
Front Matter....Pages 39-39
Japanese Banking, Financial Markets, and Competitive Equality....Pages 41-74
Banking in the United Kingdom and Continental Europe....Pages 75-83
Banking and Financial Intermediary Markets in the United States: Where From, Where to?....Pages 85-103
Financial Intermediation and Liberalization in Japan....Pages 105-119
Front Matter....Pages 121-121
Internationalization and Regulation of the World’s Securities Markets....Pages 123-129
Japanese Securities Markets and Global Harmonization....Pages 131-142
Reflections on the CFTC/SEC Jurisdictional Dispute....Pages 143-148
Front Matter....Pages 149-149
Regulation of Futures Markets in the United Kingdom....Pages 151-178
The Japanese Financial Futures Market: Present and Future Prospects....Pages 179-187
The Internationalization of Futures Markets: Issues for U.S. Markets....Pages 189-195
Front Matter....Pages 197-197
Automation of the Financial Markets: Implications for Clearance, Settlement, and Payment Procedures....Pages 199-207
Twenty-Four Hour Trading, Clearance, and Settlement: The Role of Banks....Pages 209-224
Screen-Based Trading in Japanese Financial Markets....Pages 225-234
Cooperative Approaches to Reducing Risks in Global Financial Markets....Pages 235-240
Front Matter....Pages 241-241
Systemic Risk in International Securities Markets....Pages 243-255
Government Officials as a Source of Systemic Risk in International Financial Markets....Pages 257-265
Front Matter....Pages 241-241
Systemic Risk and International Financial Markets....Pages 267-274
Front Matter....Pages 275-275
Competition Versus Competitive Equality in International Financial Markets....Pages 277-289
Regulatory Harmonization to Achieve Effective International Competition....Pages 291-297
Regulating Global Financial Markets: Problems and Solutions....Pages 299-306
Back Matter....Pages 307-317

✦ Subjects

Finance/Investment/Banking; International Economics; Industrial Organization; Business/Management Science, general