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Credit derivative markets are largely unregulated, but calls are increasingly being made for changes to this "hands off" stance, amidst concerns that they helped to fuel the current financial crisis, or that they could be a cause of the next one. The purpose of this paper is to address two basic questions: (i) do credit derivative markets increase systemic risk; and (ii) should they be regulated more closely, and if so, how and to what extent? The paper begins with a basic description of credit derivative markets and recent events, followed by an assessment of their recent association with systemic risk. It then reviews and evaluates some of the authorities' proposed initiatives, and discusses some alternative directions that could be taken.
This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the risks associated with cross-border clearing and settlement and concludes that, due to institutionalized deficiencies, the current cross-border regulatory framework may not be adequate or effective in addressing and preventing a real cross-border crisis. The paper proposes a two-tier regulatory framework for securities infrastructure in Europe entailing the creation of a centralized "federal" European regulatory framework for regional systems, in addition to the current national regulatory framework for domestic systems.
Although a very fragile structure, the skin barrier is probably one of the most important organs of the body. Inward/out it is responsible for body integrity and outward/in for keeping microbes, chemicals, and allergens from penetrating the skin. Since the role of barrier integrity in atopic dermatitis and the relationship to filaggrin mutations was discovered a decade ago, research focus has been on the skin barrier, and numerous new publications have become available. This book is an interdisciplinary update offering a wide range of information on the subject. It covers new basic research on skin markers, including results on filaggrin and on methods for the assessment of the barrier funct...
This volume includes the texts of all major addresses, reports received or adopted, and the issued statements of the February 1991 meeting of the World Council of Churches. The memorable Australian setting and major global events--in South Africa, China, and the Persian Gulf--provide the context and backdrop for this report.
Managing for Mission lays out the fundamentals of leading a faith-based school to mission excellence. Its central insight is that four models operate within the school: apostolic, pedagogical, community and business. Effective leaders must understand them all and assure that each is functional within itself and supports the other three. Drawing on over 30 years in Jesuit school leadership, Peterson provides a framework for understanding the four dimensions of the school in a new way, gives practical advice about how to harness their power, and points to critical junctures where the separate models must function as a whole. The book is intended to assist administrators, aspiring administrators and board members both within and outside the Jesuit educational realm.
How to assess securities clearance and settlement systems, based on international standards and best practices.
The aim of this volume is to raise and discuss questions about the different approaches to the study of pre-modern Arabic anthologies from the perspectives of philology, religion, history, geography, and literature.
This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.
ASEAN+3 Bond Market Guide is a comprehensive explanation of the region's bond markets. It provides information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction (including settlement systems), and other relevant information. The Bond Market Guide 2018 for Cambodia is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Cambodia.