Reconceptualising Global Finance and its Regulation

The current global financial system may not withstand the next global financial crisis. In order to promote the resilience and stability of our global financial system against future shocks and crises, a fundamental reconceptualisation of financial regulation is necessary. This reconceptualisation must begin with a deep understanding of how today's financial markets, regulatory initiatives and laws operate and interact at the global level. This book undertakes a comprehensive analysis of such diverse areas as regulation of financial stability, modes of supply of financial services, market infrastructure, fractional reserve banking, modes of production of global regulatory standards and the pressing need to reform financial sector ethics and culture. Based on this analysis, Reconceptualising Global Finance and its Regulation proposes realistic reform initiatives, which will be of primary interest to regulatory and banking legal practitioners, policy makers, scholars, research students and think tanks.

1. Introduction Douglas W. Arner, Ross P. Buckley and Emilios Avgouleas; 2. The changing nature of banking and why it matters Ross P. Buckley; 3. Understanding the global in global finance and regulation Lawrence G. Baxter; Part I. Global Financial Architecture: Evolution, Shortcomings, Interdependence: 4. The financial stability board and the future of international financial regulation Douglas W. Arner and Michael Taylor; 5. Financial regulation's overlooked networks David Zaring; 6. Why has Basel III become hard law for China? The domestic political economy of international financial law Chao Xi; Part II. The Changing Face of Central Banking: 7. Reconceptualising central banking: from the great inflation to the great recession and beyond Donato Masciandaro; 8. The macroprudential quandary: unsystematic efforts to reform financial regulation Kern Alexander and Steven L. Schwarcz; 9. Rethinking the law in 'safe assets' Anna Gelpern and Erik F. Gerding; Part III. Reconceptualising Cross Border Finance: 10. Competing for renminbi: financial centres in the context of renminbi globalisation Shen Wei; 11. 'Market quality' and moral hazard in financial market design David C. Donald; 12. Cross border banking: reconceptualising bank secrecy Ruth Plato-Shinar; 13. Liability for transnational securities fraud, quo vadis? Amir N. Licht; Part IV. Addressing Too-Big-To-Fail and Shadow Banking: 14. Large systemic banks and fractional reserve banking, intractable dilemmas in search of effective solutions Emilios Avgouleas; 15. Turning the tide? How European banking and financial services legislation is making waves on the enforcement front Dalvinder Singh and James Hodges; 16. Shadow banking or 'bank's shadow:' reconceptualising global shadow banking regulation Yingmao Tang; 17. Shadow banking and its regulation: the case of China Robin Hui Huang; Part V. The Role of Culture and Ethics in Global Finance: 18. Promoting capital markets professionalism – an emerging Asian model Brian W. Tang; 19. Competitiveness of financial centres in light of financial and tax law equivalence requirements Dirk Zetzsche; 20. Human rights due diligence as new policy in financial institutions Rolf H. Weber; 21. Reconceptualising the role of standards in supporting financial regulation William Blair; 22. Conclusion Emilios Avgouleas, Douglas W. Arner and Ross P. Buckley.

Ross P. Buckley is the CIFR King and Wood Mallesons Professor of International Finance Law at the University of New South Wales, Sydney. He has led three major Australian Research Council projects and published nine books and over 100 book chapters and articles in all leading jurisdictions. In 2012, Buckley received the only Discovery Outstanding Researcher Award awarded in law by the Australian Research Council.
Emilios Avgouleas holds the International Banking Law and Finance Chair at the University of Edinburgh and is the Head of the Commercial Law Group. An acknowledged expert on financial market regulation, banking law and finance and global economic governance, he has published extensively and advised numerous governments, development organisations and central banks.
Douglas W. Arner is a Professor in the Faculty of Law at The University of Hong Kong and Project Coordinator of a major five-year project funded by the Hong Kong Research Grants Council on 'Enhancing Hong Kong's Future as a Leading International Financial Centre'. He has published thirteen books and more than 100 articles on international financial law and regulation.