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Author: Walter Mattli
Publisher:
ISBN: 0198829469
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
This book illustrates the dramatic recent transformations in capital markets worldwide. Market making by humans in centralized markets has been replaced by super computers and algorithms in often highly fragmented markets. This book discusses how this impacts public policy objectives and how market governance could be strengthened.
Author: Walter Mattli
Publisher:
ISBN: 0198829469
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
This book illustrates the dramatic recent transformations in capital markets worldwide. Market making by humans in centralized markets has been replaced by super computers and algorithms in often highly fragmented markets. This book discusses how this impacts public policy objectives and how market governance could be strengthened.
Author: Walter Mattli
Publisher: Princeton University Press
ISBN: 069121686X
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
"Capital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and 'dark' markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful. Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world's leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public. Market makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden. Mattli argues that power politics is central in today's fragmented markets. He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long-term benefit of everyone. Essential reading for anyone with money in the stock market, Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whole"--
Author: George W. Arnett
Publisher: John Wiley & Sons
ISBN: 1118056620
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
The quick guide to understanding the global securities markets Investing in the global securities markets poses challenges far beyond simply choosing a security that's likely to provide a decent return. Global Securities Markets provides a framework for navigating through these highly diverse and complex markets, covering all the basics of global investing. Packed with tables and listings to help investors of all types easily locate the information they need to make the right choices, the book is an indispensible index for working the securities markets to their fullest extent. The book covers: The mechanics of execution, clearing, settlement, custody, regulation, and practice in the US, UK, and European markets Margin, short selling, prime brokerage, and the evolving disciplines of risk management, anti-money laundering, and international compliance With 110 securities exchanges and 40 derivatives exchanges, it is more important than ever for the savvy investor to understand the global securities markets, and Global Securities Markets illustrates the rich history of the markets, how they work, and relevant contemporary legal concepts.
Author: Kenneth W. Abbott
Publisher: Oxford University Press
ISBN: 019259723X
Category : Political Science
Languages : en
Pages : 314
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Book Description
The Governor's Dilemma develops a general theory of indirect governance based on the tradeoff between governor control and intermediary competence; the empirical chapters apply that theory to a diverse range of cases encompassing both international relations and comparative politics. The theoretical framework paper starts from the observation that virtually all governance is indirect, carried out through intermediaries. But governors in indirect governance relationships face a dilemma: competent intermediaries gain power from the competencies they contribute, making them difficult to control, while efforts to control intermediary behavor limit important intermediary competencies, including expertise, credibility, and legitimacy. Thus, governors can obtain either high intermediary competence or strong control, but not both. This competence-control tradeoff is a common condition of indirect governance, whether governors are domestic or international, public or private, democratic or authoritarian; and whether governance addresses economic, security, or social issues. The empirical chapters analyze the operation and implications of the governor's dilemma in cases involving the governance of violence (e.g., secret police, support for foreign rebel groups, private security companies), the governance of markets (e.g., the Euro crisis, capital markets, EU regulation, the G20), and cross-cutting governance issues (colonial empires, "Trump's Dilemma"). Competence-control theory helps explain many features of governance that other theories cannot: why indirect governance is not limited to principal-agent delegation, but takes multiple forms; why governors create seemingly counter-productive intermediary relationships; and why indirect governance is frequently unstable over time.
Author: Nydia Remolina
Publisher: Edward Elgar Publishing
ISBN: 1803926171
Category : Law
Languages : en
Pages : 403
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Book Description
This book provides a comprehensive analysis of the primary challenges, opportunities and regulatory developments associated with the use of artificial intelligence (AI) in the financial sector. It will show that, while AI has the potential to promote a more inclusive and competitive financial system, the increasing use of AI may bring certain risks and regulatory challenges that need to be addressed by regulators and policymakers.
Author: Dieter Pesendorfer
Publisher: Springer Nature
ISBN: 3030360520
Category : Political Science
Languages : en
Pages : 377
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Book Description
The European Union is creating a Financial Union with a European Banking Union and a Capital Markets Union in reaction to lessons learned from incomplete financial markets integration, the Global Financial Crisis and European Sovereign Debt Crisis. This book critically analyses these projects for a more integrated, resilient and sustainable financial system at a time when the United Kingdom as the member state with the most developed capital markets and the leading global and European financial center, the City of London, is leaving the Union. Neoliberal financial globalization and markets integration policies have led to finance-led capitalism that caused the crises. By building on pre-crises integration ideas, the Union revives and expands the reach of capital markets-based financing and shadow banking. The book discusses the consequences of deeper integration and the future of European financial centers advocating an alternative financial markets integration based on theories explaining finacialization and finance-led capitalism.
Author: Martin Ebers
Publisher: Cambridge University Press
ISBN: 1108424821
Category : Computers
Languages : en
Pages : 321
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Book Description
Exploring issues from big-data to robotics, this volume is the first to comprehensively examine the regulatory implications of AI technology.
Author: Merritt B. Fox
Publisher:
ISBN: 9781982966850
Category : Securities
Languages : en
Pages : 476
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Book Description
Author: Emilios Avgouleas
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110749513
Category : Law
Languages : en
Pages : 299
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Book Description
Global finance is in the middle of a radical transformation fueled by innovative financial technologies. The coronavirus pandemic has accelerated the digitization of retail financial services in Europe. Institutional interest and digital asset markets are also growing blurring the boundaries between the token economy and traditional finance. Blockchain, AI, quantum computing and decentralised finance (DeFI) are setting the stage for a global battle of business models and philosophies. The post-Brexit EU cannot afford to ignore the promise of digital finance. But the Union is struggling to keep pace with global innovation hubs, particularly when it comes to experimenting with new digital forms of capital raising. Calibrating the EU digital finance strategy is a balancing act that requires a deep understanding of the factors driving the transformation, be they legal, cultural, political or economic, as well as their many implications. The same FinTech inventions that use AI, machine learning and big data to facilitate access to credit may also establish invisible barriers that further social, racial and religious exclusion. The way digital finance actors source, use, and record information presents countless consumer protection concerns. The EU’s strategic response has been years in the making and, finally, in September 2020 the Commission released a Digital Finance Package. This special issue collects contributions from leading scholars who scrutinize the challenges digital finance presents for the EU internal market and financial market regulation from multiple public policy perspectives. Author contributions adopt a critical yet constructive and solutions-oriented approach. They aim to provide policy-relevant research and ideas shedding light on the complexities of the digital finance promise. They also offer solid proposals for reform of EU financial services law.
Author: Filippo Annunziata
Publisher: Edward Elgar Publishing
ISBN: 1035310724
Category : Law
Languages : en
Pages : 221
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Book Description
Artificial Intelligence and Market Abuse Legislation presents a wide-reaching interdisciplinary examination of the impact of AI on the EU Market Abuse Regulation (MAR).
