Special Feature: Techrisk

28 Pages Posted: 10 Jul 2020

See all articles by Ross P. Buckley

Ross P. Buckley

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

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Dirk A. Zetzsche

Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC)

Eriks Selga

The University of Hong Kong, Faculty of Law, Students

Date Written: March 1, 2020

Abstract

Fintech is now defined by a long-term, global process of digitisation of finance, increasingly combined with datafication and new technologies including cloud computing, blockchain, Big Data and artificial intelligence. Cybersecurity and technological risks are thus evolving into major threats to financial stability and national security. This trend has been magnified by the COVID-19 crisis which has heightened dependence on digital technologies and seen substantial parts of the population working from home through systems of questionable security. Additionally, the entry of BigTech firms brings two new issues. The first arises with new forms of potentially systemically important infrastructure. The second arises because data—like finance—benefits from economies of scope and scale and from network effects and—even more than finance—tends towards monopolistic or oligopolistic outcomes. This leads to potential systematic risk from new forms of “Too Big to Fail” and “Too Connected to Fail” phenomena. We suggest some basic principles about how to address this entire range of risks.

Suggested Citation

Buckley, Ross P. and Arner, Douglas W. and Zetzsche, Dirk Andreas and Selga, Eriks, Special Feature: Techrisk (March 1, 2020). Singapore Journal of Legal Studies, Mar. 2020, pp 35-62, Available at SSRN: https://ssrn.com/abstract=3646906

Ross P. Buckley (Contact Author)

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

Sydney, New South Wales 2052
Australia

Douglas W. Arner

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

Pokfulam Road
Hong Kong, Hong Kong
China

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

Dirk Andreas Zetzsche

Universite du Luxembourg - Faculty of Law, Economics and Finance ( email )

Luxembourg, L-1511
Luxembourg

HOME PAGE: http://wwwen.uni.lu/recherche/fdef/research_unit_in_law/equipe/dirk_andreas_zetzsche

Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC) ( email )

Universitaetsstr. 1
D-40225 Düsseldorf
Germany
+49 211 81 15084 (Phone)
+49 211 81 11427 (Fax)

Eriks Selga

The University of Hong Kong, Faculty of Law, Students ( email )

Pokfulam Road
Hong Kong
Hong Kong

Here is the Coronavirus
related research on SSRN

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