General Part:
The Anatomy of the Financial Market
- What is the financial market?
- Who is regulated, and why?
- Introduction to the 2007-2010 Financial Crisis
- Identification of main crisis accelerators
The ‘Why’: Rationales for Regulating the Financial Market
- Counterparty risk, operational risk and systemic risk
- Market Integrity and fairness
- The principal/agent problem
- Competition, market segmentation and infrastructures
The ‘How’: Key Elements and Tools of Financial Regulation
- The efficiency of ‘Value at Risk’ and other risk models
- Disclosure to retail and institutional clients
- Resilience of intermediaries and infrastructures
- Rules imposing risk-conscious internal management
The ‘Who’: Global and EU Regulatory and Supervisory Structure
- Financial Stability Board and G20
- Basel Committee and IOSCO
- EU Institutions and ECB
- National Supervisors and Regulators
Specific Policy Areas appertaining to the Financial Crisis:
Banking and Financial Stability: The Core of all Regulation and Supervision
- The role and importance of banks
- Soundness, safety and resilience of banks
- The role of regulatory capital
The Basel Bank Capital Accords: Sophistication vs. Efficiency?
- From Basel I to Basel II
- Basel III: Post-crisis developments
- From capital standards to leverage and liquidity standards
- Critique and outlook
Pulling the Shadow Banking Sector out of the Dark
- ‘Shadow banks’ and shadow banking
- Main concern: maturity and liquidity transformation
- Other concerns
- Regulation under FSB standards
- Critique and outlook
Wild West Banking vs. Utility Banking: Structural Reforms
- Risk implication of universal banks
- The Vickers, Liikanen and Volcker Models
- The US Dodd-Frank Act and EU Regulation proposal
- Recent industry-friendly setbacks
- Critique and outlook
Rating Agencies: Disdained Gatekeepers
- Rating agencies’ pre-crisis implications
- Inefficiencies of the concept
- Conflict of interests
- Recent regulatory measures, EU CRA Regulation
- Critique and outlook
Specific policies relating to FinTech:
Regulation of Fintech
- The relevant technologies: AI, DLT, etc.
- The relevant use cases: payment, credit scoring, etc.
- Regulatory challenges
Blockchain/DLT and Crypto Assets
- From Blockchain to DLT
- International Regulation of (genuine) Blockchains
- Why regulate Crypto Assets?
- How to regulate Crypto Assets?
Artificial Intelligence in Finance
- AI and Data origin
- AI and Data structure and processing
- Use cases: credit scoring, client interfaces, market predictions
- Ethical use of AI: Explainability and Interpretability
- Ethical use of data
- Financial exclusion caused by AI