Monthly Archives: December 2017

Review and Renovate the Existing Securities Rulebook (IIAC Blog)

Review and Renovate the Existing Securities Rulebook (IIAC Blog)

In my latest opinion piece for Investment Executive, I call on regulators to review and renovate the existing securities rulebook, with a focus on identifying rules that are obsolete and out-dated, inefficient and duplicative, and have unintended negative consequences on capital formation. Such a review has the potential to yield major efficiency gains in the areas of securities trading and financing, enable more cost-effective investor protection, lower transaction costs and stimulate investor participation in markets, and boost overall liquidity and capital formation in Canada.

I also outline some specific rules regulator should tackle to address … Continue reading

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Brexit and what it portends for UK-EU and global capital markets (IIAC Blog)

Brexit and what it portends for UK-EU and global capital markets (IIAC Blog)

My December 2017 Letter from the President examines Brexit and its implications for UK-EU and global capital markets. Brexit’s impact could be modest, if financial regulation relies on mutual recognition or national treatment, or considerably disruptive, if the EU forces UK dealing banks to conduct trading and clearing with European clients within the EU, requiring a shift in UK operations to Europe.

It is clear post-Brexit, the UK and the EU need a model of regulatory cooperation. I believe the Financial Stability Board (FSB) may be the best possible vehicle to take on responsibility for a … Continue reading

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International Capital Market Fragmentation – The Risks are Real (IIAC Blog)

International Capital Market Fragmentation – The Risks are Real (IIAC Blog)

The 2008 global financial crisis shook the global financial system to its core. Massive regulatory reforms ensued, the result of intense dialogue and cooperation between national authorities and international standard-setting bodies. Now, recent developments threaten to weaken cooperation on financial regulations and the process of reform. I write about these threats in the December 2017 issue of the Canadian Business Journal. I also argue that continued regulatory cooperation and coordination are as important as ever to address new risks and vulnerabilities to financial stability, market efficiency and investor protection. Click here to … Continue reading

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