Hostname: page-component-7c8c6479df-r7xzm Total loading time: 0 Render date: 2024-03-29T00:51:54.463Z Has data issue: false hasContentIssue false

The Impact of Post-Crisis Regulatory Reforms on Cross-Border Financial Transactions

Published online by Cambridge University Press:  22 March 2019

Sharon Brown-Hruska*
Affiliation:
NERA Economic Consulting.

Extract

One of the near casualties of the global financial crisis (Crisis) was the march toward a more principles-based global regulatory structure that simultaneously encouraged cross-border transactions and recognized sovereign authorities over them without the necessity of a one-size-fits-all regulatory framework. The implementation of the G20 reforms for over-the-counter derivatives was far more prescriptive than principled. Post-crisis implementation of the G20 reforms, embodied in the United States in Title 7 of the Dodd Frank Wall Street Reform and Consumer Protection Act, yielded a costly, and in some markets, persistent loss of liquidity and fragmentation as market participants have attempted to sort out complex and sometimes competing regulatory requirements for reporting, trading, clearing, margin, and capital in practice.

Type
The International and Transnational Law of Complex Financial Transactions
Copyright
Copyright © by The American Society of International Law 2019 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

This panel was convened at 9:00 a.m., Thursday, April 5, 2018, by its moderator, Kristy Tillman of P.R.I.M.E. Finance Foundation, who introduced the panelists: Robert Pickel of Droit Financial Technologies, LLC; Sharon Brown-Hruska of NERA Economic Consulting; Timothy Massad of the Kennedy School of Government, Harvard University; and Charles W. Mooney of the University of Pennsylvania Law School.

References

1 World Bank, Global Financial Development Report 2017|2018: Bankers Without Borders, at 83 (2018), available at https://openknowledge.worldbank.org/bitstream/handle/10986/28482/9781464811487.pdf [hereinafter World Bank Report].

2 J. Christopher Giancarlo, Acting Chairman of the U.S. Commodity Futures Trading Commission, Remarks Before the International Swaps and Derivatives Association 32nd Annual Meeting, Lisbon, Portugal: Changing Swaps Trading Liquidity, Market Fragmentation and Regulatory Comity in Post-Reform Global Swaps Markets (May 10, 2017), at https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo-22.

3 World Bank Report, supra note 1, at 105–06.

4 Olga Kharif, Is Your Blockchain Business Doomed?, Bloomberg (Mar. 22, 2018), at https://www.bloomberg.com/news/articles/2018-03-22/is-your-blockchain-business-doomed.

5 P.R.I.M.E. Finance, List of Experts, at https://primefinancedisputes.org/page/list-of-experts.

6 Choi v. Tower Research Capital LLC, No. 17-648, Judgment (2d Cir. Mar. 29, 2018), available at https://dlbjbjzgnk95t.cloudfront.net/1027000/1027780/17-648_opn.pdf.