Building a Framework to Address Failure of Complex Global Financial Institutions

Hong Kong Law Journal, Vol. 39, p. 95, 2009

Posted: 13 Jul 2009 Last revised: 21 Feb 2011

See all articles by Douglas W. Arner

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Joseph J. Norton

Southern Methodist University - Dedman School of Law; The University of Hong Kong - Asian Institute of International Financial Law

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Date Written: 2009

Abstract

During the week of 15 September 2008, the world faced a global systemic financial crisis as the result of the failure of a series of large complex global financial institutions (LCGFIs), including Lehman Brothers, Merrill Lynch, American International Group (AIG) and Halifax Bank of Scotland (HBOS). These failures occurred in the context of legal and regulatory systems which were unprepared to deal with the consequences of such failures, with the result being the current global financial and economic crisis. However, these were not the first such failures the global financial system and domestic regulatory systems have had to face: almost twenty years ago, the world experienced the first failure of an LCGFI, the insolvency of the Bank of Credit and Commerce International (BCCI).

Suggested Citation

Arner, Douglas W. and Norton, Joseph J., Building a Framework to Address Failure of Complex Global Financial Institutions (2009). Hong Kong Law Journal, Vol. 39, p. 95, 2009 . Available at SSRN: https://ssrn.com/abstract=1432962

Douglas W. Arner (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

Joseph J. Norton

Southern Methodist University - Dedman School of Law ( email )

P.O. Box 750116
Dallas, TX 75275
United States

The University of Hong Kong - Asian Institute of International Financial Law ( email )

Faculty of Law The University of Hong Kong
Room 301A 3/F K K Leung Building Pokfulam Road
Hong Kong

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