The Oxford Handbook of Banking, Second Edition provides an overview and analysis of developments and research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners, regulators, and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner, and policy-related material.
The Handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their corporate governance and risk management practices. Part II deals with Bank Operations and Performance. A range of issues are covered including bank performance, financial innovation, and technological change. Aspects relating to small business, consumer, and mortgage lending are analysed together with securitization, shadow banking, and payment systems. Part III entitled Regulatory and Policy Perspectives discusses central banking, monetary policy transmission, market discipline, and prudential regulation and supervision. Part IV of the book covers various Macroeconomic Perspectives in Banking. This part includes a discussion of systemic risk and banking and sovereign crises, the role of the state in finance and development as well as how banks influence real economic activity. The final Part V examines International Differences in Banking Structures and Environments. This part of the Handbook examines banking systems in the United States, European Union, Japan, Africa, Transition countries, and the developing nations of Asia and Latin America.

The field of consumer credit law has undergone major and fundamental change in the recent past, due in part to the regulation since 1 April 2014 of consumer credit by the Financial Conduct Authority, and this book provides a clear and complete guide to this difficult area of law. Fully updated for the second edition, the author considers new developments including: the new authorisation process under the Financial Services and Markets Act 2000, including the interim permission regime, and its consequences; the new regime for financial promotions as applied to credit and hire advertising; the new rules controlling high cost short term lending and peer to peer lending; the new provisions of the recently released Consumer Credit Sourcebook (CONC); the new requirements governing mortgage lending as contained in MCOB; the requirements for distance selling and off-premises contracts as applied to consumer credit and consumer hire including the impact of the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013; the jurisdiction of the financial ombudsman service on consumer credit. Also considered is the recent case law on the powerful unfair relationships jurisdiction. This comprehensive and practical guide is essential reading for legal practitioners, finance houses, credit reference agencies and retail organisations.

This comprehensive book begins with a consideration of the nature of the general banker-customer relationship, the obligations it poses and the issues relating to the commencement of the banking relationship. It provides individuals and companies with valuable guidance when assessing the risks in their relationship with banks, and vice versa. The following chapters allow all parties to consider carefully the central issues and underlying general principles that might arise by addressing the various activities undertaken by a lender. The duty of confidentiality, lenders as fiduciaries, the lender's duty to advise borrowers on the imprudence of transactions as well as fraud, and banks as constructive trustees and damages for breach of contract by a lender are all considered. The final chapters explore the duties of security holders and mortgagees of land, the liability of lenders for receivers they appoint, environmental liability and lender liability as shadow directors concerning wrongful trading. The book outlines liability in negligence and contract, with specific reference to existing case law concerning banks in this field from an English law perspective, and also Scottish and Commonwealth law, thus providing valuable applicability to the banking context for practitioners in other fields.

Scores of lawsuits have pushed retirement plan sponsors to shorter, easier-to-navigate menus, but - as Ian Ayres and Quinn Curtis argue in this work - we've only scratched the surface of retirement plan design. Using participant-level plan data and straightforward tests, Ayres and Curtis show how plan sponsors can monitor plans for likely allocation mistakes and adapt menus to encourage success. Beginning with an overview of the problem of high costs and the first empirical evidence on retirement plan fee lawsuits, they offer an overview of the current plan landscape. They then show, based on reforms to a real plan, how streamlining menus, eliminating pitfalls, and adopting static and dynamic limits on participant allocations to certain risky assets or 'guardrails' can reduce mistakes and lead to better retirement outcomes. Focusing on plausible, easy-to-implement interventions, Retirement Guardrails shows that fiduciaries need not be limited to screening out funds but can design menus to actively promote good choices.

The Oxford Handbook of Banking provides an overview and analysis of state-of-the-art research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material.
The handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their legal and governance structures. Part II entitled Regulatory and Policy Perspectives discusses monetary policy, prudential regulation and supervision, and antitrust policy. Part III deals with Bank Performance. A number of issues are assessed including efficiency, financial innovation and technological change, globalization and ability to deliver small business, consumer, and mortgage lending services. Part IV of the book provides an overview of Macroeconomic Perspectives in Banking. This part includes a discussion of the determinants of bank failures and crises, and the impact on financial stability, institutional development, and economic growth. Part V examines International Differences in Banking Structures and Environments. This part of the handbook examines banking systems in the United States, Western Europe, Transition countries, Latin America, Japan and the developing nations of Asia.

