INTERATAIONAL FINACE TRANSACTIONS，POLICY，AND REGULAION THIRTEENTH EDITIONPDF电子书下载

CHAPTER ONE Introduction 1

A.International Financial Transactions 1

1.Definitions 1

2.Regulation 6

B.The Major Financial Markets Compared 10

C.How Globalized Are Financial Markets？ 16

D. Costs and Benefits of the Internationalization of Finance 19

E. The Road Map 21

PART ONE INTERNATIONAL ASPECTS OF MAJOR DOMESTIC MARKETS 22

CHAPTER TWO International Aspects of U.S. Capital Markets 23

A.Internationalization of U.S. Securities Markets 24

1.The Influential Role of U.S. Securities Markets 24

2.Market Size 24

3.Market Composition 24

4.Market Innovation 25

5.Foreign Stock Listings and Stock Trading 26

6.Internationalization of Portfolio Investment Flows 31

B. The U.S. Securities Law Framework 32

1.General Rules 32

2.The Sarbanes-Oxley Act and Corporate Governance 53

3.Investment Banking Practices 96

4.Public Enforcement 108

5.Regulatory Consolidation 118

C.International Disclosure Standards 120

1.Disclosure 120

2.Accounting 121

D. U.S. Public Market Alternatives 132

1.Rule 144A and Private Placements 132

2.The MJDS Home Country Rules Approach 136

E.Issuing Securities Abroad 141

1.Regulation S Framework 141

2.Regulation S Reforms for U.S.Companies Issuing Securities Abroad 145

3.Regulation S - Rule 144A Offerings 146

4.Primary Offshore Markets - A Reform Proposal 147

Conclusions 148

CHAPTER THREE International Aspects of U.S. Banking Markets 149

A.The Importance of Foreign Banks 149

1.Methods of Operation in the United States 150

2.Relative Importance 151

B.Basic Features of U.S.Regulatory System 152

C.Regulation of Foreign Banks 157

1.Systemic Risk 157

2.Safety and Soundness 164

3.Federal Deposit Insurance and Bankruptcy Procedures 175

4.Permissible Activities 183

D.Concern with the Operations of U.S.Banks Abroad 189

E.The GATS 189

1.Structure of the GATS 190

2.General Obligations： MFN and Transparency 190

3.Specific Commitments： Market Access and National Treatment 190

4.Special Provisions for Financial Services： Understanding on Commitments in Financial Services 190

5.Annex on Financial Services 190

6.The Doha Round 191

Conclusions 192

CHAPTER FOUR The European Union： The Single Market in Financial Services 194

A.Introduction 195

B.Securities Markets 198

1.Disclosure 201

2.Provision of Services 214

3.UCITS 219

4.Corporate Governance 220

5.The Structure of E.U.Securities Regulation 223

C.Banking Markets 225

1.The Second Banking Directive 227

2.Conglomerates 238

3.State Subsidies and Merger Restrictions 240

4.Impact of Banking Policy 244

5.Deposit Insurance 245

Conclusions 246

CHAPTER FIVE Europe’s Economic and Monetary Union 248

A.The Design of the European Monetary Union 248

1.The Maastricht Treaty 249

2.The Pros and Cons of Monetary Union 252

B.The Transition： Getting to Stage 3 256

1.Convergence 256

2.The Shift from Multiple Currencies to One 256

C.Euro Transition 259

1.From 1999 to 2002： EMI’s Schedule 259

D.The Euro Today 261

1.Lender of Last Resort 261

2.Impact on Financial Markets 264

3.Fiscal and Monetary Policy and the Stability Pact 267

4.Continuity of Contract 272

5.U.K.Entry into EMU 274

E.Will the Euro Survive？ 275

1.Re-establishing National Currencies 275

2.Continuity of Contract 277

3.Current Outlook 278

Conclusions 280

CHAPTER SIX Japanese Financial Markets 281

A.Banking Markets 282

1.Structure of Japanese Banking Today 282

2.Non-performing Loans 285

3.Capital Adequacy 291

4.Corporate Restructuring 293

5.Restructuring Japanese Banks 296

6.Deposit Insurance 302

7.Postal Savings System 303

8.The Regulators 305

B.Capital Markets 307

1.The Big Bang in Capital Markets 308

2.Licensing Requirements for Foreign Securities Firms 310

3.The Financial Services Agreement （FSA） of 1995： Liberalization of Cross-Border Capital Flows 311

