Challenges in Global Financial Services

142 Pages Posted: 25 Jan 2014 Last revised: 3 Nov 2014

See all articles by Érica Gorga

Érica Gorga

São Paulo Law School of Fundação Getulio Vargas FGV DIREITO SP; Yale University - Center for the Study of Corporate Law

Roberta Romano

Yale Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Natalya Shnitser

Boston College - Law School

Date Written: January 23, 2014


This is an edited transcript of the proceedings of the Yale Law School Center for the Study of Corporate Law’s Sullivan & Cromwell Conference on Challenges in Global Financial Services, which was held on September 20, 2013. The conference brought together policymakers, legal practitioners, members of the financial community, and academics from finance, economics and law to discuss the current challenges in the organization and regulation of global financial services.

The roundtable consisted of four panel discussions. The first panel considered “Bank Capital and Liquidity Requirements.” Panelists were Stijn Claessens, Assistant Director, Research Department, International Monetary Fund; Michael H. Krimminger, Partner, Cleary Gottlieb Steen & Hamilton LLP and former General Counsel, Federal Deposit Insurance Corporation (FDIC); Andrew Metrick, Deputy Dean for Faculty Development & Michael H. Jordan Professor of Finance and Management, Yale School of Management; and Roberta Romano, Sterling Professor of Law and Director, Yale Law School Center for the Study of Corporate Law. Ian Ayres, William K. Townsend Professor of Law, Yale Law School, moderated.

The second panel addressed “Bank Transparency and the Financial Crisis.” Panelists were Robert J. Giuffra, Jr., Partner, Sullivan & Cromwell LLP; Gary B. Gorton, Frederick Frank Class of 1954 Professor of Management and Finance, Yale School of Management; Henry T. C. Hu, Allan Shivers Chair in the Law of Banking and Finance, University of Texas Law School, and former Director, Division of Risk, Strategy, and Financial Innovation, U.S. Securities and Exchange Commission; and Frederick Schauer, David and Mary Harrison Distinguished Professor of Law, University of Virginia School of Law. Donald Kohn, Senior Fellow, Brookings Institution and former Vice Chairman, Federal Reserve Board, moderated.

The third panel focused on the “Accountability and Structuring of Systemically Important Financial Institutions (SIFIs).” Panelists were H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell LLP; Edward J. Kane, Professor of Finance, Boston College; Andrew W. Lo, Charles E. and Susan T. Harris Professor, MIT Sloan School of Management and Director, MIT Laboratory for Financial Engineering; and John F. Simonson, Deputy Director for Systemic Resolution Planning and Implementation, Office of Complex Financial Institutions, FDIC. The moderator was Henry B. Hansmann, Oscar M. Ruebhausen Professor of Law, Yale Law School.

The fourth panel on “Cross-Border Resolution” had the following panelists: James W. Giddens, Chair, Corporate Reorganization and Bankruptcy Group, Hughes Hubbard & Reed LLP and Liquidation Trustee, Lehman Brothers Inc. and MF Global Inc.; Seth Grosshandler, Partner, Cleary Gottlieb Steen & Hamilton LLP; Richard J. Herring, Jacob Safra Professor of International Banking & Professor of Finance, The Wharton School, University of Pennsylvania; and Jonathan R. Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School. The panel was moderated by John D. Morley, Associate Professor of Law, Yale Law School.

Note: Érica Gorga, Roberta Romano and Natalya Shnitser are editors, not authors, of this paper.

Suggested Citation

Gorga, Érica and Gorga, Érica and Romano, Roberta and Shnitser, Natalya, Challenges in Global Financial Services (January 23, 2014). Yale Law & Economics Research Paper No. 486, Available at SSRN: or

Érica Gorga

Yale University - Center for the Study of Corporate Law ( email )

127 Wall Street
New Haven, CT 06511
United States
203-988-6500 (Phone)


São Paulo Law School of Fundação Getulio Vargas FGV DIREITO SP ( email )

R. Rocha, 233, Bela Vista
São Paulo, 01330-000

Roberta Romano

Yale Law School ( email )

P.O. Box 208215
New Haven, CT 06520-8215
United States
203-432-4965 (Phone)
203-432-4871 (Fax)

National Bureau of Economic Research (NBER)

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European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
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Natalya Shnitser (Contact Author)

Boston College - Law School ( email )

885 Centre Street
Newton, MA 02459-1163
United States

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