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Integrity, Risk and Accountability in Capital Markets: Regulating Culture

Edited by: Justin O'Brien, George Gilligan

ISBN13: 9781849465670
Published: September 2013
Publisher: Hart Publishing
Country of Publication: UK
Format: Paperback
Price: £59.99

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The global economy is yet to recover from the aftershocks of the Global Financial Crisis (GFC). In particular many national economies are struggling to adjust to austerity programs that are a direct result of the toxic effects of the crisis.

Governments, regulatory agencies, international organisations, media commentators, finance industry organisations and professionals, academics and affected citizens have offered partial explanations for what has occurred. Some of these actors have sought to introduce legislative and other regulatory initiatives to improve operational standards in capital markets.

However, the exposure post-GFC of the scandal surrounding the manipulation over many years of the London Interbank Offered Rate (Libor) highlighted that the most important obstacles to counter the destructive potential of our global finance system are normative not technical. Regulating the culture of the finance sector is one of the greatest challenges facing contemporary society.

This edited volume brings together leading professionals, regulators and academics with knowledge of how cultural forces shape integrity, risk and accountability in capital markets. The book will be of benefit not only to industry, regulatory and academic communities whose focus is upon financial markets and professionals. It is of value to any person or organisation interested in how the cultural underpinnings of the finance sector shape how capital markets actually operate and are regulated.

It is a stark lesson of history that financial crises will occur. As national economies become ever more inter-connected and inter-dependent under conditions of global financial capitalism, it becomes ever more important to know how cultural and other normative forces might be adjusted to militate against the effects of future disasters.

Banking and Finance
Introduction Regulating Culture: Problems and Perspectives Justin O'Brien and George Gilligan

Part One: Regulating Culture in the Financial Sector - Structural and Historical Dimensions
1: The Culture of Financial Institutions: The Institution of Political Economy David A Westbrook
2: 'Bad' Behaviour in International Financial Markets: National and Multilateral Perspectives George Gilligan
3: Back to the Future: James M Landis, Regulatory Purpose and the Rationale for Intervention in Capital Markets Justin O'Brien

Part Two: Regulating Culture in the Financial Sector - Incentives and Integrity
4: The Regulation of Self-interest in Financial Markets David Campbell and Joan Loughrey
5: Sanctions, Incentives and Better Behaved Banks Bob Ferguson
6: The Libor Scandal: Culture, Corruption and Collective Action Problems in the Global Banking Sector Seumas Miller

Part Three: Regulating Culture in the Financial Sector post-Libor
7: The World's Most Important Number: How a Web of Skewed Incentives, Broken Hierarchies, and Compliance Cultures Conspired to Undermine Libor Eric Talley and Samantha Strimling
8: The Future Role and Power of the Bank of England Andrew Campbell and Judith Dahlgreen
9: The Sword of Damocles: Deferred Prosecutions and the Search for Accountability Justin O'Brien
10: Regulating the Legal Profession: A Prototype for Change Steve Mark and Tahlia Gordon Part Four: Regulating Culture in the Financial Sector - Realities and Limitations
11: The Fiduciary Idea in Financial Services Law Pamela F Hanrahan
12: Class Actions and Regulating Culture in Financial Organisations: Observations from a Comparison of US and Australian Bank Class Actions Michael Legg
13: Corporate Criminal Liability: The Influence of Corporate Culture Olivia Dixon Conclusion Cultures of Redemptive Finance John Braithwaite