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The Global Financial Crisis was a shock to the shadowy world of financial regulation. Since then, the system has been fundamentally overhauled, tightening up regulations that were far too lax, and making financial institutions safer. But the system is now over-complex and the United States, in particular, is pushing back to set a new balance. Howard Davies, one of the world's leading experts on financial regulation, provides a clear and authoritative guide to this messy system, assesses what works and what doesn't, and lays out a programme of change for the next decade.
As Davies explains, regulation is never a finished product. Transformed after 2008, it has had to adapt further to tackle new issues, including cryptocurrencies, the blockchain revolution, climate change, and artificial intelligence. Davies describes how the different pieces of the new regulatory jigsaw fit together, using his years of work in finance and regulation to provide crucial insights into the motivations of lawmakers and market practitioners alike. The book concludes with a bold agenda to make the system more robust, cheaper and more effective.
As the appetite for regulation sours and geo-political crises produce sustained uncertainty, Global Financial Regulation is a clear-eyed look at the murky waters of international regulation. An incisive successor to Davies's much-praised guide from 2009, this book is essential reading for regulators, financial market practitioners, and students of the global financial system.
Introduction
1. Legal Status
2. The Objectives of Financial Regulation
3. Systemic Oversight
4. Banking
5. Insurance Regulation
6. Securities, Markets and Asset Management
7. Cross-Cutting Issues
8. Europe: A Special Case
9. National Regulatory Structures
Conclusion
Acknowledgements
Abbreviations
Notes
Index
Description
The Global Financial Crisis was a shock to the shadowy world of financial regulation. Since then, the system has been fundamentally overhauled, tightening up regulations that were far too lax, and making financial institutions safer. But the system is now over-complex and the United States, in particular, is pushing back to set a new balance. Howard Davies, one of the world's leading experts on financial regulation, provides a clear and authoritative guide to this messy system, assesses what works and what doesn't, and lays out a programme of change for the next decade.
As Davies explains, regulation is never a finished product. Transformed after 2008, it has had to adapt further to tackle new issues, including cryptocurrencies, the blockchain revolution, climate change, and artificial intelligence. Davies describes how the different pieces of the new regulatory jigsaw fit together, using his years of work in finance and regulation to provide crucial insights into the motivations of lawmakers and market practitioners alike. The book concludes with a bold agenda to make the system more robust, cheaper and more effective.
As the appetite for regulation sours and geo-political crises produce sustained uncertainty, Global Financial Regulation is a clear-eyed look at the murky waters of international regulation. An incisive successor to Davies's much-praised guide from 2009, this book is essential reading for regulators, financial market practitioners, and students of the global financial system.