4.Rules for Issuance of Foreign Securities in Japan 314

5.Stock Exchanges and the Bond Markets 315

6.Government Intervention in Capital Markets 316

7.Disclosure Practices 317

8.Corporate Governance and Corporate Control 318

9.Financial Instruments and Exchange Act （FIEA） of 2006 322

10. Regulators and Enforcement 324

Conclusions 329

PART TWO INFRASTRUCTURE OF FINANCIAL MARKETS 330

CHAPTER SEVEN Capital Adequacy 331

A. Background of the Basel Accord and Definition of Capital 332

1.Overview 332

2.Definition of Capital 335

B.Credit Risk under Basel Ⅰ 340

1.Risk-weighting 340

2.Off-Balance Sheet （OBS） Items 343

3.The Effect of the Credit Risk Rules 345

C. The New Basel Accord （BaselⅡ） 347

1.The Standardized Approach 347

2.The Internal Ratings-Based Approach 350

3.Current Issues under Basel Ⅱ 355

4.Market Discipline Alternative 365

D. Market Risk 368

1.Risks Associated with Securities Operations 368

2.The Basel Committee Approach 369

3.The Comprehensive Approach to Position Risk： The SEC 375

E.Operational Risk 378

F.Home-Host Problems 380

G. Liquidity Requirements 382

Conclusions 383

CHAPTER EIGHT Foreign Exchange Regimes 384

A. Basic Types of Exchange Rate Systems 384

1.Fixed Rate Systems： The Gold Standard 385

2.Fixed Rate Systems： The Bretton Woods Dollar Standard 387

3.Floating Rate Regimes—An Overview 388

B.Types of Existing Exchange Rate Systems 389

1.Exchange Arrangements with No Separate Legal Tender 390

2.Currency Board Arrangements 391

3.Conventional Fixed Peg Arrangements 392

4.Pegged Exchange Rates within Bands 392

5.Crawling Pegs 396

6.Exchange Rates within Crawling Bands 396

7.Managed Floating with No Preannounced Path for the Exchange Rate 397

8.Independent Floating 397

9.Overall Trends 398

10. The Debate about the Non-system 398

C. Sovereign Wealth Funds 402

1.Types and Sizes 402

2.Investments 406

3.Host Country Review Procedures 407

4.Policy Concerns 408

5.Voluntary Codes of Conduct 409

D. Capital Controls and Foreign Exchange Regimes 410

E. Foreign Exchange Markets 413

1.The Spot Foreign Exchange Market 413

2.The Forward Market 415

3.The 1997 International Foreign Exchange Master Agreement （IFEMA） 415

Conclusions 424

CHAPTER NINE The Pavment System 425

A. The Use of the U.S.Payment System for International ansactions 425

1.In-house and Correspondent Transfers 426

2.Fedwire 430

3.CHIPS 433

B. Fedwire and CHIPS： Risk Reduction Measures 438

1.Fedwire 438

2.CHIPS 445

3.Gross Versus Net Settlement 448

C. Herstatt Risk 450

D. Some Aspects of the International Payment System 455

1.Off-shore Dollar Payment Systems 455

2.European Union 457

3.International Standards 460

Conclusions 462

CHAPTER TEN Clearance and Settlement 463

A.The Basic Elements 463

1.Overview 463

2.Clearance and Settlement in the United States： The DTCC 465

3.Multilateral Netting 473

4.Group of Thirty Standards 475

5.The Second Generation Group of Thirty Standards 478

B.International Dimensions 479

1.Linkages 480

2.ICSDs 482

C.Future Arrangements 496

D.Capital Requirements and Prudential Supervision 501

Conclusions 502

PART THREE INSTRUMENTS AND OFFSHORE MARKETS 504

CHAPTER ELEVEN Euromarkets 505

A.Introduction to the Eurocurrency Market 505

B.Syndicated Eurodollar Loans： An Overview 508

C.The Allocation of Risk Among the Parties to a Eurocredit Based on Sample Agreement 510

