New Regulation of the Financial Industry by Dimitris N. Chorafas PDF

By Dimitris N. Chorafas

ISBN-10: 0333775481

ISBN-13: 9780333775486

Written via a number one monetary analyst, this new publication offers an in depth evaluate of the hot regulatory atmosphere dealing with the monetary undefined. while the Nineteen Eighties and early Nineties eager about deregulation in the monetary zone, this present day a key focal point has develop into re-regulation - and in a world atmosphere. the recent principles of supervision pressure transparency and industry self-discipline, which has an impression on buying and selling concepts and lending styles in addition to methods of dealing with resources and liabilities. Written for analysts, investors, technologists and bosses of economic associations, this publication presents assurance of the aftermath of this new regulatory setting, and the consequences of globalisation and technological advancements.

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Most importantly, junk bonds and hedge fund loans by commercial banks exploit a gaping hole in regulation and prudential supervision, under the nose of the regulators themselves. It makes no sense to be meticulous in examining the soundness of small loans when billion-dollar loans go undetected in terms of their purpose, the quality of their recipients and the use to which the funds are put. Sometimes, even the government complots to push banks the wrong way. In an early announcement after the Russian default, Deutsche Bank said that it lost DM 280 million ($140 million) in that crisis, but that 80 per cent was covered by Hermes, the German government’s guarantee for risky loans abroad.

Given the right infrastructure, whether through registered exchanges or over-the-counter (OTC), the mechanics provided by markets are instrumental in matching buyers and sellers. That is what IBC is doing. Trust, however, will not come by itself. Regulation should be in place to help all the way, from the correct determination of product offerings and assurance for buyers, to the establishment of prices assisted through price discovery and effective negotiations between counterparties. While practically everybody understands that markets work by matching demand and supply, few people appreciate that this process cannot work if there is no confidence.

COSO is not just a matter of regulatory guidelines: it is a complete system of management controls and financial reporting rules which in 1998 was successfully implemented by the Federal Reserve Banks of New York, Boston and Chicago. ) In 1999, all other banks of the Federal Reserve System are implementing COSO. Thereafter, its application becomes mandatory for all credit institutions in the USA with assets of $500 million or more. To my way of thinking, COSO is the perfect example of the new regulatory environment in terms of reliable financial reporting and internal control.

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New Regulation of the Financial Industry by Dimitris N. Chorafas


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