The Independence Principle of Letters of Credit and Demand Guarantees offers a comprehensive and authoritative analysis of the principle of independence, a fundamental element of Letters of Credit and Demand Guarantees. It examines the key issues involved in the practical application of this principle and the increasing exceptions to it, including a detailed account of the rules in this area. Beginning with an elementary account of the law of Letters of Credit and Demand Guarantees, the following chapters guide practitioners on the parameters of the Independence Principle. It will discuss the limitations of the principle, and assess whether new exceptions should be introduced. With English law and practice as the main focus of the work, comparisons to other major common law jurisdictions (including Australia, Canada, USA and Singapore) will be made where relevant and instructive. The landscape of the law in this area has changed markedly as a result of judicial decisions within the last five years,and revisions of the ICC Uniform Customs and Practice for Documentary Credits (2007) and ICC Uniform Rules for Demand Guarantees (2010). The fully updated analysis takes into account all the important developments that have taken place in this field in recent years and will prove a valuable reference tool to practitioners and academics alike.

This book is the first to provide an extensive analysis of the range of defences to payment under letters of credit and demand guarantees.
It considers the extent to which different defences undermine the abstraction of these instruments. This is a fundamental issue, since letters of credit and demand guarantees are designed to be abstract, or autonomous, from the underlying contract that called for their use. The purpose of that abstraction is to provide certainty of payment, but the various defences diminish that certainty. The book examines the spectrum of defences that are frequently litigated and debated in international practice: fraud in the documents, nullity, fraud affecting deferred payment letters of credit, fraud as no honest belief, unconscionable conduct and illegality. Vitally, the book provides analysis of the relevant judicial decisions and offers clear practical guidance on which defences are most suitable for each instrument.
As the instruments are heavily used in international trade, this work is particularly suited to financial and commercial law practitioners who draft agreements, as well as those who advise on disputes concerning these instruments. Accessible and engaging, the book is also relevant for academics and students.

This new edition of The Law of Trusts provides comprehensive and up to date coverage of both the general principles and the application of trust law in specific areas of legal practice.
The book has been fully revised and updated to take into account recent legislation and case law from key trust jurisdictions, and to include new material on the rule in Hastings-Bass; different applications of the constructive trust; trustees' liability for breach of trust; the taxation of trusts and estate planning; trusts of pension schemes and financial regulation. It also contains expanded material on areas that have recently grown in importance, such as the emergence of shams and retention of control of trust assets by the settlor; and the growing use of Special Purpose Vehicles in offshore commercial dealings.
The book is helpfully split into two parts along these lines: Part One considers the general principles involved and includes coverage of: all aspects of express private trusts; the duties and powers of trustees; the variation of trusts; trusts implied by law; and breach of trusts. Part Two puts the general principles to work by covering key practice areas including: insolvency; private client trusts; international trusts; pension funds; financial transactions; commercial transactions; and trusts of land. This is a substantial work written by expert academics who also have experience of practice, supported by contributions from key specialists.

The Oxford Handbook of Banking provides an overview and analysis of state-of-the-art research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material.
The handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their legal and governance structures. Part II entitled Regulatory and Policy Perspectives discusses monetary policy, prudential regulation and supervision, and antitrust policy. Part III of the book deals with bank performance. A number of issues are assessed including efficiency, financial innovation and technological change, globalization and ability to deliver small business, consumer, and mortgage lending services. Part IV of the book provides an overview of macroeconomic perspectives in banking. This part of the book includes a discussion of the determinants of bank failures and crises, and the impact on financial stability, institutional development, and economic growth. Part V examines International Differences In Banking Structures And Environments. This part of the handbook examines banking systems in the United States, Western Europe, Transition countries, Latin America, Japan and the Developing nations of Asia.

Market Abuse Regulation is a wide-ranging and insightful analysis of the market abuse regime and the applications of the regulations in the UK and European Union. It provides detailed discussion of the implementation and interpretation of the regulation, the conduct of investigations, the defences and appeals available against a finding of market abuse, and overlapping United States regulation. The new edition explains and evaluates the changes introduced by the Markets in Financial Instruments Directive , the Market Abuse Directive, the Market Abuse Regulation, and the implementation of the Regulation on Wholesale Market Integrity and Transparency, which have resulted in dramatic expansion of the coverage of EU market abuse regulation. It addresses the regulation of additional financial instruments, the expansion to include new markets and trading facilities, and changes to the coverage of commodity derivatives and physical commodities. It discusses the dramatic changes to the format of regulation as a result of the restructuring of UK regulators; as well as the addition of new EU supervisory bodies with revised powers over national regulation within the EU. Beyond the EU, it discusses international protocols and treaties which have also added to the regulatory structure.

