By Dimitris N. Chorafas (auth.)
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Extra resources for Basel III, the Devil and Global Banking
Modern finance pools together different instruments, this pool is securitized and the new instrument is sold, bought, recombined and resecuritized. Such a feature of perpetual financial motion needs players with a mathematical background to calculate the probability of risk(s) and projected profits and losses (P&L); as well as players who specialize in trading. Risk is mispriced for many reasons: greed, ignorance of a policy. or forgetting to analyze longer-term effects in terms of risks and return.
So far this has been uncharted territory for Basel III. The way an official statement put it, Basel’s regulators gave themselves up to mid-2011 to find a solution to regulating shadow banking, an umbrella name which tends to include the dark business mentioned above. Since this is a mare’s nest, a ‘2011’ target is far too optimistic. The banks’ reaction is sure to involve swarms of lobbyists (see also the next section). One of the reasons why dark liquidity pools are popular for moving large blocks of shares is that they operate anonymously, and according to several opinions that’s a privilege big banks would fight to preserve.
The Finance and Banking Are Time and Motion Machines 25 credit crisis that hit in the first years of the 2007–12 economic earthquake had a direct impact on the value of important real assets (such as real estate),10 as well as on stock markets (particularly on bank stocks). ’) has led to a prolonged malfunctioning of Western economies. Sovereigns and central bankers now appreciate that where the economic and financial system suffered most was in generating future growth, but there is no clear plan on how to repair the damage to ensure a longer-term efficient and resilient financial environment.
Basel III, the Devil and Global Banking by Dimitris N. Chorafas (auth.)