Sunday, July 10, 2016

Dealer-based Execution on Trial

Always Worse than Exchange Pricing?

Author: Ed Blount

Is it true that customers always get a better price for their trades when executions take place on a regulated exchange? That seems to be the premise underlying a putative class action suit filed in federal court last November in the Southern District of New York. Next week, on July 19th, the court and litigants will be developing the pretrial schedule, including discovery and deadlines for naming experts, in what may well be a landmark case for competition in financial services.

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Tuesday, April 19, 2016

More Challenges for Fund Directors in the New Regulatory Environment

Author: David Schwartz J.D. CPA

Securities and Exchange Commission Chair Mary Jo White’s March 29 speech to the Mutual Fund Directors’ Forum can be seen as a showcase of the philosophical differences between market regulators and banking supervisors. For directors, the speech also reveals the sometimes conflicting results of the compliance forces created by these two complementary regulatory systems.

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Saturday, February 20, 2016

Global Financial Reform: Unintended Adverse Consequences in Connected Markets

Author: David Schwartz J.D. CPA

Financial markets in the 21st Century are profoundly global. This fact was amply demonstrated by the 2007 – 2009 financial crisis, which was centered in the banking systems of the developed western economies but transmitted with devastating effect to economies worldwide. And yet, despite the global consequences of systemic risk transmission, the supervision of financial markets remains essentially a national discipline.

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Monday, June 30, 2014

BIS Sees the Financial System at a Crossroads

BIS's 84th Annual Report Sees Banks Shying from Risk While Asset Managers fill the Gap

Author: David Schwartz J.D. CPA

In their 84th Annual Report, the Bank for International Settlements examines the current state of global financial affairs and highlights some trends it sees emerging in the financial framework. While noting that the overall financial system has has gained some strength since the crisis, banks remain in a rebuilding phase, concentrating their business models towards traditional banking. Despite their apparent recovery, BIS warns that banks face lingering balance sheet...

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Friday, April 25, 2014

Switzerland's Say on Pay Law Could Put Swiss Pensions in a Bind

Better Corporate Governance, But at What Price?

Author: David Schwartz J.D. CPA

On March 3, 2013, Swiss citizens voted overwhelmingly to approve the Minder Initiative, giving shareholders far-reaching influence over the executive compensation and corporate governance matters of publicly traded Swiss companies. Though the first corporate elections under the new Swiss say on pay law will not occur until 2015, institutional investors are beginning to worry potential unintended consequences. For instance, the Minder rules require Swiss shareholders to vote on the aggregate...

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Categories: All, Change Overview and Rationale, Commentary, Formal Regulatory Remedies, Lender Directed Voting

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Commentary

Dealer-based Execution on Trial

Always Worse than Exchange Pricing?

More Challenges for Fund Directors in the New Regulatory Environment

Global Financial Reform: Unintended Adverse Consequences in Connected Markets

BIS Sees the Financial System at a Crossroads

BIS's 84th Annual Report Sees Banks Shying from Risk While Asset Managers fill the Gap

Switzerland's Say on Pay Law Could Put Swiss Pensions in a Bind

Better Corporate Governance, But at What Price?

Journal Commentaries

Keep Regulation Functional (October 2008)

The Bear Market Posse, or Counterparty Risk Management during the Recent Turmoil (Sept. 2008)

Searching for New Paradigms at BIS (July 2008)

Will Basel II Affect The Competitive Landscape? (September 2003)