This paper explores the common argument according to which the repeal of the Glass-Steagall Act was at the origin of the 2008 financial crisis. By arguing successively that the Act would not have covered the failing banks and that it would not have solved the “Too-big-to-fail” problem, this paper concludes by the negative. Had the Glass-Steagall act still been in place, the global Financial crisis would not have been prevented. Mortgage policies, low capital requirements, and Basel II seem to be more convincing alternatives.
{"title":"Could the 1933 Glass-Steagall Act Have Prevented the Financial Crisis?","authors":"Maxime Delabarre","doi":"10.2139/ssrn.3726739","DOIUrl":"https://doi.org/10.2139/ssrn.3726739","url":null,"abstract":"This paper explores the common argument according to which the repeal of the Glass-Steagall Act was at the origin of the 2008 financial crisis. By arguing successively that the Act would not have covered the failing banks and that it would not have solved the “Too-big-to-fail” problem, this paper concludes by the negative. Had the Glass-Steagall act still been in place, the global Financial crisis would not have been prevented. Mortgage policies, low capital requirements, and Basel II seem to be more convincing alternatives.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"380 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84962437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this working paper, I examine the interconnections between designated derivatives central counterparties (CCPs) with Federal Reserve deposit accounts and non-designated CCPs and the potential financial stability implications. This working paper notes the interconnections between the non-designated and designated derivatives CCPs through their clearing members and the commercial custodial banks they utilize to hold and transfer collateral. The paper then identifies additional potential contagion risks and financial stability risks, including liquidity risk, market risk, concentration risk, and loss of confidence more broadly. Although there are a number of research articles addressing these topics with respect to designated CCPs or OTC derivatives, this working paper includes the perspective looking at U.S. futures CCPs and non-designated CCPs.
{"title":"What are the Financial Systemic Implications of Access and Non-access to Federal Reserve Deposit Accounts for Central Counterparties?","authors":"Maggie Sklar","doi":"10.21033/wp-2020-21","DOIUrl":"https://doi.org/10.21033/wp-2020-21","url":null,"abstract":"In this working paper, I examine the interconnections between designated derivatives central counterparties (CCPs) with Federal Reserve deposit accounts and non-designated CCPs and the potential financial stability implications. This working paper notes the interconnections between the non-designated and designated derivatives CCPs through their clearing members and the commercial custodial banks they utilize to hold and transfer collateral. The paper then identifies additional potential contagion risks and financial stability risks, including liquidity risk, market risk, concentration risk, and loss of confidence more broadly. Although there are a number of research articles addressing these topics with respect to designated CCPs or OTC derivatives, this working paper includes the perspective looking at U.S. futures CCPs and non-designated CCPs.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"63 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84000936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Bussière, Jin Cao, Jakob de Haan, Bob Hills, Simon Lloyd, Baptiste Meunier, Justine Pedrono, Dennis Reinhardt, Sonalika Sinha, R. Sowerbutts, K. Styrin
This paper presents the main findings of an International Banking Research Network initiative examining the interaction between monetary policy and macroprudential policy in determining international bank lending. We give an overview on the data, empirical specifications and results of the seven papers from the initiative. The papers are from a range of core and smaller advanced economies, and emerging markets. The main findings are as follows. First, there is evidence that macroprudential policy in recipient countries can partly offset the spillover effects of monetary policy conducted in core countries. Meanwhile, domestic macroprudential policy in core countries can also affect the cross‑border transmission of domestic monetary policy via lending abroad, by limiting the increase in lending by less strongly capitalised banks. Second, the findings highlight that studying heterogeneities across banks provides complementary insights to studies using more aggregate data and focusing on average effects. In particular, we find that individual bank characteristics such as bank size or G‑SIB status play a first‑order role in the transmission of these policies. Finally, the impacts differ considerably across prudential policy instruments, which also suggests the importance of more granular analysis.
