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Is it time for a more concrete focus on systemically important financial instruments?
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Connelly, Stephen (2014) Is it time for a more concrete focus on systemically important financial instruments? Journal of International Banking Law and Regulation, Volume 29 (Number 5). pp. 274-279. ISSN 1742-6812.
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Abstract
With the news in December 2013 that inter alia Citibank was re-launching synthetic Collateral Debt Obligations (CDOs),1 commentators were quick to mark the significance of the return of financial instruments that had gained such notoriety during the Global Financial Crisis of 2008+ (the GFC) precisely because their design was felt to have exacerbated risks on a systemic level. What is most striking however is not so much that current easy credit conditions permit the marketing of synthetic CDOs and similar "risky" products, but that financial instruments with potentially systemic importance have not received the same level of attention from legislators and supervisors as Systemically Important Financial Institutions (SIFIs) and systemically important financial infrastructure, or markets. Thus Suleika Reiners of the World Future Council noted in 2013 that.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HG Finance | ||||
Divisions: | Faculty of Social Sciences > School of Law | ||||
Library of Congress Subject Headings (LCSH): | Global Financial Crisis, 2008-2009, Banks and banking, International—Law and legislation, Collateralized debt obligations, Citibank (New York, N.Y.) | ||||
Journal or Publication Title: | Journal of International Banking Law and Regulation | ||||
Publisher: | Sweet & Maxwell Ltd | ||||
ISSN: | 1742-6812 | ||||
Official Date: | 2014 | ||||
Dates: |
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Volume: | Volume 29 | ||||
Number: | Number 5 | ||||
Page Range: | pp. 274-279 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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