Blue Gold: The Commoditization of Water (Part III)

Currently, there are no contracts on water or water rights that could be considered a futures contract because they are individually negotiated and, therefore, lack the standardization and fungibility necessary for a futures contract. However, such futures markets can be very useful for market participants for whom water is one of their major inputs, e.g. … Continue reading Blue Gold: The Commoditization of Water (Part III)

A European Regulatory Spring?

Not only is it actually getting warmer outside, spring also seems to be coming to the European regulatory landscape. Emmanuel Macron's victory in the French presidential election, the imminent Brexit negotiations and the uplift in the single market's economic outlook have lead to a thawing of regulatory thinking in policy circles. Several issues are currently … Continue reading A European Regulatory Spring?

How Switzerland responds to «FinTech» (and the key takeaways for lawmakers internationally)

Numerous regulators worldwide are currently responding to what is generally known as ”FinTech”. Interestingly, the question as regards the distinguishing elements of FinTech from conventional financial services seems to have been left to each stakeholder’s individual interpretation. Not seldomly, in particular in Switzerland FinTech is just characterized as “digital financial technology”. Similar in the United … Continue reading How Switzerland responds to «FinTech» (and the key takeaways for lawmakers internationally)

When Macroprudential Policy meets the Judge: Prospective Implications of the MetLife Case for the FSOC and the Asset Management Industry

The aftermath of the financial crisis has led U.S. regulators to reconstruct the boundaries of the financial system by undertaking a number of regulatory reforms focusing, in particular, on procyclical behaviors of the largest, most interconnected credit institutions. A wide variety of changes in the prudential settings of banking structures, such as capital and liquidity … Continue reading When Macroprudential Policy meets the Judge: Prospective Implications of the MetLife Case for the FSOC and the Asset Management Industry

Blue Gold: The Commoditization of Water (Part II)

In response to increasing scarcity, water markets have evolved in many states of the United States. According to data gathered by the “Water Strategist” the first water transfers have been conducted in the late 1980s. Over the course of more than two decades, people have entered into different water contracts, customized to their individual needs. … Continue reading Blue Gold: The Commoditization of Water (Part II)

Banks without passports: What are the prospects for a “safe landing”?

Тhe decision of the British electorate to leave the European Union ("EU") will have a profound impact on the financial sector in the UK. In this post, we will look at some of the available means to avoid or mitigate the disruption in the wholesale and investment-banking sector as a result of the exit from the EU, namely … Continue reading Banks without passports: What are the prospects for a “safe landing”?

First Banking Union, then ‘Brexit’: Is the EBA dead?

Only shortly after its creation, the European Banking Authority (EBA), the EU agency that was established in 2011 to foster a harmonized approach towards banking regulation and supervision in all EU Member States, found itself in an existential struggle: The financial crisis continued with full speed and even transformed itself into a full-fledged sovereign debt … Continue reading First Banking Union, then ‘Brexit’: Is the EBA dead?

Banks without passports: How deep is the Brexit cliff?

Following the decision of the British electorate to leave the European Union (EU), the concerns of the UK-based banks are focused on the critical issue of “passporting” rights, which allow UK-licensed financial institutions to provide financial services directly to customers in other EU Member States. In a previous post, we have already sketched out the baseline scenarios … Continue reading Banks without passports: How deep is the Brexit cliff?

Banks without passports: The baseline scenarios for the UK banking sector after Brexit

Тhe decision of the British electorate to leave the European Union (EU) will have a profound impact on the financial sector in the UK, which employees 1.1 mm people and generates about 9% of the country`s GDP as well as 11% from the overall tax revenue. One of the most severely affected firms in the … Continue reading Banks without passports: The baseline scenarios for the UK banking sector after Brexit