INTERATAIONAL FINACE TRANSACTIONS，POLICY，AND REGULAION THIRTEENTH EDITION2025|PDF|Epub|mobi|kindle电子书版本百度云盘下载

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CHAPTER ONE Introduction1

A.International Financial Transactions1

1.Definitions1

2.Regulation6

B.The Major Financial Markets Compared10

C.How Globalized Are Financial Markets？16

D. Costs and Benefits of the Internationalization of Finance19

E. The Road Map21

PART ONE INTERNATIONAL ASPECTS OF MAJOR DOMESTIC MARKETS22

CHAPTER TWO International Aspects of U.S. Capital Markets23

A.Internationalization of U.S. Securities Markets24

1.The Influential Role of U.S. Securities Markets24

2.Market Size24

3.Market Composition24

4.Market Innovation25

5.Foreign Stock Listings and Stock Trading26

6.Internationalization of Portfolio Investment Flows31

B. The U.S. Securities Law Framework32

1.General Rules32

2.The Sarbanes-Oxley Act and Corporate Governance53

3.Investment Banking Practices96

4.Public Enforcement108

5.Regulatory Consolidation118

C.International Disclosure Standards120

1.Disclosure120

2.Accounting121

D. U.S. Public Market Alternatives132

1.Rule 144A and Private Placements132

2.The MJDS Home Country Rules Approach136

E.Issuing Securities Abroad141

1.Regulation S Framework141

2.Regulation S Reforms for U.S.Companies Issuing Securities Abroad145

3.Regulation S - Rule 144A Offerings146

4.Primary Offshore Markets - A Reform Proposal147

Conclusions148

CHAPTER THREE International Aspects of U.S. Banking Markets149

A.The Importance of Foreign Banks149

1.Methods of Operation in the United States150

2.Relative Importance151

B.Basic Features of U.S.Regulatory System152

C.Regulation of Foreign Banks157

1.Systemic Risk157

2.Safety and Soundness164

3.Federal Deposit Insurance and Bankruptcy Procedures175

4.Permissible Activities183

D.Concern with the Operations of U.S.Banks Abroad189

E.The GATS189

1.Structure of the GATS190

2.General Obligations： MFN and Transparency190

3.Specific Commitments： Market Access and National Treatment190

4.Special Provisions for Financial Services： Understanding on Commitments in Financial Services190

5.Annex on Financial Services190

6.The Doha Round191

Conclusions192

CHAPTER FOUR The European Union： The Single Market in Financial Services194

A.Introduction195

B.Securities Markets198

1.Disclosure201

2.Provision of Services214

3.UCITS219

4.Corporate Governance220

5.The Structure of E.U.Securities Regulation223

C.Banking Markets225

1.The Second Banking Directive227

2.Conglomerates238

3.State Subsidies and Merger Restrictions240

4.Impact of Banking Policy244

5.Deposit Insurance245

Conclusions246

CHAPTER FIVE Europe’s Economic and Monetary Union248

A.The Design of the European Monetary Union248

1.The Maastricht Treaty249

2.The Pros and Cons of Monetary Union252

B.The Transition： Getting to Stage 3256

1.Convergence256

2.The Shift from Multiple Currencies to One256

C.Euro Transition259

1.From 1999 to 2002： EMI’s Schedule259

D.The Euro Today261

1.Lender of Last Resort261

2.Impact on Financial Markets264

3.Fiscal and Monetary Policy and the Stability Pact267

4.Continuity of Contract272

5.U.K.Entry into EMU274

E.Will the Euro Survive？275

1.Re-establishing National Currencies275

2.Continuity of Contract277

3.Current Outlook278

Conclusions280

CHAPTER SIX Japanese Financial Markets281

A.Banking Markets282

1.Structure of Japanese Banking Today282

2.Non-performing Loans285

3.Capital Adequacy291

4.Corporate Restructuring293

5.Restructuring Japanese Banks296

6.Deposit Insurance302

7.Postal Savings System303

8.The Regulators305

B.Capital Markets307

1.The Big Bang in Capital Markets308

2.Licensing Requirements for Foreign Securities Firms310

3.The Financial Services Agreement （FSA） of 1995： Liberalization of Cross-Border Capital Flows311