This book is a practical guide to derivatives, setting out a straightforward and easily understood explanation of the basic concepts, the different types of derivative product, who uses derivatives, and why and how derivatives are used. The book explains both more established products (such as futures, options, and swaps) and more innovative products (such as CPPI structures and those derivative contracts used as financing tools). The expansion of the derivative market to cover different underlying assets (such as freight, power trading, emissions trading, and hedge funds) is explored.
The author provides guidance as to the legal and regulatory treatment of derivatives. The book looks at the key documents that are used in both the exchange-based and over-the-counter (OTC) markets and explores the important materials published by ISDA .The book also discusses other related topics including the accounting and tax treatments of derivatives.
The book considers the background to current legal trends, including the developing strand of English case law on claims for the misselling of derivative products and the retail offer of derivatives, which has recently been the subject of considerable debate within the financial services industry.
The third edition includes a new discussion of the retail offer of derivatives, and discusses a greater number of derivative products (including CPPI structures, derivatives used as financing tools, power trading, emissions trading, multi-asset derivatives, fund-linked derivatives, derivatives based on "computed data," and the different wrappers" in which derivative exposures are made available).
It provides greatly expanded discussion of the ISDA documents used in the over-the-counter (OTC) market and looks in more detail at the duty of care (selling and misselling, including the recent decision in the "Springwell" litigation).

This book outlines the financial services regulatory framework in 42 countries in Europe. Contributors from leading commercial law firms across the region provide a clear explanation of the relevant regulatory bodies and their powers, with consideration of the effects of each jurisdiction's national legislation.
This title is supported by two companion volumes covering Asia Pacific and the Middle East. The series describes the principle regulatory authorities that oversee the banking, insurance and securities activities within each country. A highly practical Questions and Answers section highlights the key issues of practical importance: What enforcement powers do the relevant authorities in each country have? What scope is there for foreign entities to conduct banking, insurance, securities activities and fund marketing activities in or into each country? What is the authorization and registration process in each jurisdiction? Supporting commentary examines the nature and scope of the current regulation and prospective market developments.
The complete three volume series covers over 60 countries and is an essential reference point for those needing a practical insight into international financial services regulation and the regimes operating within jurisdictions other than their own.

A new and urgently needed guide to making the American economy more competitive at a time when tech giants have amassed vast market power. The U.S. economy is growing less competitive. Large businesses increasingly profit by taking advantage of their customers and suppliers. These firms can also use sophisticated pricing algorithms and customer data to secure substantial and persistent advantages over smaller players. In our new Gilded Age, the likes of Google and Amazon fill the roles of Standard Oil and U.S. Steel. Jonathan Baker shows how business practices harming competition manage to go unchecked. The law has fallen behind technology, but that is not the only problem. Inspired by Robert Bork, Richard Posner, and the "Chicago school," the Supreme Court has, since the Reagan years, steadily eroded the protections of antitrust. The Antitrust Paradigm demonstrates that Chicago-style reforms intended to unleash competitive enterprise have instead inflated market power, harming the welfare of workers and consumers, squelching innovation, and reducing overall economic growth. Baker identifies the errors in economic arguments for staying the course and advocates for a middle path between laissez-faire and forced deconcentration: the revival of pro-competitive economic regulation, of which antitrust has long been the backbone. Drawing on the latest in empirical and theoretical economics to defend the benefits of antitrust, Baker shows how enforcement and jurisprudence can be updated for the high-tech economy. His prescription is straightforward. The sooner courts and the antitrust enforcement agencies stop listening to the Chicago school and start paying attention to modern economics, the sooner Americans will reap the benefits of competition.

Property Rights in Money is a systematic study of how proprietary interests in the ownership of and transactions in money are transferred and enforced as part of a payment transaction.
The book begins by considering the different kinds of property recognised by the law which perform the economic functions of money. It describes how the nature of an owner's proprietary interest differs depending on the kind of property that is treated as money.
The main body of the work provides a detailed account of how property rights in money are transferred from one person to another, and the proprietary consequences when a transfer of money is ineffective. For example, the work considers the consequences for the passing of property in money when a person pays the money by mistake, through the fraud of another or through a breach of his or her duties as a trustee or a company director.
The author provides a coherent explanation of the proprietary effect of money transfers whether made via a transfer of coins or banknotes or, as is now more common, through a bank payment system.
The final section of the book considers how a person can enforce his property rights in money, and the legal remedies open to him to recover his money once it is in the hands of a person who is not entitled to it.

Based upon the work done to prepare and implement a Model Law drawn up for the European Bank for Reconstruction and Development (EBRD), this book provides a comparative account of the laws relating to secured lending in the 27 EBRD member states in Eastern Europe (including Bulgaria, the Czech Republic, Hungary, Poland, Romania, Russia and the Slovak Republic). Since many of the former Soviet-bloc countries have joined the EU, increasing amounts of money are being invested by western companies and financial institutions into Eastern Europe generally. Knowledge of the applicable laws relating to security is vital to such investment and lending.
This is an explanatory and practical book. Throughout the book the theme will be what characteristics make a security law useful from a practical point of view. Hence, the purpose of the book is not merely to describe existing rules on security but to concentrate on how those rules can be made practical. The EBRD's Model Law on Secured Transactions and the EBRD's Core Principles for a Modern Security Law serve as basic reference points. In addition, the author introduces a comparative perspective in order to make the reader aware of significant differences between various national security laws. The main reference systems are English, German and US-American law. The principles of security law developed under western legal systems are contrasted with the principles of security law as they can now be described after 15 years of legal reforms in central and eastern European countries.

