[...] governmental attention and legislation came to focus more on bailouts and other means of saving financial institutions to shield the real economy than on the regulation issues. [...] looking backward it became clear that defective regulation was only one cause - perhaps a relatively minor one - compared to overly lenient monetary policy, massive leverage in financial institutions (perhaps even greater in Europe than in the US), coupled with constantiy rising real estate prices and, with the resulting bubble-induced euphoria, overly lenient attitudes of regulators toward enforcing rules that were already on the books.
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WASHINGTON, June 16, 2011 /PRNewswire-USNewswire/ -- In his testimony this afternoon to the House Financial Services Committee, Hal S. Scott, Director of the Committee on Capital Markets Regulation and the Nomura Professor and Director of the Program on International Financial Systems at Harvard Law School, is urging the U.S. to adopt a five-point approach to the financial regulatory rulemaking process to both protect the global capital markets and enhance the global competitiveness of U.S. markets. His points: A sufficiently narrow approach to defining Proprietary Trading under the Volcker Rule will avert effectively denying to banks several key risk control activities permitted under Dodd-Frank.
The Bush administration responded Wednesday to calls from Europe by announcing a summit of world leaders in Washington to address the financial crisis, but the Nov. 15 meeting promises to be a clash of competing agendas. The White House sees the postelection summit as an opportunity to agree on general principles that nations will implement, while Europeans want a detailed agreement on a new system of international financial regulation. The Bush administration also would like trade issues to be part of the agenda, something other participants are not likely to favor.
SINGAPORE (Reuters) - The Singapore Exchange (SGX), one of the few bourses that did not ban short selling last year, has reaffirmed its opposition to such restrictions, saying short-sellers helped improve market efficiency. Short selling is a legitimate market activity and this is well- recognized both in financial literature and in international markets," SGX's head of risk management and regulation, Yeo Lian Sim, told the Reuters Global Financial Regulation Summit.
Introduction. II. Explanations of Causes of the Global Financial Crisis. A. Banking Supervision and the State of Play Under Basel I. B. Banking Supervision and the State of Play Under Basel II. III. The Current Debate On Proposals That Would Limit International Banking Supervision. A. Proposals that would Limit International Banking supervision. 1. International Institute of Finance. 2. Professor Allan Meltzer. B. Proposals to Upgrade International Banking Supervision Within the Basel II Framework. 1. The Basel Committee on Banking Supervision. 2. Financial Stability Forum. 3. International Monetary Fund. 4. G-20 Summits on Financial Markets and the World Economy. C. Proposals that Challenge the Basics of Basel II. IV. Proposals Regarding the International Regulation of Credit Rating...
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