{"title":"The Interaction Between Macroprudential Policy and Monetary Policy: Overview","authors":"M. Bussière, Jin Cao, Jakob de Haan, Bob Hills, Simon Lloyd, Baptiste Meunier, Justine Pedrono, Dennis Reinhardt, Sonalika Sinha, R. Sowerbutts, K. Styrin","doi":"10.2139/ssrn.3716128","DOIUrl":"https://doi.org/10.2139/ssrn.3716128","url":null,"abstract":"This paper presents the main findings of an International Banking Research Network initiative examining the interaction between monetary policy and macroprudential policy in determining international bank lending. We give an overview on the data, empirical specifications and results of the seven papers from the initiative. The papers are from a range of core and smaller advanced economies, and emerging markets. The main findings are as follows. First, there is evidence that macroprudential policy in recipient countries can partly offset the spillover effects of monetary policy conducted in core countries. Meanwhile, domestic macroprudential policy in core countries can also affect the cross‑border transmission of domestic monetary policy via lending abroad, by limiting the increase in lending by less strongly capitalised banks. Second, the findings highlight that studying heterogeneities across banks provides complementary insights to studies using more aggregate data and focusing on average effects. In particular, we find that individual bank characteristics such as bank size or G‑SIB status play a first‑order role in the transmission of these policies. Finally, the impacts differ considerably across prudential policy instruments, which also suggests the importance of more granular analysis.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90341644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper implements natural language processing (NLP) models and neural networks to predict mutual fund performance using the textual information disclosed in mutual fund shareholder letters. Informed funds identified by the prediction model deliver superior abnormal returns and are more likely to receive an upgrade in Morningstar ratings. Informed funds also attract greater flows in three days and up to 24 months after the disclosure of shareholder letters, especially when their disclosure has greater investor attention, suggesting that investors recognize the information from the qualitative disclosure. The machine learning model shows that informed funds tend to discuss sector specializations, portfolio risk taking, big picture of the financial market, and mixed strategies across assets. Collectively, this study shows that mutual fund disclosure contains rich, value-relevant textual information that can be analyzed by state-of-the-art machine learning models and help investors identify informed funds.
{"title":"Uncovering Mutual Fund Private Information with Machine Learning","authors":"Alan L. Zhang","doi":"10.2139/ssrn.3713966","DOIUrl":"https://doi.org/10.2139/ssrn.3713966","url":null,"abstract":"This paper implements natural language processing (NLP) models and neural networks to predict mutual fund performance using the textual information disclosed in mutual fund shareholder letters. Informed funds identified by the prediction model deliver superior abnormal returns and are more likely to receive an upgrade in Morningstar ratings. Informed funds also attract greater flows in three days and up to 24 months after the disclosure of shareholder letters, especially when their disclosure has greater investor attention, suggesting that investors recognize the information from the qualitative disclosure. The machine learning model shows that informed funds tend to discuss sector specializations, portfolio risk taking, big picture of the financial market, and mixed strategies across assets. Collectively, this study shows that mutual fund disclosure contains rich, value-relevant textual information that can be analyzed by state-of-the-art machine learning models and help investors identify informed funds.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89777730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
At the onset of the financial crisis, the Indian regulator allowed banks to restructure loans without downgrading and providing for them. Banks tunneled capital by increasing dividends from profits engineered using regulatory forbearance. Even after the crisis dissipated, banks remained undercapitalized, forcing the regulator to continue forbearance. Lending distortions due to undercapitalization and a banking crisis followed. The ruling elite benefited by obtaining more restructuring for firms in influential districts, increased dividends on the government's shareholding, and taxes. Thus, regulatory forbearance created a vicious cycle where exogenous shocks made otherwise healthy banks undercapitalized leading to its extension even after economic recovery.
