Download or read book Securitisation of Derivatives and Alternative Asset Classes written by Jan Job de Vries Robbé and published by Kluwer Law International B.V.. This book was released on 2005-01-01 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitisation has survived the threats that emerged in the aftermath of the collapses of Enron, WorldCom, and Parmalat. Today, global securitisation markets continue to go from strength to strength, particularly as regards the evolution of new synthetic structures and the application of securitisation technology to fresh asset classes. This Yearbook focuses on the latest innovations in securitisation, including the securitisation of derivatives and alternative asset classes, and also exotic variations on the securitisation of well-established asset classes. Twenty-nine distinguished authors all of them active in the global securitisation markets as advisers, structurers, facilitators, or regulators brilliantly elucidate such topics as the following: synthetic squares as an effective means of arbitrage securitisation;collateralised debt obligations from a ratings perspective;use of, and potential for, synthetic securitisation in Germany and Italy;weather derivatives;use of equity derivatives as alternatives to credit risk;securitisation of alternative asset classes in Japan and the United States;covered bonds in a variety of European jurisdictions;new types of commercial mortgage backed securities;securitisation of non-performing tax receivables as an example of public sector securitisation; andsecuritisation structures in the Islamic regulatory and legal framework. The complex and sometimes controversial¿issues of documentation are well covered, as are all significant legal and regulatory issues. Three concluding essays detail the recent changes in accountancy fuelled by perceived abuse of existing regulations, and the revised framework for capital adequacy formulated by the Basel Committee. The Yearbook provides detailed information on the legal structure of innovative securitisations as well as recent developments in the accounting and regulatory treatment of securitisations. For legal advisers, investors, and regulators, there is no more useful guide to current and emerging trends and opportunities in securitisation.

Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Innovations in Securitisation Yearbook 2006 written by Jan Job de Vries Robbé and published by Kluwer Law International B.V.. This book was released on 2006-01-01 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite fears that regulators around the world would act to curtail securitisation severely in the aftermath of the collapse of Enron, WorldCom, and Parmalat, the securitisation industry has witnessed what can only be described as relentless innovation. Securisation remains one of the most important means for financial institutions to diversify their funding, transfer credit risk and manage solvency requirements. This volume, the second in a series focusing on the latest innovations in the global securitisation industry, provides advisers with detailed guidance on key structural and legal issues of innovative securitisations, as well as describing the most recent developments in the accounting and risk-capital treatment of securitisation transactions. The contributors represent a wide range of expert participants in the design, execution, and regulation of securitisation transactions. Among the critical features of contemporary securitisation covered are the following: project finance CLOs; securitisation of equity risk; securitisation of commodity risk through commodity trigger swaps; the convergence of structured credit and securitisation markets; innovation in RMBS: negative equity transactions; innovation in CMBS: A/B structure new markets in Europe, Japan, and Islamic countries; catastrophe risk securitisation; effect of recent US bankruptcy legislation on synthetics; microfinance loan securitisation in emerging markets; public sector securitisation; securitisable intellectual property; application of accounting standards in a rapidly changing environment, and updated analysis of Basel II. The practical perspective of the contributions, combined with the extensive use of case studies of key transactions, should make this volume an invaluable resource for lawyers as well as legal and business academics interested in the very latest developments in the global securitisation markets.

Download or read book Securitization in India written by Jennifer Romero-Torres and published by Asian Development Bank. This book was released on 2017-11-01 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: India needs to spend close to Rs43 trillion (about $646 billion) on infrastructure through to 2022. Such a staggering requirement cannot be met though traditional sources such as public sector bank loans. India must immediately explore and quickly ramp up financing from alternative investment sources. This report provides an overview of infrastructure financing in India, sheds light on the challenges faced by the country's banking sector, suggests an optimal mechanism for securitizing the infrastructure assets of public sector banks, and outlines a range of scenarios and factors that must be in place for this mechanism to be successfully realized.

