Shadow banking the rise, risks, and rewards of non bank financial services

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SHADOW BANKING The Rise, Risks, and Rewards of Non-Bank Financial Services ROY J GIR ASA Shadow Banking Roy J Girasa Shadow Banking The Rise, Risks, and Rewards of Non-Bank Financial Services Roy J. Girasa Lubin School of Business Pace University Pleasantville, New York, USA ISBN 978-3-319-33025-9 ISBN 978-3-319-33026-6 DOI 10.1007/978-3-319-33026-6 (eBook) Library of Congress Control Number: 2016946986 © The Editor(s) (if applicable) and The Author(s) 2016 This work is subject to copyright All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made Cover illustration © Andrew Bret Wallis / Getty Images Cover design by Paileen Currie Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Richard J. Kraus Gary Tidwell ALSO BY ROY GIRASA Cyberlaw: National and International Perspectives Corporate Governance and Finance Law Laws and Regulations in Global Financial Markets vii PREFACE The origin of this text was suggested by a representative of Palgrave Macmillan at the Eastern Economic Association in 2015, when it was noted that I was to deliver a paper on shadow banking Although two of my books had already been published by Palgrave Macmillan on the law of finance, I had not included any discussion of shadow banking and the legal ramifications of this most important aspect of the financial world The paper that was delivered served as an outline for the expanded text, which I hope will be of use to practitioners in the field and to academics It is always difficult to name and thank the persons responsible not only for this volume but also for encouragement and assistance, including colleagues and representatives of Palgrave Macmillan The book is dedicated to Richard J.  Kraus, who was not only the chairperson who initially caused my employment as a university professor 35 years ago at the Lubin School of Business of Pace University in New York but has also served as a great friend and spiritual adviser The book is also dedicated to Gary Tidwell who retained me on behalf of the National Association of Securities Dealers (now FINRA) to instruct representatives of the Saudi Arabia Capital Markets Authority and its Banking Authority concerning the explanation of rules and regulations governing the expansion of its stock market He continues to be an inspiration and a good friend Many thanks to my colleagues, particularly Richard J.  Kraus, Philip Cohen, Joseph DiBenedetto, and Jessica Magaldi, as well as my adviser Susanne Marolda Similarly, so many thanks for the extraordinary efforts of Sarah Lawrence, Allison Neuburger of Palgrave Macmillan, and my editor, Soundarrajan Sudha Lastly, my profound thanks to my muse, Camille D’Agostino Angrisano ix CONTENTS Traditional Banking in the United States and Its Evolution as Bank Holding Companies Shadow Banking (Non-Bank Financial Intermediation) 47 Governance of Shadow (Non-Bank) Financial Institutions 81 Enhanced Prudential Standards 125 Securitization and Repos 167 Hedge Funds and Mutual Funds as SIFIs 197 Insurance Companies as SIFIs: The MetLife Inc Litigation 231 International Institutions Affecting Shadow Banking 279 Index 317 xi ACRONYMS ABCP ABS AEI AIFM AIFMD AIG AIGFP AIMA AMLF ATM AUM BCBS BHC BIS BRRD CalPERS CBRC CCAR CCP CDO CDS CFTC CHIPS CIC CIRC CIVs AND ABBREVIATIONS Asset-backed commercial paper Asset-backed securities American Enterprise Institute (EU) Alternative Investment Fund Managers (EU) Directive on Alternative Investment Fund Managers American International Group Inc AIG (American International Group) Financial Products Corp Alternative Investment Management Association (FED) Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility Automated teller machines Assets under management Banking Committee on Banking Supervision Bank holding company Bank for International Settlements (EU) Directive for Bank Recovery and Resolution California Public Employees’ Retirement China Banking Regulatory Commission (FED) Comprehensive Capital Analysis and Review Central counterparties Collateralized debt obligation Credit default swaps Commodity Futures Trading Commission Clearing House Payments Company, LLC China Investment Corporation China Insurance Regulatory Commission Collective investment vehicles xiii xiv ACRONYMS AND ABBREVIATIONS CMBS CMG CMOs COMI COUNCIL CORA CP CPFF CPI CPO CRA CRD CSDR CTA DBDs DGP Dodd-Frank DTC ECSC EDTF EIOPA EMIR ESFS ESMA ESRB EU EURIBOR EURATOM FANNIE MAE FBO FDIC FED FFIEC FHC FICC FINRA FMU FOMC FRBNY FREDDIE MAC FSB Commercial mortgage-backed securities Crisis Management Groups Collateralized mortgage obligations Center of main interest Financial Stability Oversight Council Community Reinvestment Act of 1977 Commercial paper (FED) Commercial Paper Funding Facility Consumer Price Index Commodity Pool Operators Credit rating agencies IV (EU) Capital Requirements Regulation and Directive Central Securities Depositories Directive Commodity Trading Advisers Diversified broker-dealers (FDIC) Debt Guarantee Program Dodd-Frank Wall Street Reform and Consumer Protection Act of 1977 Depository Trust Company European Coal and Steel Community Enhanced Disclosure Task Force European Insurance and Occupational Pensions Authority European Market Infrastructure Directive European System of Financial Supervisors European Securities and Markets Authority European Systemic Risk Board European Union European Interbank Offered Rate European Atomic Energy Community Federal National Mortgage Association Foreign Banking Organizations Federal Deposit Insurance Corporation Federal Reserve System Federal Financial Institutions Examination Council Financial holding company Fixed Income Clearing Corporation Financial Industry Regulatory Authority Financial market utility Federal Open Markets Committee Federal Reserve Bank of New York Federal Home Loan Association Corporation Financial Stability Board .. .Shadow Banking Roy J Girasa Shadow Banking The Rise, Risks, and Rewards of Non- Bank Financial Services Roy J. Girasa Lubin School of Business Pace University Pleasantville,... financial sectors of the economy The text is divided into three areas The traditional banking sector examines non- bank or shadow banking financial segments of the economy and explores the international... traditional banking; its history; the evolution of statutory enactments that initially forbade the intertwining of commercial and investment banking; the repeal of the separation; the INTRODUCTION xxv banking
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Xem thêm: Shadow banking the rise, risks, and rewards of non bank financial services , Shadow banking the rise, risks, and rewards of non bank financial services , 2 Role and Types of Transformation of the Financial System, 3 UNCITRAL and US Chapter 15 Bankruptcy Code, 4 Final Rule for Global Systemically Important BHCs (G-SIB)69, Chapter 7: Insurance Companies as SIFIs: The MetLife Inc. Litigation, 2 The Council’s Regulation of Insurance Companies as SIFIs, 4 METLIFE’S Complaint Against the Council

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