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Financial Market Developments. Mumbai - India 23 rd January 2006. Howard Davies Director The London School of Economics. Five Questions. Liquidity in the financial system Financial stability in an emerging economy The globalisation of financial markets

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financial market developments

Financial Market Developments

Mumbai - India23rd January 2006

Howard Davies

Director

The London School of Economics

five questions
Five Questions
  • Liquidity in the financial system
  • Financial stability in an emerging economy
  • The globalisation of financial markets
  • Should India follow the UK’s example in setting up a single regulator?
  • Financial reforms in India and the road ahead
composition of financial stock 2003 trillions percent
Composition of financial stock, 2003 $ Trillions; percent

Source : McKinsey Global Institute Global Financial Stock Database; Global Insight

three dimensions of change of the bank of england
Three dimensions of change of the Bank of England
  • Independence on interest rates
  • Removal of banking supervision and debt management
  • Monetary Policy Committee
financial centres ranking in terms of regulatory environment
Financial centres ranking in terms of regulatory environment

Source: Survey done by Corporation of London

slide11

Countries with Integrated Regulators

1986

1990

1991

1998

2000

2001

2002

2004

Kredittilsynet (Norway - March 1986)

Finanstilsynet (Denmark - January 1990)

Finansinspektionen (Sweden - July 1991)

Financial Supervisory Commission (Korea - April 1998)

Fjármálaeftirlitið (FME) (Iceland - June 1998)

Financial Services Agency (Japan - July 2000)

Finantsinspektioon (Estonia - May 2001)

* FSA fully integrated in 2001, but has existed since October 1997

FSA (UK - December 2001)*

Finanzmarktaufsicht (Austria - April 2002)

BaFin (Germany - May 2002)

CBFA (Belgium - August 2002)

Agency of Financial Supervision (Kazakhstan - April 2004)

financial reporting council
Financial Reporting Council
  • Audit regulation
  • Accounting standards
  • Corporate Governance Codes
eu takeover directive
EU Takeover Directive
  • Common (supposedly) rules across the EU on takeovers
  • Statutory authorities in each member state
  • In UK, reform of the Takeover Panel with new powers
self regulation
Self-Regulation
  • Not as effective in highly competitive and diverse markets
  • Can complement statutory regulation in some areas
  • Cannot ensure comprehensive coverage, because of competition problems, so,
  • Becoming less significant in developed markets