The Blackstone's Guides Series delivers concise and accessible books covering the latest legislation changes and amendments. Published within weeks of an Act, they offer expert commentary by leading names on the effects, extent and scope of the legislation, plus a full copy of the Act itself. They offer a cost-effective solution to key information needs and are the perfect companion for any practitioner needing to get up to speed with the latest changes. The Department of Trade and Industry has been conducting a major revision of consumer credit law over the past few years. Its proposals on substantial changes to existing law were contained in its White Paper published in December 2003: Fair, Clear and Competitive - The Consumer Credit Market in the 21st Century. Since then, this programme has been implemented by a series of new statutory instruments and a major new Consumer Credit Act which runs to 70 sections and revolutionises the present law and practice of consumer credit. The new Act principally amends the Consumer Credit Act 1974, which is the statute governing the licensing of, and other controls on, traders concerned with the provision of credit or the supply of goods on hire or hire-purchase to individuals. Significant changes brought in by the new Act include the following; * The re-definition of "consumers" whose agreements are to be regulated by the Act and financial ceilings on consumer credit and hire agreements removed * The consequences of trading without a license are to be made more severe and the whole process of licensing to be modernised * Consumer credit is to be brought within the remit of the Financial Ombudsman This Guide covers all of these new provisions, together with the growing importance of the internet and electronic technology to this area of the law, whilst also placing the new Act in the context of what has gone before. The commentary in the Guide is structured in a clear and logical way, thus enabling readers to quickly access the information they require.

This book addresses the legal background of the derivative business. The author analyses existing rules and comes to the conclusion that further regulation is superfluous. The European legal systems are aware of substantiated principles that are applicable to this type of business, such as those from the insurance and gambling fields. Established instruments of the law of obligations and criminal law offer better protection than the mere expansion of supervisory authorities.

The last thirty years have witnessed a fundamental shift away from real property mortgages towards personal property security interests (in particular, security interests over intangibles such as bank deposits, book debts, bonds, and shares) as the preferred means of securing the repayment of debts or the performance of obligations. This book provides a comprehensive survey of the legislative regimes regulating security interests over personal property in the United Kingdom and the major common law jurisdictions of Australia, Canada and New Zealand. The economically important common law jurisdictions of Hong Kong, Malaysia, and Singapore will also be considered.

In Hong Kong, the banking system is the primary source of financial stability risk. Post-2008 regulatory reforms have focused on financial stability policies and tools while neglecting the design of supervisory models. This book provides a comparative analysis of how supervisory models affect the management of financial stability regulations in Hong Kong's banking system. Regulatory issues discussed span prudential regulations, systemically important banks, unconventional liquidity tools, deposit insurance, lender of last resort, resolution regimes, central clearing counterparties and derivatives, Renminbi infrastructure, stock and bond connect schemes, distributed ledger technology, digital yuan, US dollar sanctions, cryptocurrencies, RegTech, and FinTech. A Regulatory Design for Financial Stability in Hong Kong elucidates the flaws and synergies in Hong Kong's banking regulatory framework and proposes conventional and innovative regulatory reforms. This book will be of great interest to banking, financial, and legal practitioners, central bankers, regulators, policy makers, finance ministries, scholars, researchers, and policy institutes.

This book explains how to deal with legal, compliance, and enforcement issues faced by banks and other financial institutions and their legal advisers. It focuses on the practical application of the generally applicable regulations and rules under the Financial Services and Markets Act 2000 governing the financial services sector as it changed and developed during and after the financial crisis. The book considers the key changes made by the Financial Services Act 2012 and the Financial Services (Banking Reform) Act 2013 as well as policy developments brought about by the change in regime from the Financial Services Authority to the Prudential Regulation Authority and Financial Conduct Authority. Guidance is given on the application and enforcement of the rules taking all relevant sources into account including speeches and announcements by regulatory authorities, policy documents and pronouncements, practice developments, court cases, tribunal decisions, and enforcement proceedings. Providing real insight into the practical, legal, and policy issues affecting all dealing with the post-crisis regulatory environment, this book is essential for all advising on legal matters, compliance and enforcement in the financial sector.

In The Financial Courts, Jo Braithwaite analyses thirty years of cases involving the global derivatives markets, exploring the nature of these legal disputes and assessing their impact on financial markets and on commercial law more broadly. Weaving together this substantial body of cases with theoretical insights drawn from the growing literature on the internationalisation of financial law, Braithwaite offers readers a detailed and highly original contribution to the debate about the role of private law in international financial markets. This important work should be read by lawyers, economists and regulators in the field.