{"title":"Medicine Or An Addictive Drug?: The Vicious Cycle Of Regulatory Forbearance","authors":"Nithin Mannil, Naman Nishesh, Prasanna Tantri","doi":"10.2139/ssrn.3740631","DOIUrl":"https://doi.org/10.2139/ssrn.3740631","url":null,"abstract":"At the onset of the financial crisis, the Indian regulator allowed banks to restructure loans without downgrading and providing for them. Banks tunneled capital by increasing dividends from profits engineered using regulatory forbearance. Even after the crisis dissipated, banks remained undercapitalized, forcing the regulator to continue forbearance. Lending distortions due to undercapitalization and a banking crisis followed. The ruling elite benefited by obtaining more restructuring for firms in influential districts, increased dividends on the government's shareholding, and taxes. Thus, regulatory forbearance created a vicious cycle where exogenous shocks made otherwise healthy banks undercapitalized leading to its extension even after economic recovery.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"136 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86651051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A range of studies has analysed how climate-related risks can impact financial markets, focusing on equity and corporate bond holdings. This article takes a closer look at transition risks and opportunities in residential mortgages. Mortgage loans are important from a financial perspective due to their large share in banks’ assets and their long credit lifetime, and from a climate perspective due to their large share in fossil fuel consumption. The analysis combines data on the energy-performance of buildings with financial data on mortgages for Germany and identifies two risk drivers – a carbon price and a performance standard. The scenario analysis shows that expected credit loss can be substantially higher for a “brown” portfolio compared to a “green” portfolio. Taking climate policy into account in risk management and strategy can reduce the transition risk and open up new lending opportunities. Financial regulation can promote such behaviour.
{"title":"Transition Risks and Opportunities in Residential Mortgages","authors":"Franziska Schuetze","doi":"10.2139/ssrn.3726012","DOIUrl":"https://doi.org/10.2139/ssrn.3726012","url":null,"abstract":"A range of studies has analysed how climate-related risks can impact financial markets, focusing on equity and corporate bond holdings. This article takes a closer look at transition risks and opportunities in residential mortgages. Mortgage loans are important from a financial perspective due to their large share in banks’ assets and their long credit lifetime, and from a climate perspective due to their large share in fossil fuel consumption. The analysis combines data on the energy-performance of buildings with financial data on mortgages for Germany and identifies two risk drivers – a carbon price and a performance standard. The scenario analysis shows that expected credit loss can be substantially higher for a “brown” portfolio compared to a “green” portfolio. Taking climate policy into account in risk management and strategy can reduce the transition risk and open up new lending opportunities. Financial regulation can promote such behaviour.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86362762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose While previous literature has emphasized the causal relationship from liquidity to capital, the impact of interbank network characteristics on this relationship remains unclear. By applying the interbank network simulation, this paper aims to examine whether the causal relationship between capital and liquidity is influenced by bank positions in the interbank network. Design/methodology/approach Using the sample of 506 commercial banks established in 28 European countries from 2001 to 2013, the author adopts the generalized method of moments simultaneous equations approach to investigate whether interbank network characteristics influence the causal relationship between bank capital and liquidity. Findings Drawing on a sample of commercial banks from 28 European countries, this study suggests that the interconnectedness of banks within interbank loan and deposit networks shapes their decisions to establish higher or lower regulatory capital ratios in the face of increased illiquidity. These findings support the implementation of minimum liquidity ratios alongside capital ratios, as advocated by the Basel Committee on Banking Regulation and Supervision. In addition, the paper underscores the importance of regulatory authorities considering the network characteristics of banks in their oversight and decision-making processes. Originality/value This paper makes a valuable contribution to the current body of research by examining the influence of interbank network characteristics on the relationship between a bank’s capital and liquidity. The findings provide insights that add to the ongoing discourse on regulatory frameworks and emphasize the necessity of customized approaches that consider the varied interbank network positions of banks.
