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Operations in Financial Services establishes a framework for this research area from an operations management perspective. The first section presents an introduction and provides an overview of the topic. The second section establishes links between the current state of the art in relevant areas of operations management and operations research and three of the more important aspects of operations in financial services - (i) financial product design and testing, (ii) process delivery design, and (iii) process delivery management. The third section focuses on the current issues that are important in the financial services operations area. These issues center primarily on mobile online banking and trading in a global environment. The fourth section discusses operational risk aspects of financial services. The final section concludes with a discussion on research directions that may become of interest in the future.
New investment techniques and new types of shareholder activists are shaking up the traditional ways of equity investment that informs much of our present-day corporate law and governance. Savvy investors such as hedge funds are using financial derivatives, securities lending transactions, and related concepts to decouple the financial risk from shares. This leads to a distortion of incentives and has potentially severe consequences for the functioning of corporate governance and of capital markets overall. Taking stock of the different decoupling strategies that have become known over the past several years, this book then provides an evaluation of each from a legal and an economic perspective. Based on several analytical frameworks, the author identifies the elements of equity deconstruction and demonstrates the consequences for shareholders, outside investors, and capital markets. On this basis, the book makes the case for regulatory intervention, based on three different pillars and comprising disclosure, voting right suspension, and ex-post litigation. The book concludes by developing a concrete, comprehensive proposal on how to address the regulatory problem. Overall, this book contributes to the debate about activist investment and the role of shareholders in corporate governance. At the same time it raises a number of important considerations about the role of equity investment more generally.
The Financial service Act (2010) is a milestone with regard to the regulation of the financial sector in the UK. It came into force in april 2010. This book contains the whole text of the regulation as well as the explanatory notes.
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
This document presents more detailed proposals for financial regulation following on from the consultation paper "A new approach to financial regulation: judgment, focus and stability" (July 2010, Cm. 7874, ISBN 9780101787420) and continuing policy development by the Treasury, Bank of England and Financial Services Authority. The Government's reforms focus on three key institutional changes. First, a new Financial Policy Committee (FPC) will be established in the Bank of England, with responsibility for 'macro-prudential' regulation, or regulation of stability and resilience of the financial system as a whole. Second, 'micro-prudential' (firm-specific) regulation of financial institutions that manage significant risks on their balance sheets will be carried out by an operationally independent subsidiary of the Bank of England, the Prudential Regulation Authority (PRA). Thirdly, responsibility for conduct of business regulation will be transferred to a new specialist regulator, the Financial Conduct Authority (FCA). Individual chapters cover: Bank of England and Financial Policy Committee; Prudential Regulation Authority; Financial Conduct Authority; regulatory process and co-ordination; compensation, dispute resolution and financial education; European and international issues; next steps; how to respond; impact assessment. The chapters contain significant detail on how the legislative framework will be constructed in order to deliver the Governments' priorities for the framework. The Government will consult on these proposals with a view to publishing a draft bill in spring 2011.
The Patient Protection and Affordable Care Act (ACA) was designed to increase health insurance quality and affordability, lower the uninsured rate by expanding insurance coverage, and reduce the costs of healthcare overall. Along with sweeping change came sweeping criticisms and issues. This book explores the pros and cons of the Affordable Care Act, and explains who benefits from the ACA. Readers will learn how the economy is affected by the ACA, and the impact of the ACA rollout.
A treasury single account (TSA) is an essential tool for consolidating and managing governments’ cash resources, thus minimizing borrowing costs. In countries with fragmented government banking arrangements, the establishment of a TSA should receive priority in the public financial management reform agenda. Drawing on the lessons of the Fund’s work in several countries in establishing a TSA, this paper explains its concept, essential features, and potential benefits. It also presents alternative models and approaches for designing a TSA that take into account specific country contexts as well as the preconditions and desirable sequencing for its successful implementation. Finally, the paper includes country examples from different regions in support of the analysis and recommendations.
Since the publication of the first edition of this book in 2005, the world of financial investment has experienced an unprecedented boom followed by a spectacular bust. Significant changes have been proposed and in some cases implemented in areas such as the structure of regulation, the organisation of markets, supervision of market participants and the protection of consumers. The second edition takes account of these developments, integrating them into an analytical framework that enables the reader to develop a critical overview of the role of general legal rules and specialised systems of regulation in financial investment. The framework focuses on the role of contract, trusts and regulation as the primary legal influences for financial investment. The first part explores the relationship between investment, law and regulation. The second part examines the nature of investments and investors, both professional and private. The third part discusses the central role of corporate finance and corporate governance in linking investors with enterprises that require external capital. The fourth part examines the nature, operation and regulation of markets and the participants that support the functioning of the markets. The objective remains to provide a broadly-based and critical account of the role of law in financial investment. "MacNeil's eloquent and informative distillation of the regulatory fundamentals of investment law gives his book much international relevance...a timely contribution to help readers decipher the seemingly inextricable maze of financial regulation...Practitioners and legal policy advisers will..welcome it. They should find enlightening the book's careful scrutiny of the trust and contractual foundations of investment law and practice." Benjamin J Richardson Journal of International Banking Law and Regulation, Vol 22 Issue 1, 2007 ...a fascinating and informative book...thoroughly recommended as a learned but at the same time very readable introduction to the law of financial investment Gerard McCormack Banking and Finance Law Review, Volume 21 No 2, June 2006 ...very informative tool that introduces in a very friendly and accessible manner the nearly inextricable world of financial investment laws. Fadi Moghaizel International Company and Commercial Law Review, Vol. 17 No 2, February 2006
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.