1.The Basic Terms of the Loan 511

2.Allocation of Risk Among Managers， Agents， and Participating Banks 518

D.Eurobonds 520

1.The Market 520

2.The Effect of Regulation 522

3.Issuing Procedures 523

4.Taxation 527

5.Global Bonds 530

Conclusions 531

CHAPTER TWELVE Asset Securitization 532

A.Introduction 532

B.Key Issues in Structuring an Offering 534

1.Securitizable Assets 536

2.The Special Purpose Vehicle 536

3.The Form of the SPV 537

4.Bankruptcy Remoteness 540

5.Collateralized Debt Obligations 540

6.Accounting Treatment 544

7.Taxation 547

8.Credit， Liquidity， and Other Enhancements 548

9.Investors and the Types of Asset Backed Securities （ABSs） 550

10. Ratings 552

C. The Development of National ABS Markets in Germany and Europe 553

1.Pfandbriefe 553

2.Other Types of Securitizations 554

D. Capital Adequacy Rules for ABS 556

1.Operational Requirements 557

2.Standardized Approach 558

3.IRB Approach 558

E. The Subprime Crisis 559

1.The Problem 560

2.Credit Market Issues 568

3.Relief for Borrowers and Consumer Protection 599

4.Liability for the Past 613

5.Regulatory Reorganization 614

6.International Response 615

Conclusions 615

CHAPTER THIRTEEN Stock Market Competition 617

A. U.S. Market 618

1.Overview of U.S. Market 618

B. Foreign Markets 642

1.London Stock Exchange 642

2.Tokyo Stock Exchange 645

C. Alliances and Mergers 648

1.European Mergers 648

2.Cross-Atlantic Mergers 651

Conclusions 654

CHAPTER FOURTEEN Futures and Options 656

A.Introduction 656

B. Futures， Options， and Markets： An Introduction 656

1.Futures 656

2.Options 658

3.The Markets 662

4.Protecting the Exchange： Margin Rules 665

C. Futures and Options Exchanges： Competition and Regulation 669

1.Competition in Contracts 669

2.Foreign Competition in the U.S.-The Case of Eurex 670

3.Exchange Mergers 671

4.Role of Domestic Regulation 671

5.Volatility Concern 672

6.Clearing and Settlement 673

D. Cross-Border Electronic Access to Futures Exchanges 674

E. A Case Study in the Regulation of Futures and Options Markets： The Barings Case 677

1.The Barings Group 678

2.The Scam 679

3.The Regulatory Role of SIMEX 683

4.The Role of the Bank of England as Lead Regulator 686

5.International Efforts to Avoid Another Barings Crisis 688

F.National Regulatory Responses 690

Conclusions 691

CHAPTER FIFTEEN Swaps 692

A.Swap Transactions and Markets 692

1.Swap Transactions： The Basics 692

2.Why Do End-users Use Swaps 694

3.Overall Markets 698

B.Credit and Market Risks 698

1.The Nature of the Risks 698

2.Documentation 704

C.Credit Derivatives 706

1.Types of Transactions 708

2.The Restructuring Issue 711

D. Systemic and Operational Risk and Prudential Regulation 718

1.Systemic Risk 718

2.Operational Risk 720

3.Prudential Standards 721

4.The Role of the CFTC and “Legal Certainty” 723

E. Disclosure Requirements 726

1.Accounting 726

2.Financial Reporting 730

F.Capital Requirements 732

1.The Basel Accord： Credit Risk 733

2.Basel Accord： Market Risk Amendments 737

3.Credit Derivatives 738

4.The SEC Broker-Lite Rule 740

G. Enforceability Issues 741

1.Liability of Derivatives Dealers 741

2.Netting and Bankruptcy 754

Conclusions 757

CHAPTER SIXTEEN Mutual and Hedge Funds 760

A. United States Regulation of Offshore Mutual Funds 762

1.Mutual Funds Registered under the 1940 Act 762

B. Current Issues in U.S. Mutual Fund Regulation 772

1.Trading Violations 772

2.Other Issues 777

C. Hedge Funds 784

1.Registration Exemptions 786

2.Long-term Capital Management and Systemic Risk 792

3.The Investment Advisers Act of 1940 and Registration Requirements 799

4.Principles of President’s Working Group on Financial Markets （PWG） 801

5.European Hedge Fund Regulation 803

6.Shareholder Rights 804

D. Tax Considerations 807

1.Why Foreigners Do Not Invest in U.S. Funds 807

2.Why U.S. Investors Will Not Invest in Foreign Funds 808

3.Hedge Funds Avoid PFIC 809

4.Other Tax Issues 810

Conclusions 810

PART FOUR EMERGING MARKETS 812