虽然之前的文献强调了流动性与资本之间的因果关系，但银行间网络特征对这种关系的影响尚不清楚。通过银行间网络模拟，本文旨在检验资本与流动性之间的因果关系是否受到银行间网络头寸的影响。设计/方法/方法以2001年至2013年在欧洲28个国家建立的506家商业银行为样本，采用广义矩联立方程方法研究银行间网络特征是否影响银行资本与流动性的因果关系。研究结果本研究以来自28个欧洲国家的商业银行为样本，表明银行间贷款和存款网络内银行的相互联系影响了它们在面临流动性不足时建立更高或更低监管资本比率的决定。这些发现支持巴塞尔银行监管委员会(Basel Committee on Banking Regulation and Supervision)所倡导的在资本充足率之外实施最低流动性比率。此外，本文强调了监管机构在监督和决策过程中考虑银行网络特征的重要性。本文通过考察银行间网络特征对银行资本与流动性关系的影响，为当前的研究做出了有价值的贡献。研究结果为正在进行的关于监管框架的讨论提供了见解，并强调了考虑银行不同银行间网络位置的定制方法的必要性。
{"title":"Liquidity, Interbank Network Topology and Bank Capital","authors":"Aref Mahdavi Ardekani","doi":"10.2139/ssrn.3707090","DOIUrl":"https://doi.org/10.2139/ssrn.3707090","url":null,"abstract":"\u0000Purpose\u0000While previous literature has emphasized the causal relationship from liquidity to capital, the impact of interbank network characteristics on this relationship remains unclear. By applying the interbank network simulation, this paper aims to examine whether the causal relationship between capital and liquidity is influenced by bank positions in the interbank network.\u0000\u0000\u0000Design/methodology/approach\u0000Using the sample of 506 commercial banks established in 28 European countries from 2001 to 2013, the author adopts the generalized method of moments simultaneous equations approach to investigate whether interbank network characteristics influence the causal relationship between bank capital and liquidity.\u0000\u0000\u0000Findings\u0000Drawing on a sample of commercial banks from 28 European countries, this study suggests that the interconnectedness of banks within interbank loan and deposit networks shapes their decisions to establish higher or lower regulatory capital ratios in the face of increased illiquidity. These findings support the implementation of minimum liquidity ratios alongside capital ratios, as advocated by the Basel Committee on Banking Regulation and Supervision. In addition, the paper underscores the importance of regulatory authorities considering the network characteristics of banks in their oversight and decision-making processes.\u0000\u0000\u0000Originality/value\u0000This paper makes a valuable contribution to the current body of research by examining the influence of interbank network characteristics on the relationship between a bank’s capital and liquidity. The findings provide insights that add to the ongoing discourse on regulatory frameworks and emphasize the necessity of customized approaches that consider the varied interbank network positions of banks.\u0000","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"3 4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78512315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Systemic risk in the banking sector is usually associated with long periods of economic downturn and very large social costs. On one hand, shocks coming from correlated exposures towards the real economy may induce correlation in banks’ default probabilities thereby increasing the likelihood for systemic tail events like the 2008 Great Financial Crisis. On the other hand, financial contagion also plays an important role in generating large-scale market failures, amplifying the initial shocks coming from the real economy. To study the sources of these rare phenomena, we propose a new definition of systemic risk (ie the probability of a large number of banks going into distress simultaneously) and thus we develop a multilayer microstructural model to study empirically the determinants of systemic risk. The model is then calibrated on the most comprehensive granular dataset for the euro-area banking sector, capturing roughly 96% or €23.2 trillion of euro-area banks’ total assets over the period 2014–2018. The outputs of the model decompose and quantify the sources of systemic risk showing that correlated economic shocks, financial contagion mechanisms, and their interaction are the main sources of systemic events. The results obtained with the simulation engine resemble common market-based systemic risk indicators and empirically corroborate findings from existing literature. This framework gives regulators and central bankers a tool to study systemic risk and its developments, pointing out that systemic events and banks’ idiosyncratic defaults have different drivers, hence implying different policy responses.
