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Fundamentals of market discipline and custody risk management

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The importance of market discipline has been rapidly growing at both the regulatory and market levels in recent decades. However, firm/system-wide financial failures during the global financial crisis supported the idea of more regulation. The result has been, in the author’s view, excessive or over-regulation at the expense of market discipline and its proven insights. This paper asks whether market discipline could provide an effective tool for firm/system-wide risk management. As an extension of the existing market discipline literature, the paper also attempts to analyse connections between market discipline, disclosure and management of custody risks.
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Keywords: G32; H12; crisis; failure JEL codes: D81; market discipline; risk management

Document Type: Original Article

Publication date: March 1, 2016

More about this publication?
  • Journal of Securities Operations & Custody is the essential peer-reviewed professional journal analysing new thinking, practice, developments and emerging issues in securities operations, trading, custodian banking and clearing and settlement. Guided by an expert Editorial Board, each quarterly 100-page issue contains in-depth, practical articles and case studies showing how leading financial institutions have leveraged securities operations, risk management, custodian banking, trading, post-trade services and clearing and settlement to improve profitability, competitive advantage and client service. The journal also provides detailed insights into current thinking at central banks and regulators.

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