Fordham Journal of Corporate & Financial Law

Fordham Journal of Corporate & Financial Law is a trade journal focusing on Financial Law

Articles from Vol. 18, No. 2, 2013

Defending Skin-in-the-Game: How Regulators Should Structure the Final Credit Risk Retention Rules for the Residential Mortgage Market
AbstractRelaxed lending standards, lending without retaining residual risk, and financial engineering led to a large expansion of mortgage credit that resulted in the over-origination and over-leveraging of poor quality mortgage securities products in...
Diversifying Clearinghouse Ownership in Order to Safeguard Free and Open Access to the Derivatives Clearing Market
INTRODUCTIONImplementing the rigorous governance and ownership standards established in the Dodd-Frank Wall Street Reform and Consumer Protection Act1 ("Dodd-Frank Act") for derivatives clearing organizations ("DCOs") will promote free and open access...
Ferc Does Not Have Anti-Manipulation Authority in Financial Markets
ABSTRACTDoes the Federal Energy Regulatory Commission ("FERC") have authority to police manipulation in financial markets if that conduct has an effect on physical markets?FERC has erroneously argued that it possesses such authority. Adopting FERC's...
JUDGES AND SYSTEMIC RISK IN THE FINANCIAL MARKETS[dagger]
INTRODUCTIONThis paper will keep company with others that consider the regulation of over-the-counter ("OTC") derivatives, and the particular role and potential effectiveness of proposals in the new regulatory regimes that have emerged since the recent...
Keynote Address
Good morning ladies and gentlemen. I am delighted to be the keynote speaker at this symposium on the regulation of OTC derivatives. As many of you know, I retired as CEO of the International Swaps and Derivatives Association ("ISDA") at the end of 201...
Regulation of Over-the-Counter Derivatives
SYMPOSIUMThe Fordham Journal of Corporate & Financial Law's 2012 Symposium, entitled "Regulation of Over-the-Counter Derivatives," took place on February 13, 2012 at Fordham University School of Law. Practitioners, academics, and students gathered...
Scoring the Banks: Building a Behaviorally Informed Community Impact Report Card for Financial Institutions
ABSTRACTThe U.S. financial system faces a crisis. Unlike fiscal crises, this one is of consumer confidence and trust. Recent polls suggest that faith in American banks is at a forty-year low. Many blame the banking sector for having a significant role...
Solving the Realization Problem with a Consumption Tax: Reconsidering Andrews' Proposal
IntroductionAs the income gap between the rich and the poor widens, Americans have begun to demand reform.' The Occupy Wall Street movement is a recent reflection of the public's frustration.2 The lowering of the effective tax rate for the very rich...
The Impact of Dodd-Frank on Derivatives
I. DODD-FRANK OVERVIEWTitle VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), enacted on July 21, 2010, provides for the first time a comprehensive regulatory framework for the over-thecounter ("OTC") derivatives markets.'...
Using Unsolicited Ratings to Regulate the Credit Rating Agencies
ABSTRACTUnsolicited ratings have long been overlooked in the investment landscape and issuer pay models. Although Congress has lost its confidence in the credit rating agencies' reputation theory and is now considering a semi-closed market as the only...