Download or read book Securitization Law and Practice written by Jan Job de Vries Robbé and published by Kluwer Law International B.V.. This book was released on 2008-01-01 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitization--once a fairly straightforward means of offering collateral for investment--has mushroomed into a massively complex area of financial practice. The central role occupied by such risk-distributing products as collateral debt obligations (CDOs), credit default swaps (CDSs), collateral loan obligations (CLOs), and credit derivatives has given rise to one of the most crucial inquiries of our era: Is the financial collapse that threatens the world financial system due merely to rogue traders? Or is there something in the derivative idea itself that spells inevitable disaster? Most important, can we isolate the truly productive aspects of securitization and learn to recognise pitfalls in advance? As always in such ideational minefields, it is the legal practitioners who are expected to provide guidance to distressed investors and asset dealers. Hence this vital new book. Written from a distinctly practical point of view by Jan Job de Vries Robb� with contributions from Paul Ali and Tim Coyne--all three leading authorities with extensive experience as counsel both in-house and in private practice, in addition to sterling academic credentials--the book sheds clear light on every aspect of today's securitization techniques, including welcome guidance on the following: ; keeping track of exposure to the CDO market; and evaluating such emerging asset classes as commodity risk, microfinance, and project finance risk. In the course of the analysis the book proceeds from the relevant framework and guiding legal principles, through key risks and building blocks in securitization transactions, to the various product classes and sub-classes and their differences and common denominators. Non-credit risk and niche products (such as fund and insurance securitization) are also covered. The final chapters are devoted to the applicable rules as laid down in Basel II and International Financial Reporting Standards.

Download or read book Mobilising Capital for Emerging Markets written by Doris Köhn and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is structured finance dead? Many have asked this question after the financial crisis. Or is structured finance “evil” and therefore should it be dead? This book suggests neither nor. Even if structured finance can be misused or applied under inappropriate conditions, it can also be an effective tool for reaching development objectives. The authors in this volume focus on the potential of structured finance in the aftermath of the financial crisis. They explore the conditions under which structured finance is suitable for emerging markets highlighting both its benefits and risks. The book combines professional and scientific perspectives and points towards various useful applications of structured finance in support of small and medium-sized enterprises and microfinance. This also includes activities as diverse as infrastructure development, remittances, rural livelihood, and Shari’ah-compliant Islamic finance.

Download or read book Funds of Hedge Funds written by Greg N. Gregoriou and published by Elsevier. This book was released on 2011-04-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: With about $450 billion in assets, funds of hedge funds are the most recent darling of investors. While hedge funds carry high risk for the promise of high returns they are designed for the very rich and for large institutional investors such as pension funds. A Fund of Hedge Funds (FOF) spreads investments among a number of hedge funds to reduce risk and provide diversification, while maintaining the potential for higher than average returns. Odds are that some pension fund of yours is invested heavily in these products, and more recently these FOFs have been opened to more and more individual investors in offshore jurisdictions with lower minimum entry levels. Since this is a new and extremely fast-moving financial phenomenon, academic research has just begun in earnest, and this is the first book to present rigorous academic research by some of the leading lights in academic finance, carefully analyzing the broad array of issues involved in FOFs.* With over $450 billion in assets, hedge funds of funds are the darling of investors* First book to present rigorous academic research about funds of funds * Leading lights in academic finance from around the world analyze the broad array of issues involved in funds of funds

Download or read book International Corporate Governance After Sarbanes Oxley written by Paul Ali and published by John Wiley & Sons. This book was released on 2011-07-28 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Sabanes-Oxley Act has been one of the most significant developments in corporate and securities regulation since the New Deal. This collection of important articles would be a valuable resource for anyone seeking to understand Sabanes-Oxley's far-reaching effects on corporate governance in the United States and elsewhere." —Jesse Fried, coauthor of Pay Without Performance: The Unfulfilled Promise of Executive Compensation and Professor of Law at the University of California, Berkeley "The editors have assembled the latest cutting-edge research on international corporate governance by respected academics in this field. In this handbook, the editors deal with all aspects of the significant legislative changes to corporate governance regulation. It introduces the reader to the new rules that will certainly improve the reliability and the accuracy of disclosures made by corporations. The book comes at the right moment with the recent scandals such as Enron, which will educate all readers especially shareholders of corporate stock." —Komlan Sedzro, Professor of Finance, University of Quebec at Montreal "Today, corporate governance is a topic at the center of public policy debate in most industrialized countries. The range of concerns; the variety of approaches; and their tendency to converge in some areas or diverge in others (not always in the right directions) are emphatically demonstrated by these essays. There is material here of enormous interest for scholars of comparative law and economic regulation. And significantly, the presentation of essays from legal, financial, and regulatory viewpoints demonstrates the growing practical as well as theoretical utility of interdisciplinary work in this area. Professors Ali and Gregoriou are to be warmly congratulated for their skill and initiative in assembling an important publication, as well as for their own contributions to interdisciplinary scholarship." —R. P. Austin, BA, LLM (Sydney), DPhil (Oxon), Supreme Court of New South Wales "This very international collection emphasizes the economic line of descent, while including legal and socio-legal contributions. It fills a very important gap in our empirical knowledge of corporate governance. It is accessible and comprehensive and will greatly assist readers from all relevant disciplines, who are trying to discern the shape of corporate governance as a mature field." —Dimity Kingsford Smith, Professor of Law, University of New South Wales

