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Europe > Switzerland

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Corporation and Securities Law x
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Cover IMF Working Papers
Digital Tokens: A Legal Perspective
Mr. José M. Garrido
Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law.
Keywords:
Tokens; Commercial Law; Securities Law; Fintech; Consumer Protection; token taxonomy; non-fungible token; del Mercado de Valores; digital signature; token offering; aspects of the law of securities; Securities; Blockchain and DLT; Smart contracts; Virtual currencies; Securities regulation; Global
Cover IMF Working Papers
Leverage—A Broader View
Mr. Manmohan Singh
and
Zohair Alam
Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.
Keywords:
WP; bank-nonbank nexus; nonbank-bank nexus; nonbank relationship; nonbank leverage; nonbank funding; regulations; financial stability; leverage ratio; off-balance sheet; pledged collateral; bank leverage; Financial statements; Collateral; Commercial banks; Accounting standards; Bank credit; Global
Cover IMF Working Papers
Limiting Taxpayer "Puts" - An Example from Central Counterparties
Mr. Manmohan Singh
Nonbanks such as central counterparties (CCPs) are a useful lens to see how regulators view the role of the lender-of-last-resort (LOLR). This paper explores the avenues available when a nonbank failure is likely, specifically by considering the options of keeping CCPs afloat. It is argued that CCPs have, by regulatory fiat, become “too important to fail,” and thus the imperative should be greater loss-sharing by all participants that better align the distribution of risks and rewards of CCPs, the clearing members and derivative end-users. In the context of LOLR, the proposed variation margin gains haircut (VMGH) is discussed as a way of limiting the taxpayer put.
Keywords:
WP; central counterparty; central bank; variation margin; market; Lender-of-last-resort; central counterparties; variation margin gains haircut; allocation option; CCP rule; risk management practice; CCP insolvent; CCP credit risk; allocation choices arise; CCP failure; Central counterparty clearing house; Liquidity; Global
Cover IMF Working Papers
The Changing Collateral Space
Mr. Manmohan Singh
This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities. Post-Lehman and continuing into the European crisis, some aspects of unconventional monetary policies pursued by central banks are significantly altering the collateral space. Moreover, regulatory demands stemming from Basel III, Dodd Frank, EMIR etc., new net debt issuance, and collateral connectivity via custodians (e.g., Euroclear/ Clearstream/ BoNY etc) will affect collateral movements.
Keywords:
WP; central bank; market; bank; re-use rate; velocity/re-use of collateral; central banks and QE; LCR; CCPs; custodians; CSDs; desire collateral; collateral space; transformation route; pledged collateral market; market contact; Collateral; Financial statements; Securities; Global