4.Rules for Issuance of Foreign Securities in Japan314

5.Stock Exchanges and the Bond Markets315

6.Government Intervention in Capital Markets316

7.Disclosure Practices317

8.Corporate Governance and Corporate Control318

9.Financial Instruments and Exchange Act （FIEA） of 2006322

10. Regulators and Enforcement324

Conclusions329

PART TWO INFRASTRUCTURE OF FINANCIAL MARKETS330

CHAPTER SEVEN Capital Adequacy331

A. Background of the Basel Accord and Definition of Capital332

1.Overview332

2.Definition of Capital335

B.Credit Risk under Basel Ⅰ340

1.Risk-weighting340

2.Off-Balance Sheet （OBS） Items343

3.The Effect of the Credit Risk Rules345

C. The New Basel Accord （BaselⅡ）347

1.The Standardized Approach347

2.The Internal Ratings-Based Approach350

3.Current Issues under Basel Ⅱ355

4.Market Discipline Alternative365

D. Market Risk368

1.Risks Associated with Securities Operations368

2.The Basel Committee Approach369

3.The Comprehensive Approach to Position Risk： The SEC375

E.Operational Risk378

F.Home-Host Problems380

G. Liquidity Requirements382

Conclusions383

CHAPTER EIGHT Foreign Exchange Regimes384

A. Basic Types of Exchange Rate Systems384

1.Fixed Rate Systems： The Gold Standard385

2.Fixed Rate Systems： The Bretton Woods Dollar Standard387

3.Floating Rate Regimes—An Overview388

B.Types of Existing Exchange Rate Systems389

1.Exchange Arrangements with No Separate Legal Tender390

2.Currency Board Arrangements391

3.Conventional Fixed Peg Arrangements392

4.Pegged Exchange Rates within Bands392

5.Crawling Pegs396

6.Exchange Rates within Crawling Bands396

7.Managed Floating with No Preannounced Path for the Exchange Rate397

8.Independent Floating397

9.Overall Trends398

10. The Debate about the Non-system398

C. Sovereign Wealth Funds402

1.Types and Sizes402

2.Investments406

3.Host Country Review Procedures407

4.Policy Concerns408

5.Voluntary Codes of Conduct409

D. Capital Controls and Foreign Exchange Regimes410

E. Foreign Exchange Markets413

1.The Spot Foreign Exchange Market413

2.The Forward Market415

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

Conclusions 424

CHAPTER NINE The Pavment System425

A. The Use of the U.S.Payment System for International ansactions425

1.In-house and Correspondent Transfers426

2.Fedwire430

3.CHIPS433

B. Fedwire and CHIPS： Risk Reduction Measures438

1.Fedwire438

2.CHIPS445

3.Gross Versus Net Settlement448

C. Herstatt Risk450

D. Some Aspects of the International Payment System455

1.Off-shore Dollar Payment Systems455

2.European Union457

3.International Standards460

Conclusions462

CHAPTER TEN Clearance and Settlement463

A.The Basic Elements463

1.Overview463

2.Clearance and Settlement in the United States： The DTCC465

3.Multilateral Netting473

4.Group of Thirty Standards475

5.The Second Generation Group of Thirty Standards478

B.International Dimensions479

1.Linkages480

2.ICSDs482

C.Future Arrangements496

D.Capital Requirements and Prudential Supervision501

Conclusions502

PART THREE INSTRUMENTS AND OFFSHORE MARKETS504

CHAPTER ELEVEN Euromarkets505

A.Introduction to the Eurocurrency Market505

B.Syndicated Eurodollar Loans： An Overview508

C.The Allocation of Risk Among the Parties to a Eurocredit Based on Sample Agreement510