Download or read book Slapped by the Invisible Hand written by Gary B. Gorton and published by Oxford University Press. This book was released on 2010-03-08 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.

Download or read book Journal of World Trade Law written by and published by . This book was released on 2006-02 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.

Download or read book Market Based Banking and the International Financial Crisis written by Iain Hardie and published by OUP Oxford. This book was released on 2013-08-29 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics and political economy lack the analytical tools to explain the differing impact of the recent international financial crisis that erupted in 2007 on developed economies. The principal contribution of this edited volume is to offer a 'market-based banking' framework which transcends the dominant dichotomous understanding of financial systems in terms of credit-based and capital-based. It demonstrates why this dichotomy is obsolete through an appreciation of the activities of banks. Further, it employs 'market-based banking' to overcome the inability of existing typologies to explain financial system change. 'Market-based banking' provides a framework that is more reflective of banking in modern financial systems, and one that provides a more successful explanation of the differential impact of the recent financial crisis. The comparative and single-country chapters in this volume compare the extent of 'market-based banking' across eleven countries, including all of the G7 economies. The chapters also consider the impact of the financial crisis in terms of necessary government support and lending to non-financial companies. The edited volume includes work by authors who are widely respected experts in national political economies, finance, financial regulation, banking, central banking, and monetary policy. This volume is one of the first book-length comparative studies of the financial crisis and its impact and one of the few recent comparative studies of national banking / financial systems in any discipline.

Download or read book Protecting Investment in Services written by Martín Molinuevo and published by Kluwer Law International B.V.. This book was released on 2011-12-05 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to tackle investment law and trade law jointly, and to compare the principles, rules, and dispute-settlement mechanisms of investment agreements with the multilateral framework of the WTO/GATS. Among the many invaluable questions the book addresses are the following: What are the substantive rules that apply to investment in services under investment agreements and the GATS? How do these disciplines differ? Which offers the best protection for investors in services and do they affect the governments’ policymaking capacity? Who can gain access to investor-State arbitration and WTO dispute settlement? The in-depth analysis, supported by an extensive review of existent jurisprudence, provides a thorough explanation of treaty standards like most favoured nation, national treatment, fair and equitable treatment, domestic regulation, and transparency, as well as procedural rules on access to the dispute-settlement mechanisms and enforcement procedures.

Download or read book WTO Litigation Investment Arbitration and Commercial Arbitration written by Jorge A. Huerta-Goldman and published by Kluwer Law International B.V.. This book was released on 2013-07-01 with total page 713 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers contributions by twenty-five world-class practitioners, leading academics, adjudicators, and civil servants in the field of WTO litigation, investment arbitration, and commercial arbitration. It provides a practical cross-cutting analysis of the different dispute settlement mechanisms that exist in international trade and investment and offers valuable insights into how to use best practices among the three systems. The book addresses the critical areas of overlap that exist in the three disciplines, including: management of parallel proceedings and role of politics and ‘pressure points’ within host governments; selection and appointment of arbitrators, panels and Appellate Body members; use of experts and economics; search of the applicable law; interpretation of the national treatment principle and other substantive standards and legal tests; methods of redressing ‘moral damage’; regimes of review, appeals and annulment; enforcement systems of awards, implementation of WTO law and other legal remedies; and allocation of costs. In addition to being the first in-depth exploration of the interaction among WTO litigation, investment arbitration and international commercial arbitration, this book brings a singularly practical perspective to bear on the three dispute settlement mechanisms and how each can be used to best advantage.

