Ross Buckley, Emilios Avgouleas and Douglas Arner (eds), Reconceptualising Global Finance and its Regulation, Cambridge: Cambridge University Press, 2016, 484 pp, hb £89.99.

Abstract

Global regulatory reforms in the global financial system after the 2008 crisis do not seem to have been as effective as they might have been. They have been geared to preventing the latest crisis from happening again, rather than to re‐engineering the whole system to make it responsive and adaptive to the challenges and risks presented by the ongoing revolution in finance. The situation is made even more bleak because the reality is that efforts on both the global and domestic levels have become fragmented, inconsistent and difficult to implement. In the past nine years or so, we have seen Dodd‐Frank in the US, the Vickers Report in the UK, the Liikanen Report in the EU, and the massive regulatory measures that address the shadow banking sector, and local government debt and internet finance, in China. Global standards‐setting bodies such as the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS) have been pushing also for a variety of reforms in the regulation of systemically important financial institutions, new capital and liquidity requirements, and a new norm for bank resolution regimes