Law and Financial Markets Review

Journal Information
ISSN / EISSN : 1752-1440 / 1752-1459
Published by: Informa UK Limited (10.1080)
Total articles ≅ 680
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Latest articles in this journal

Christopher P. Buttigieg, Mark Bamber
Law and Financial Markets Review pp 1-8; https://doi.org/10.1080/17521440.2020.1855563

Abstract:
The paper examines the institutional architecture for financial supervision of a small jurisdiction and proposes reforms with a view of achieving more efficient and cost-effective financial supervision. The central argument of the paper is that there are complementarities and information synergies between prudential financial supervision, which aims at safeguarding the integrity and stability of the financial system, and the core central banking function of monetary policy. The point is made that that monetary policy and prudential supervision for financial stability should therefore be put under one roof, particularly in small jurisdictions, where duplication of research and information on the financial system leads to the wasteful use of limited human, technical (which includes technology) and financial resources.
Andrew Dahdal, , Husam Botosh
Law and Financial Markets Review, Volume 14, pp 223-236; https://doi.org/10.1080/17521440.2020.1833431

Abstract:
Trade finance helps businesses deal with abnormal cash flows whilst managing counterparty risk and enhancing confidence in commercial transactions. It also allows parties to overcome trust barriers that may inhibit commercial activity in both a domestic and international commercial context. Globally, particularly among micro, small and medium enterprises (MSMEs), there exists a significant and widening unmet demand for documentary finance. Securing trade finance is laborious and time-consuming. For MSMEs, the trade finance application process alone, can be an insurmountable barrier that usually ends in rejection. By its nature, trade finance arrangements engage with decentralized stakeholders and diffused information sources across supply chains. Issuers and underwriters of trade finance instruments are required to draw on disparate elements of information, not merely during the application phase, but indeed throughout the life of a transaction. Blockchain technology is similarly decentralized and can capture information in a secure, transparent and immutable manner potentially improving and reinvigorating the trade finance space. As Qatar embarks on a strategy of widening its economic base away from a singular reliance on the hydrocarbon fuel sector, the introduction of blockchain technology holds the potential to overcome the transactional friction associated with trade finance. A more efficient and accessible trade finance sector will ultimately enhance the competitiveness of MSMEs whilst simultaneously fostering the growing FinTech sector in Qatar.
Law and Financial Markets Review, Volume 14, pp 255-260; https://doi.org/10.1080/17521440.2020.1833432

Abstract:
Data breaches can have large effects on organizations as their information systems are compromised. This paper examines data breaches and the impact of data breaches on the stock price of corporations. Furthermore, this paper examines the regulatory framework of data breaches and both legal issues and the impact of cases in this area. The findings are summarized and future research in this area is proposed.
Joachim Richter
Law and Financial Markets Review, Volume 14, pp 261-273; https://doi.org/10.1080/17521440.2020.1853983

Liebrich M. Hiemstra
Published: 21 September 2020
Law and Financial Markets Review, Volume 14, pp 237-248; https://doi.org/10.1080/17521440.2020.1805870

Abstract:
Trading in energy derivatives is subjected to a fragmented regulatory framework which is largely designed for capital markets. Since 2011, a tailor made regime for the energy sector is in place; REMIT. Market participants need to find their way in this diverse set of obligations and prohibitions. This article describes the regulatory paradigm to which market participants need to adhere and the practical impact on trading in energy derivatives. Data reporting obligations, position limits and the prohibition on insider trading, market manipulation and the disclosure of inside information are discussed in more detail. The article concludes that REMIT fills in a regulatory gap, but its existence is not necessarily inevitable to capture energy derivative trading under a supervisory regime which is adapted to the specifics of energy markets.
, Dore Virginia, Reardon Jacob, Hanna William
Published: 15 September 2020
Law and Financial Markets Review, Volume 14, pp 201-222; https://doi.org/10.1080/17521440.2020.1810906

Abstract:
This paper traces the establishment of the new Australian Financial Complaints Authority (AFCA). It places this development within the wider context of what we argue is an important new adjunct to the Australian financial regulatory architecture, and by implication therefore, the international significance of these reforms to countries that have adopted the Australian “Twin Peaks” model. By reference to the Ramsay Review and other sources, we include analysis of AFCA’s forerunners, and their failures; and we include comparative analysis from other jurisdictions. We provide analysis of AFCA’s strengths and potential weaknesses, and some initial data on AFCA outcomes. Finally, we provide concluding remarks on these reforms.
Joseph Heller, Gene Phillips
Law and Financial Markets Review, Volume 14, pp 1-5; https://doi.org/10.1080/17521440.2020.1788264

Abstract:
Institutional and retail investors alike litigated extensively after the 2007–2009 Global Financial Crisis (“GFC”), alleging claims for misconduct of all varieties, resulting in settlements amounting to tens of billions of dollars. Many of these same claims may return during and in the aftermath of the current crisis, the COVID-19 pandemic. Although the exact financial instruments at issue may differ, this article draws parallels between GFC-era cases to the types of litigation that can be expected to arise out of financial losses suffered during the COVID-19 pandemic.
Law and Financial Markets Review, Volume 14, pp 141-150; https://doi.org/10.1080/17521440.2020.1802547

Abstract:
The Covid-19 pandemic and the subsequent worldwide economic slowdown have exposed the fragility of the financial sector, among others. This article argues that the seeds of this fragility, while being exposed by the pandemic, were sown earlier, in the post-2008 years, through the revived synergy of three elements of the financial system: private equity firms ascending the role of ultimate intermediaries in the system of private debt creation; leveraged loans becoming the new asset class that replaced what mortgages represented in the pre-2008 years; and collateralised loan obligations (CLOs) which in some ways replicated the function of CDOs as mechanisms of private debt creation. This article explains this phenomenon, analysing in particular how CLO structures morphed during the last decade and how this new transactional innovation facilitated a return to dangerous levels of leverage. As of 2019, the level of CLO issuance neared $120bn in the US, whereas in the EU they were close to Euro30bn. While the IMF warned at the end of 2019 about the dangers associated with the increasing levels of corporate leverage, confidence in the banking system was reiterated, largely due to the alleged safeness of CLOs, and particularly the capacity of these transactional structures to shift risks away from systemic banks. This article provides some clarity on these apparently contrasting statements, drawing inter alia some parallels with the crisis of 2008.
Joachim Richter
Law and Financial Markets Review, Volume 14, pp 1-19; https://doi.org/10.1080/17521440.2020.1811013

, Mariana Gkoutse, Theresa Fenech
Law and Financial Markets Review, Volume 14, pp 156-169; https://doi.org/10.1080/17521440.2020.1759235

Abstract:
The paper presents a first estimate of the size of the non-bank financial intermediation (NBFI) in Europe's smallest member state as well as the regulatory implications for its monitoring. The assessment is based on the narrowing-down approach introduced by the Financial Stability Board. Results show that although the broad measure of NBFI is large, the actual NBFI perimeter is rather small, dominated by the locally-based investment funds. The paper also provides an extensive review of the EU and national regulatory framework within which NBFI entities operate, listing also the challenges arising from this sector. Based on extensive research and analysis of information from various reports, articles, web-sites and other sources referenced throughout the paper, it transpires that NBFI in Malta is not only small, but also subject to significant EU and national regulation. Given the benefits that the real economy could gain from NBFI, the main challenge for the regulators is to strike a balance between the optimisation of their benefits and the minimisation of potential losses due to the build-up of risks emanating from this sector.
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