1.The Basic Terms of the Loan511

2.Allocation of Risk Among Managers， Agents， and Participating Banks518

D.Eurobonds520

1.The Market520

2.The Effect of Regulation522

3.Issuing Procedures523

4.Taxation527

5.Global Bonds530

Conclusions531

CHAPTER TWELVE Asset Securitization532

A.Introduction532

B.Key Issues in Structuring an Offering534

1.Securitizable Assets536

2.The Special Purpose Vehicle536

3.The Form of the SPV537

4.Bankruptcy Remoteness540

5.Collateralized Debt Obligations540

6.Accounting Treatment544

7.Taxation547

8.Credit， Liquidity， and Other Enhancements548

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

10. Ratings552

C. The Development of National ABS Markets in Germany and Europe553

1.Pfandbriefe553

2.Other Types of Securitizations554

D. Capital Adequacy Rules for ABS556

1.Operational Requirements557

2.Standardized Approach558

3.IRB Approach558

E. The Subprime Crisis559

1.The Problem560

2.Credit Market Issues568

3.Relief for Borrowers and Consumer Protection599

4.Liability for the Past613

5.Regulatory Reorganization614

6.International Response615

Conclusions615

CHAPTER THIRTEEN Stock Market Competition617

A. U.S. Market618

1.Overview of U.S. Market618

B. Foreign Markets642

1.London Stock Exchange642

2.Tokyo Stock Exchange645

C. Alliances and Mergers648

1.European Mergers648

2.Cross-Atlantic Mergers651

Conclusions654

CHAPTER FOURTEEN Futures and Options656

A.Introduction656

B. Futures， Options， and Markets： An Introduction656

1.Futures656

2.Options658

3.The Markets662

4.Protecting the Exchange： Margin Rules665

C. Futures and Options Exchanges： Competition and Regulation669

1.Competition in Contracts669

2.Foreign Competition in the U.S.-The Case of Eurex670

3.Exchange Mergers671

4.Role of Domestic Regulation671

5.Volatility Concern672

6.Clearing and Settlement673

D. Cross-Border Electronic Access to Futures Exchanges674

E. A Case Study in the Regulation of Futures and Options Markets： The Barings Case677

1.The Barings Group678

2.The Scam679

3.The Regulatory Role of SIMEX683

4.The Role of the Bank of England as Lead Regulator686

5.International Efforts to Avoid Another Barings Crisis688

F.National Regulatory Responses690

Conclusions691

CHAPTER FIFTEEN Swaps692

A.Swap Transactions and Markets692

1.Swap Transactions： The Basics692

2.Why Do End-users Use Swaps694

3.Overall Markets698

B.Credit and Market Risks698

1.The Nature of the Risks698

2.Documentation704

C.Credit Derivatives706

1.Types of Transactions708

2.The Restructuring Issue711

D. Systemic and Operational Risk and Prudential Regulation718

1.Systemic Risk718

2.Operational Risk720

3.Prudential Standards721

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

E. Disclosure Requirements726

1.Accounting726

2.Financial Reporting730

F.Capital Requirements732

1.The Basel Accord： Credit Risk733

2.Basel Accord： Market Risk Amendments737

3.Credit Derivatives738

4.The SEC Broker-Lite Rule740

G. Enforceability Issues741

1.Liability of Derivatives Dealers741

2.Netting and Bankruptcy754

Conclusions757

CHAPTER SIXTEEN Mutual and Hedge Funds760

A. United States Regulation of Offshore Mutual Funds762

1.Mutual Funds Registered under the 1940 Act762

B. Current Issues in U.S. Mutual Fund Regulation772

1.Trading Violations772

2.Other Issues777

C. Hedge Funds784

1.Registration Exemptions786

2.Long-term Capital Management and Systemic Risk792

3.The Investment Advisers Act of 1940 and Registration Requirements799

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

5.European Hedge Fund Regulation803

6.Shareholder Rights804

D. Tax Considerations807

1.Why Foreigners Do Not Invest in U.S. Funds807

2.Why U.S. Investors Will Not Invest in Foreign Funds808

3.Hedge Funds Avoid PFIC809

4.Other Tax Issues810

Conclusions810

PART FOUR EMERGING MARKETS812