CHAPTER SEVENTEEN Project Finance 813

A. Introduction 813

B. The Philippines’ Need for Power 815

C. Project Finance in General 816

1.Foreign Direct Investment in the Philippines 816

2.Projects and Project Finance 816

D. The Pagbilao Power Project 817

1.The Players 817

2.Construction 819

3.Operations 822

E. Financing Pagbilao 824

1.The Overall Structure 824

2.Bank Capital Requirements 826

3.Official Export Credit： U.S.Export-Import Bank 827

4.Important Arrangements among the Parties 832

F.Subsequent Developments 839

1.The Asian Crisis Impact on Project Finance 839

2.Privatization of Napocor 840

3.Renegotiation 840

4.Environmental Problems 841

Conclusions 841

CHAPTER EIGHTEEN Privatization and Institutional Investors 842

A.Introduction 842

B.Privatization in the 1980s and 1990s 843

1.What is Privatization？ 843

2.Types of Privatization 843

C.Telmex as a State-owned Enterprise 844

D.Investment in Mexico 846

1.The Mexican Stock Exchange 846

2.Foreign Investment 846

E.The Transfer of Control over Telmex to the Consortium 847

1.The Reason for Privatizing Telmex 847

2.The Winning Bidders 847

3.The New Capital Structure 848

4.The Modified Concession 849

F.The Offer of Telmex Shares in World Markets 853

1.The Evolution of the Telmex Capital Structure 853

2.The American Depositary Receipts 854

G.Demand for the Telmex Offer 855

H.The December 1994 Peso Crisis 855

1.Telmex and the Crisis 855

2.Telmex and the WTO 857

Conclusions 859

CHAPTER NINETEEN Emerging Market Debt 860

A.Introduction 860

B.The Debt Problem 861

1.Overall Characteristics 861

2.Debt Crises 1982-1990 864

3.Debt Crisis Management in the 1990s： Bailouts， Restructurings， and Defaults 875

4.Argentina： A Major Sustained Default 890

5.Brazil： Mexico 1984 Redux？ 899

6.Emerging Market Debt after 2005 900

C.Reform of the Debt Resolution Process 901

1.The Sovereign Debt Problem： Lessons from the Last Three Decades 902

2.Key Areas of Reform 909

Conclusions 939

CHAPTER TWENTY Financial System Reforms in Developing and Emerging Markets 941

A.An International Banking Standard 941

1.Domestic Standards 941

2.Cross-border Standards 944

B.The International Financial Architecture Approach 945

1.BIS Core Principles 945

2.IMF Financial Sector Assessment Program （FSAP） 949

3.Market Discipline 950

4.Financial Stability Forum （FSF） 951

5.Joint Forum 952

C.Regional Integration 953

D.Capital Controls 954

1.Chilean Experience 955

2.Malaysian Experience 956

3.Overall Assessments 957

Conclusions 958

CHAPTER TWENTY-ONE Chinese Financial Markets 961

A.An Overview of the Chinese Financial System 962

1.The Chinese Economic Reforms 964

2.The Chinese Legal System 964

B.Foreign Exchange and Capital Controls 966

1.Overview 966

2.Problems with Fundamental Convertability 967

3.Incremental Liberalization 968

C.Chinese Domestic Banking Regulation 968

1.Chinese Banking Overview 968

2.Bank Reform in China 973

3.Banking Regulation 976

3.Cross-border and International Banking Regulation in China 982

D.Chinese Securities Markets 986

1.Overview of the Chinese Securities Markets 986

2.Hong Kong Securities Markets 988

3.Mainland Chinese Securities Markets 992

E.Emerging Issues in Chinese Finance 1000

1.China Investment Corporation 1000

2.Corporate Governance in China 1000

3.U.S.-China Strategic Economic Dialogue 1001

Conclusions 1002

PART FIVE FIGHTING TERRORISM 1003

CHAPTER TWENTY-TWO Controlling the Financing of Terrorism， Terrorism Insurance， and Financial Terrorism 1004

A. Money Laundering and Anti-Terrorism 1004

1.Nature of the Problem 1004

2.The United States Response 1008

3.International Initiatives 1023

4.Additional Measures 1027

B. Freezing Terrorist Assets 1029

1.The LAFB Litigation 1030

2.The Ineffectiveness of Unilateral Freezes 1052

3.Terrorist Asset Freezes Post-9/11 1052

C.Reinsurance Crisis 1054

D. Attacking the Financial System 1060

E.Costs and Bene fits 1060

Conclusions 1061

INDEX 1063