Reconceptualizing the Regulation of Global Finance

Oxford Journal of Legal Studies, Vol. 36, No. 2, pp. 242-271, 2016

UNSW Law Research Paper No. 2016-75

31 Pages Posted: 11 Oct 2016 Last revised: 21 Jan 2017

See all articles by Ross P. Buckley

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

Date Written: June 1, 2016

Abstract

The post-crisis reforms to the global financial system may serve us well if the next crisis is 2008 revisited. But it will not be. So instead of preparing to fight the last war, this paper analyses the five major changes in the global financial system in the past 40 years, and explores potential regulatory responses that could make the system more stable and resilient. These changes include (i) the globalisation of the global financial system; (ii) the legalisation of financial gambling; (iii) the rise in algorithmic and high frequency trading and in dark pools; (iv) the fundamental changes in banks and bankers; and (v) the rise in the role and power of ratings agencies. The potential responses to these changes include (i) a sovereign bankruptcy regime; (ii) higher mandated capital levels for banks; (iii) levies on banks; (iv) a financial transactions tax; (v) rigorous regulation of high frequency trading and dark pools; and (vi) removing the conflict in the role of the ratings agencies.

Keywords: Global Financial Regulation, Financial Gambling, Ratings Agencies, Bank Capital, Bank Levies, Transactions Tax

Suggested Citation

Buckley, Ross P., Reconceptualizing the Regulation of Global Finance (June 1, 2016). Oxford Journal of Legal Studies, Vol. 36, No. 2, pp. 242-271, 2016; UNSW Law Research Paper No. 2016-75. Available at SSRN: https://ssrn.com/abstract=2850095

Ross P. Buckley (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia

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