CHAPTER SEVENTEEN Project Finance813

A. Introduction813

B. The Philippines’ Need for Power815

C. Project Finance in General816

1.Foreign Direct Investment in the Philippines816

2.Projects and Project Finance816

D. The Pagbilao Power Project817

1.The Players817

2.Construction819

3.Operations822

E. Financing Pagbilao824

1.The Overall Structure824

2.Bank Capital Requirements826

3.Official Export Credit： U.S.Export-Import Bank827

4.Important Arrangements among the Parties832

F.Subsequent Developments839

1.The Asian Crisis Impact on Project Finance839

2.Privatization of Napocor840

3.Renegotiation840

4.Environmental Problems841

Conclusions841

CHAPTER EIGHTEEN Privatization and Institutional Investors842

A.Introduction842

B.Privatization in the 1980s and 1990s843

1.What is Privatization？843

2.Types of Privatization843

C.Telmex as a State-owned Enterprise844

D.Investment in Mexico846

1.The Mexican Stock Exchange846

2.Foreign Investment846

E.The Transfer of Control over Telmex to the Consortium847

1.The Reason for Privatizing Telmex847

2.The Winning Bidders847

3.The New Capital Structure848

4.The Modified Concession849

F.The Offer of Telmex Shares in World Markets853

1.The Evolution of the Telmex Capital Structure853

2.The American Depositary Receipts854

G.Demand for the Telmex Offer855

H.The December 1994 Peso Crisis855

1.Telmex and the Crisis855

2.Telmex and the WTO857

Conclusions859

CHAPTER NINETEEN Emerging Market Debt860

A.Introduction860

B.The Debt Problem861

1.Overall Characteristics861

2.Debt Crises 1982-1990864

3.Debt Crisis Management in the 1990s： Bailouts， Restructurings， and Defaults875

4.Argentina： A Major Sustained Default890

5.Brazil： Mexico 1984 Redux？899

6.Emerging Market Debt after 2005 900

C.Reform of the Debt Resolution Process901

1.The Sovereign Debt Problem： Lessons from the Last Three Decades902

2.Key Areas of Reform909

Conclusions939

CHAPTER TWENTY Financial System Reforms in Developing and Emerging Markets941

A.An International Banking Standard941

1.Domestic Standards941

2.Cross-border Standards944

B.The International Financial Architecture Approach945

1.BIS Core Principles945

2.IMF Financial Sector Assessment Program （FSAP）949

3.Market Discipline950

4.Financial Stability Forum （FSF）951

5.Joint Forum952

C.Regional Integration953

D.Capital Controls954

1.Chilean Experience955

2.Malaysian Experience956

3.Overall Assessments957

Conclusions958

CHAPTER TWENTY-ONE Chinese Financial Markets961

A.An Overview of the Chinese Financial System962

1.The Chinese Economic Reforms964

2.The Chinese Legal System964

B.Foreign Exchange and Capital Controls966

1.Overview966

2.Problems with Fundamental Convertability967

3.Incremental Liberalization968

C.Chinese Domestic Banking Regulation968

1.Chinese Banking Overview968

2.Bank Reform in China973

3.Banking Regulation976

3.Cross-border and International Banking Regulation in China982

D.Chinese Securities Markets986

1.Overview of the Chinese Securities Markets986

2.Hong Kong Securities Markets988

3.Mainland Chinese Securities Markets992

E.Emerging Issues in Chinese Finance1000

1.China Investment Corporation1000

2.Corporate Governance in China1000

3.U.S.-China Strategic Economic Dialogue1001

Conclusions1002

PART FIVE FIGHTING TERRORISM1003

CHAPTER TWENTY-TWO Controlling the Financing of Terrorism， Terrorism Insurance， and Financial Terrorism1004

A. Money Laundering and Anti-Terrorism1004

1.Nature of the Problem1004

2.The United States Response1008

3.International Initiatives1023

4.Additional Measures1027

B. Freezing Terrorist Assets1029

1.The LAFB Litigation1030

2.The Ineffectiveness of Unilateral Freezes1052

3.Terrorist Asset Freezes Post-9/111052

C.Reinsurance Crisis1054

D. Attacking the Financial System1060

E.Costs and Bene fits1060

Conclusions1061

INDEX1063