{"title":"On the Origin of Systemic Risk","authors":"Mattia Montagna, G. Torri, Giovanni Covi","doi":"10.2139/ssrn.3699369","DOIUrl":"https://doi.org/10.2139/ssrn.3699369","url":null,"abstract":"Systemic risk in the banking sector is usually associated with long periods of economic downturn and very large social costs. On one hand, shocks coming from correlated exposures towards the real economy may induce correlation in banks’ default probabilities thereby increasing the likelihood for systemic tail events like the 2008 Great Financial Crisis. On the other hand, financial contagion also plays an important role in generating large-scale market failures, amplifying the initial shocks coming from the real economy. To study the sources of these rare phenomena, we propose a new definition of systemic risk (ie the probability of a large number of banks going into distress simultaneously) and thus we develop a multilayer microstructural model to study empirically the determinants of systemic risk. The model is then calibrated on the most comprehensive granular dataset for the euro-area banking sector, capturing roughly 96% or €23.2 trillion of euro-area banks’ total assets over the period 2014–2018. The outputs of the model decompose and quantify the sources of systemic risk showing that correlated economic shocks, financial contagion mechanisms, and their interaction are the main sources of systemic events. The results obtained with the simulation engine resemble common market-based systemic risk indicators and empirically corroborate findings from existing literature. This framework gives regulators and central bankers a tool to study systemic risk and its developments, pointing out that systemic events and banks’ idiosyncratic defaults have different drivers, hence implying different policy responses.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88945439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rights to redeem in kind experience less redemption after poor performance. Evidence from actual in-kind transactions reveals several unique mechanisms for redemption in kind to mitigate fund runs, including the delivery of more illiquid stocks and stocks with greater tax overhang. Funds also suffer less from the adverse impact of outflows on their performance. On the other hand, redeeming investors bear significant liquidation costs when they are forced to sell securities on their own.
{"title":"Redemption in Kind and Mutual Fund Liquidity Management","authors":"V. Agarwal, Honglin Ren, Ke Shen, Haibei Zhao","doi":"10.2139/ssrn.3527846","DOIUrl":"https://doi.org/10.2139/ssrn.3527846","url":null,"abstract":"Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rights to redeem in kind experience less redemption after poor performance. Evidence from actual in-kind transactions reveals several unique mechanisms for redemption in kind to mitigate fund runs, including the delivery of more illiquid stocks and stocks with greater tax overhang. Funds also suffer less from the adverse impact of outflows on their performance. On the other hand, redeeming investors bear significant liquidation costs when they are forced to sell securities on their own.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"76 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85726339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Description of the evolution of financial market infrastructures in the last 30 years, focussed on changes in governance (from public or mutual entities to for-profit organisations, often listed), location (from country-based to international), business (from revenues linked to listing and trading to information services and post-trading) and market (from domestic monopoly to global competition). Impact on regulation and supervision: the traditional micro-prudential and investor protection issues are now more and more intertwined with macro-stability and antitrust issues which may lead to some reshape the institutional architecture, especially in the framework of Capital Markets Union in the European Union.
{"title":"Looking for New Lenses: How Regulation Should Cope with the Financial Market Infrastructures Evolution","authors":"Carmine Di Noia, Luca Filippa","doi":"10.2139/ssrn.3759177","DOIUrl":"https://doi.org/10.2139/ssrn.3759177","url":null,"abstract":"Description of the evolution of financial market infrastructures in the last 30 years, focussed on changes in governance (from public or mutual entities to for-profit organisations, often listed), location (from country-based to international), business (from revenues linked to listing and trading to information services and post-trading) and market (from domestic monopoly to global competition). Impact on regulation and supervision: the traditional micro-prudential and investor protection issues are now more and more intertwined with macro-stability and antitrust issues which may lead to some reshape the institutional architecture, especially in the framework of Capital Markets Union in the European Union.","PeriodicalId":20999,"journal":{"name":"Regulation of Financial Institutions eJournal","volume":"46 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80278994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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