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Journal cover: Journal of Investment Compliance

Journal of Investment Compliance

ISSN: 1528-5812

Online from: 2000

Subject Area: Accounting and Finance

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International initiatives in market regulation: the storm before the calm?


Document Information:
Title:International initiatives in market regulation: the storm before the calm?
Author(s):Chuck Grieve, (Associate Director with the Engage Group Ltd, London), Simon Gleeson, (Partner, with International Financial Institutions and Markets Group, London, UK), Simon Crown, (Senior Associate, with International Financial Institutions and Markets Group, London, UK)
Citation:Chuck Grieve, Simon Gleeson, Simon Crown, (2008) "International initiatives in market regulation: the storm before the calm?", Journal of Investment Compliance, Vol. 9 Iss: 4, pp.5 - 8
Keywords:Banks, Economic cycles, Financial markets, Financial services, Regulation
Article type:Technical paper
DOI:10.1108/15285810810922198 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Abstract:

Purpose – The purpose of this paper is to analyze causes and regulators' responses to the current international financial market crisis.

Design/methodology/approach – The paper discusses warning signs of the crisis in world financial services markets, principal underlying problems that have been identified, steps the financial services industry and its regulators are taking to address those problems, and the likely direction of future regulation.

Findings – More resource was put into structuring investment portfolios than in managing the risk positions those vehicles created. The problem with credit ratings was less in the actual ratings than in the meaning attached to them. Regulators were focusing mainly on credit and discovered they should have been worrying about access to liquidity; however, liquidity is difficult to regulate. The Financial Stability Forum has highlighted shortcomings in the way regulators cooperate across borders. The industry will not be allowed to sort this out by itself. Increased bank capital requirements and tightening of regulations on structured or off-balance-sheet vehicles are likely.

Originality/value – The paper is an overview and insight from experienced financial services lawyers.



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