Inefficiency of the Volcker Rule in Regulating Banking Activity

As a section of Dodd-Frank Act,the Volcker Rule bans proprietary trading for banking entities.In view of the outcome of financial tsunami,US Congress enacted such legislation to restrict proprietary trading activities.However,proprietary trading has moved to less-regulated business sectors,such as hedge funds which may increase overall risk,absent market or regulatory restraint.Since the Volker Rule only focus on proprietary trading,it may neglect the significant problems which truly resulted in the serious financial crisis.The Rule also failed to tackle the long-term commitment which is thought to be one major source of banking losses.In addition,given the difficulties of distinguishing proprietary trading from permitted activities,the Volker Rule probably did not fulfil its regulatory function.For the banking entities,it is important to distinguish between proprietary trading and permitted activities.To be effective,new financial regulation must reflect new relationships in the marketplace,but the Volker Rule fails to reflect the financial reality which requires remedial measures.

金融监管域外管辖权问题研究及中国的对策分析

危机之后在欧美国家的立法改革中,多次涉及金融监管域外管辖权扩张问题,这事实上侵犯了他国的监管主权,损害了他国金融机构的利益,会带来国家间、地区间的金融监管权冲突问题。这些立法的域外管辖可能会对中国金融机构的业务范围和衍生品交易产生负面的冲击。中国的金融监管机构和中资跨国金融机构必须重视欧美金融监管域外管辖权扩张对自身的影响,并积极应对,避免在监管冲突中使自身利益受损。

美国实施沃尔克规则的最新进展与启示

沃尔克规则是美国金融监管改革法案的重要内容之一。作为对美国1999年金融服务现代化法所确立的允许商业银行综合经营这一原则的重要修正,沃尔克规则的实施将对美国乃至全球商业银行的发展模式、金融市场环境和竞争力产生重大影响。本文对沃尔克规则提出的背景、主要内容、最新实施进展、可能影响及对我国的启示等问题进行了研究,指出如何区分合法自营交易与非法自营交易是沃尔克规则实施中的最大难题,我国银行业应在重新审视功能与业务定位基础上,审慎推进综合经营,全面加强对自营交易业务的监管。