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International banking law 406 (6 points)


Leader: Mr Paul Brenner

Prato First semester 2003 (Day)

Synopsis: This unit examines international banking and securities transactions and their regulation. The major national markets of the United States, Europe and Australia will be considered as will the important areas of international financial regulation and policy concerning infrastructure, being capital adequacy, clearance and settlement, foreign exchange and payment systems. International financial instruments such as Eurodollar deposits and syndicated Eurodollar loans together with Eurobonds and Global Securities (international bonds) provide the focus for the next section of the unit. Attention will then be given to international asset securitisation through the development of national asset-backed securities ("ABS"), some legal issues for cross-border ABS and proposed capital adequacy rules for ABS. The regulatory regimes concerning stock markets are briefly examined, as are the markets for derivatives, from the perspective of the need for regulation following the Barings case. Emerging markets (developing countries and the former socialist nations) generate special issues for international finance. Three types of finance involving emerging markets will be examined, being project finance, privatisation and emerging market debt. An analysis of the Asian Financial Crisis of 1997 will serve to illustrate the paradigm. The concluding section of the unit concerns the need for reform of the international financial system, the role of the IMF and the consequences of September 11 for the international financial system.

Assessment: Assessment will consist of: (1) an optional written research assignment of 3500 words, worth 50% of the total assessment, to be submitted within 1 month after examination; (2) an open book examination of 3 hours, worth 100% of the total assessment, for students not undertaking the assignment or an open book examination of 1.5 hours worth 50% of the total assessment if the assignment is submitted.

Prerequisites: LAW2100

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