Financial Domain Names - How the Internet Can Help the International Financial Industry Overcome Shortcomings in Trust and Transparency While Improving Speed and Efficiency

10 Pages Posted: 8 Oct 2009  

Dr. Winfried Boeing

CORE Association - INTERNET COUNCIL OF REGISTRARS

Urs Schneider

CORE Association - INTERNET COUNCIL OF REGISTRARS

Werner Staub

CORE Association - INTERNET COUNCIL OF REGISTRARS

Date Written: August 31, 2009

Abstract

It is a coincidence that major reforms are now under way in both financial infrastructure and the Internet. Governments are in the process of overhauling the regulatory framework in response to the 2008 economic crisis. The Internet itself is at a crucial stage of development with the introduction of new top level domains and internationalized domain names that facilitate the use of a wide variety of scripts. The interface between the Internet and the global financial system requires urgent attention. Legacy systems, both on the Internet side and on the financial side, are unable to cope with the task of protecting customers while meeting the current requirements of speed and low transaction costs. They are poorly adapted to the international scope and volume of today’s financial transactions. A fundamental reform of the Internet naming system is well under way. Industries such as the financial services sector can link into Internet governance initiatives, increase security and productivity and integrate industry processes with the operation of a global Internet. As is the case in financial industry reforms, the Internet reforms are subject to political lobbying and economic interests. For this reason, it is important that the financial industry takes a proactive attitude to developing its own systems, rather than having them imposed by governments.

Keywords: ICANN, Financial Systems, Internet, Namespace, Domains. gTLDs

JEL Classification: G20, G28, G38, F42, Z1

Suggested Citation

Boeing, Dr. Winfried and Schneider, Urs and Staub, Werner, Financial Domain Names - How the Internet Can Help the International Financial Industry Overcome Shortcomings in Trust and Transparency While Improving Speed and Efficiency (August 31, 2009). Available at SSRN: https://ssrn.com/abstract=1483686 or http://dx.doi.org/10.2139/ssrn.1483686

Winfried Boeing (Contact Author)

CORE Association - INTERNET COUNCIL OF REGISTRARS ( email )

World Trade Centre II
29, Route de Pre Bois
Geneva, 1215
Switzerland
+41.22.929 57 44 (Phone)
+41.22.929 57 45 (Fax)

HOME PAGE: http://www.corenic.org

Urs Schneider

CORE Association - INTERNET COUNCIL OF REGISTRARS ( email )

World Trade Centre II
29, Route de Pre Bois
Geneva, 1215
Switzerland

Werner Staub

CORE Association - INTERNET COUNCIL OF REGISTRARS ( email )

World Trade Centre II
29, Route de Pre Bois
Geneva, 1215
Switzerland

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