Papers by Caroline Bradley
Standardization, Documentation and Clearing The transition to the new swaps regime is a transitio... more Standardization, Documentation and Clearing The transition to the new swaps regime is a transition from an environment in which relationships between transacting parties involve bilateral obligations which are contractual, to the trading of instruments with particular rights and obligations. The formalized trading environment should produce better information about pricing of the instruments, which in turn allows for the marking-to-market of positions in swaps. In a purely contractual environment a swap party which finds that a swap is disadvantageous to it could either enter into a new swap transaction to hedge the original transaction, or pay to terminate the swap (the payment would be the net present value of the remaining netted cash flows). But termination could give rise to legal disputes. Consider for example Banco Espirito Santo v Concessioniria Do Rodoanel Oeste S.A.:
New York University Press eBooks, Dec 31, 2020
We would both like to acknowledge the University of Miami School of Law's support for the writing... more We would both like to acknowledge the University of Miami School of Law's support for the writing of this article. Comments welcome to
University of Miami Inter-American law review, 2000
Regulation of Financial Institutions eJournal, 2009
The global financial crisis renders visible and urgent a perennial (although often ignored) tensi... more The global financial crisis renders visible and urgent a perennial (although often ignored) tension in financial regulation with respect to the extent to which governments should intervene to fix the financial markets. Because the maintenance of confidence is at the heart of much financial regulation, a massive lack of confidence seems to be a significant market or regulatory failure justifying governmental intervention. However, some governmental responses to the financial market crisis seem to treat the preservation of confidence in the markets (rather than the preservation of market integrity) as the fundamental concern of regulation. The paper argues that adopting emergency measures to manipulate the markets in the interests of improving confidence risks undermining the ability of regulators to control the behavior of financial institutions for the future in any meaningful way.
responsibilities for financial stability they are increasingly focusing on interconnectedness: ho... more responsibilities for financial stability they are increasingly focusing on interconnectedness: how financial market activity interconnects across territorial borders, across market sectors, and through transactional linkages. 2 By emphasizing geographic and sectoral and transactional interconnectedness (and by emphasizing that the different interconnections are themselves linked), supranational bodies legitimate supranational action and their claims to exercise controls over domestic actions. Supranational bodies can claim the ability to address transnational issues in ways that would be
Regulation of Financial Institutions eJournal, 2011
Many of the main actors constructing financial regulation in the wake of the global financial cri... more Many of the main actors constructing financial regulation in the wake of the global financial crisis era have a stated commitment to transparency. However, transparency in financial regulation is undermined because the information disclosed is simultaneously limited and excessive. On one hand, the communications are limited: Transnational standard-setters publish their documents in a small number of languages (or only in English). Some institutions publish the full text of responses to consultations whereas others collate and condense responses (sometimes in ways that the responders regard as inaccurate). The characteristics of the bodies which respond to consultations, and their relationships with those whose interests they claim to represent may be visible or hidden. On the other hand, the communications are overwhelming. Even partial transparency is of limited usefulness to observers of financial regulation because it is characterized by multiple complexities: financial transacti...
Jotwell: The Journal of Things We Like, 2009
Jotwell: The Journal of Things We Like, 2011
Jotwell: The Journal of Things We Like, 2015
Jotwell: The Journal of Things We Like, 2012
University of Miami law review, 1999
Twining for their helpful comments on previous versions of this article. All errors (of translati... more Twining for their helpful comments on previous versions of this article. All errors (of translation and otherwise) are my own.
Social Science Research Network, 2008
Increased legal harmonization reinforces the need for a new way to test legal rules. As legal div... more Increased legal harmonization reinforces the need for a new way to test legal rules. As legal diversity decreases, there are fewer alternate rules to draw from, and thus potentially useful de facto experimentation with alternative rules becomes rarer and more difficult. This article argues that the ability to test legal rules in virtual worlds could help to solve a long-running, and worsening problem in the design of legal rules - the barriers to experimentation caused by an increasing tendency to the harmonization of law. In a world where real world experimentation with legal rules is likely to be useful, but also difficult and expensive, experimentation with legal rules in Virtual Worlds may be a valuable substitute. Large numbers of enthusiastic players in Virtual Worlds could test legal rules in an environment closer to the real world than many of the experiments that behavioral economists run to test economic behavior.
