Thoughts on transnational networks of private international bodies in the financial architecture

Wednesday, April 30th, 2008

In most fields of regulation, even on the national level, organisation representing private interests or corporations have a saying. Private interestes are expressed through lobbyism and public relation activities, but the governance system in most states is characterized by representatives from the relevant industries having their say in standard-setting and ...

Project: Mapping the Financial Governance

Sunday, April 20th, 2008

When academics, analysts and scholars analyze the causes and remedies for the current credit crisis, most of them analyze macro-economic trends such as exchange rate movements, or micro-economic changes such as Basel II. How the global financial architecture evolved and how that influences the probability of crisis is very rarely discussed. ...

The need for systemic risk

Thursday, April 17th, 2008

To speak about systemic risks only makes sense when analyzing a large system, such as the international financial markets. The financial markets are the quintessential traders of risk, because risks from investments, macro- and micro-economic policy, technological innovation and behaviour of market participants is constantly assessed and priced. The existence of ...

Global Financial Governance - Definitions by Alexander, Eatwell and Dhumale

Monday, April 14th, 2008

Alexander, Eatwell and Dhumale make this causal explanation for the need of Global Financial Governance (p. 14): In the post-Bretton-Woods-Era, banks and financial instutions have adopted innovative financial instruments to diversify earnings and to hedge against credit and market risk. [Is this really the case? Wasn't it rather to hedge primarily ...

Overview of 2008 FSF Report on Financial Stability

Sunday, April 13th, 2008

The G7 Finance Ministers met yesterday at the IMF Spring Meeting and approved a report prepared by the Financial Stability Forum, the main forum bringing together Central Banks, Regulators and Finance Ministers. Before discussing the report in detail, it is essential to get an overview of what the FSF is ...

Organizational Changes of Markets and Exchanges

Wednesday, April 9th, 2008

In Hulls book about futures and options, he mentions the profound changes that the Exchanges went through. While most of the different type of futures at the Chicago Mercantile Exchange were established well before the 1970ies, the formation of options all started roughly at the same time between 1973 and ...

ICMA - International Capital Market Association

Wednesday, April 2nd, 2008

Institution: International Capital Market Association Abbreviation: ICMA Type: Private Founded: 2005 (History: In 1969, banks and securities houses established the Association of International Bond Dealers (AIBD). In 1984, IPMA, the International Primary Market Association, was established by AIBD member banks as the separate trade association for the leading banks and investment banks. In ...

IIF - Institute of International Finance

Wednesday, April 2nd, 2008

Institution: Institute of International Finance Abbreviation: IIF Type: Private Founded: 1983 Members Total: 350 members headquartered in more than 60 countries. Mostly commercial banks, but membership is also open to Securities firms, Fund managers. Law firms, Multinational companies, Stock exchanges, Trading companies, Central banks, Advisory firms, or Rating agencies, Multilateral agencies, or National agencies. Membership ...

Financial Architecture

Tuesday, April 1st, 2008

Institutions AIBD - Association of International Bond Dealers, now ICMA. BCBS - Basel Committee on Banking Supervision BIS - Bank for International Settlements CEBS - Committee of European Banking Supervisors CEIOPS - Committee of European Insurance and Occupational Pensions Supervisors CESR - Committee of European Securities Regulators CGFS - Committee on Global Financial Stability CPSS - Committee on ...