Download or read book The Relationship of WTO Law and Regional Trade Agreements in Dispute Settlement From Fragmentation to Coherence written by Malebakeng Agnes Forere and published by Kluwer Law International B.V.. This book was released on 2015-10-12 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is becoming increasingly evident that traditional sovereignty is simply out of date. Instead, what we might call 'cooperative' sovereignty – which focuses on communication and interaction – is more responsive to the realities of interdependent economies in the twenty-first century. Nowhere is this more salient than in the area of dispute resolution, especially as labour, intellectual property, and the environment can no longer be evaded in trade negotiations. This ground-breaking book suggests that it is this shift in perspective that has given rise to the proliferation of Regional Trade Agreements (RTAs) and the inevitable overlaps and tensions between their provisions and those of the World Trade Organization (WTO). The author examines this phenomenon in great detail, and offers viable recommendations to restore coherence in the global trading system without upsetting the rights and obligations of WTO Member States. Because the WTO and RTAs must be viewed as layers of one system and must therefore have a relationship that extends to dispute settlement, such principles of subsidiarity as autonomy, mutual assistance, and flexibility are key to a successful institutional relationship between the WTO and RTAs. From this theoretical springboard, the author proceeds to analyse the following issues and more: – the relationship between WTO and RTAs based on Article XXIV of GATT; - the extent to which WTO panels can apply RTA law; - the extent to which the WTO panels can hear RTA claims; - opportunity for RTA Members to secure preliminary rulings and advisory opinions from the WTO; - recognition by WTO panels of the results of litigation or arbitration that took place at the RTA level; - opportunity for RTA Members to appeal RTA dispute settlement decisions to the WTO; and - clarification of WTO rules designed to enable RTA activities (or intervene if necessary). Major cases decided at the WTO and RTA levels that manifest conflict between RTAs and the WTO are fully analysed. Confronting directly the stagnation in negotiating and concluding new trade agreements at the multilateral level and the fragmentation of the international trade law system, this important book shows clearly how the institutional relationship between the WTO and RTAs can be restructured with a view to establishing mutual recognition of the judgments of both. In a nutshell, the book calls for reconfiguration of WTO Dispute Settlement Body to perform functions of World Trade Court that is capable of hearing disputes arising between WTO Members, RTA Members and Non-WTO Members. It will prove invaluable to all involved in the negotiation and implementation of trade agreements at every level.

Download or read book Uniformity in the Application of the CISG written by Boris Praštalo and published by Kluwer Law International B.V.. This book was released on 2020-04-06 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than ninety countries are now parties to the United Nations Convention on Contracts for the International Sale of Goods (CISG) recognised as the pre-eminent legislative achievement aimed at harmonising commercial law on a global scale but uniformity in the treaty’s application remains unsettled and controversial. This book, in addition to offering a detailed assessment of tools designed to promote such uniformity, draws on issues raised during over thirty years of case law from all over the world and from other CISG-related materials to clearly delineate a path to more uniform application. The practical implications to be found in this book emerge from deeply informed discussion of such issues and topics as the following: causes of non-uniformity, whether based on overall scope or on particular CISG provisions; detrimental effect of non-uniformity on both the legal and economic benefits provided by the CISG; effectiveness of implemented tools to combat non-uniform application; problems arising from trading imbalances between developed and developing countries; and proposed efforts to promote uniform application. Drawing on its many sources, the analysis concludes with recommendations and observations about how to improve the organisation and mode of operation of existing and proposed tools. Legal practitioners, judges and arbitrators called upon to argue under or apply the CISG, as well as all those with an interest in international commercial law, will greatly appreciate the book’s incisive guidance in navigating the issue of uniformity in the application of the treaty. By extension, as a comparative analysis, the book will be of informative value for jurists and policymakers interested in what can be done to heighten the level of uniformity in the application of any international convention.

Download or read book EU Dumping Determinations and WTO Law written by Henrik Andersen and published by Kluwer Law International B.V.. This book was released on 2009-01-26 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: The application of the antidumping instrument by WTO members is often controversial because of the protectionist character of these measures where inefficient industries are protected from foreign competition. The legal framework within the WTO has loopholes that leave wide discretion to the investigating authorities to determine that a product is dumped, thereby emphasizing the protectionist nature of antidumping. The use of antidumping becomes even more controversial when WTO members use the antidumping tool beyond the legal scope of WTO law. The questions raised in this book concern the EU dumping determinations and their conformity with WTO law. This thought-provoking work examines whether European Union legislation on dumping, the practices adopted by the European Commission and the Council, as well as the decisions by the EC courts are in conformity with WTO law. The author's findings are particularly relevant given the frequent use of antidumping measures by EU authorities, especially as relates to Asian countries, and he carefully documents areas where the EU infringes WTO law.