President of the European Commission's, State of the EU Address in 2016, he noted that the EU fac... more President of the European Commission's, State of the EU Address in 2016, he noted that the EU faced a number of ongoing crises: "From high unemployment and social inequality, to mountains of public debt, to the huge challenge of integrating refugees, to the very real threats to our security at home and abroad-every one of Europe's Member States has been affected by the continuing crises of our times." 10 Also in September of 2016, Jacques Delors, President of the EU Commission from 1985 to 1995, argued that "[i]n this time of crisis for European identity, it is essential for the EU to show that it is not paralysed but ready to act as a leading force in the many challenges we face: the fight against climate change, increasing inequality, the need to ensure sustainable and inclusive development, promoting human rights and ensuring that nobody is left behind." 11 http://europa.eu/rapid/press-release_STATEMENT-17-1876_en.pdf (noting existing "challenges posed by the increasing migratory flow on the Central Mediterranean route"); see generally Massimo Bordignon &
The Lisbon Treaty came into force in the European Union as the global financial crisis developed ... more The Lisbon Treaty came into force in the European Union as the global financial crisis developed into a European sovereign debt crisis. Transparency is a component of accountability, and a means of addressing the EU's democratic deficit. The Lisbon Treaty established a new commitment to transparency within the EU. However, urgency and complexity make transparency harder to achieve, and the European Union has not achieved transparency with respect to urgent matters such as the financial and sovereign debt crises and complex issues such as financial regulation. The EU has made significant structural changes to financial regulation, and the increasing institutional complexity of the EU means that sources of information about the EU’s policies have increased in number, adding to problems of information overload. In response to the financial crisis the EU has introduced many new rules of financial regulation. At the same time, although multilingualism is a core feature of the EU, the...
it became clear that sovereign states, which had bailed out the banking sector, were themselves b... more it became clear that sovereign states, which had bailed out the banking sector, were themselves becoming targets of a mixture of financial speculation and genuine fears and uncertainties over their financial health.").
stock-exchangedemutualization.pdf (last visited Feb. 22, 2001) ("A fair and efficient capital mar... more stock-exchangedemutualization.pdf (last visited Feb. 22, 2001) ("A fair and efficient capital market is a public good. A well-run exchange is a key part of the capital market.").
Focusing on the consumer's role in EU decision-making illuminates the tension between a model... more Focusing on the consumer's role in EU decision-making illuminates the tension between a model of supranational rule-making as an expertised, technocratic, administrative domain, and a model of regional integration as an extension of domestic democratic politics. The European project for internal market integration has developed from the technocratic model which had a relatively limited impact on the lives of individual European voters to a much more far-reaching model with enhanced democratic aspects. The paper focuses on the EU's processes for developing harmonized rules of financial regulation, and on the role of consumers in these processes, from their involvement in consultation through the European Economic and Social Committee, to a more recent, more visible, role as stakeholders in the regulatory process. This change has occurred as EU-level rules increasingly pre-empt national decision-making with respect to financial regulation, and as commentators have identified a...
Changes in the market for information are challenging financial regulation by disrupting settled ... more Changes in the market for information are challenging financial regulation by disrupting settled distinctions on which financial regulation depends. In some cases these settled distinctions are based on explicit or implicit understandings of technological conditions, in other cases the distinctions are based on factors independent of the state of technology. This article examines three regulatory distinctions which appear to be challenged by technological development: between traditional news sources and regulated investment publications; between professional and non-professional market participants; and between sophisticated and unsophisticated investors. The article argues that regulatory distinctions based on implicit understandings of technological conditions should be revised when the technology changes. Where rules are based on factors other than the state of technology they should be reviewed to ensure that technological change does not disrupt their application. In particula...
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Papers by Caroline Bradley