Hossein NabilouUniversity of Amsterdam | UVA · Amsterdam Law School
Hossein Nabilou
PhD
About
46
Publications
29,225
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
389
Citations
Introduction
Additional affiliations
October 2014 - March 2015
October 2010 - June 2014
Publications
Publications (46)
Custody-simply defined as holding securities or funds on behalf of third parties-is one of the key institutions that defines and distinguishes major financial institutions in the financial system. However, custody rules in financial law have traditionally been studied as a microprudential tool for investor protection purposes, while their macroecon...
The concept of settlement finality sits at the heart of any type of commercial transaction; whether the transaction is in physical or electronic form or is mediated by fiat currencies or cryptocurrencies. Transaction finality refers to the exact moment in time when proprietary interests in the object or medium of transaction pass from one party to...
One of the problems perceived to be at the heart of the global financial crisis was an amalgamation of various commercial and investment banking activities under one entity, as well as the interconnectedness of the banking entities with other financial institutions, investment funds, and the shadow banking system. This paper focuses on various meas...
Breakthroughs in financial technology (fintech), ranging from early coins and banknotes to card payments, e-money, mobile payments, and, more recently, cryptocurrencies, portend transformative changes to the financial and monetary systems. Bitcoin and cryptocurrencies bear a significant resemblance to base money or central bank money. This function...
Bitcoin is the oldest and most widely established cryptocurrency network with the highest market capitalization among all cryptocurrencies. Although bitcoin (with lowercase b) is increasingly viewed as a digital asset belonging to a new asset class, the Bitcoin network (with uppercase B) is a decentralized financial market infrastructure (dFMI) tha...
1. Introduction
Financial market infrastructures (FMIs) consist of payment systems, trading venues, securities settlement systems (including central securities depositories (CSDs)), central clearing counterparties (CCPs) and trade repositories. Together, they constitute the plumbing of the financial system, which helps facilitate payments and trade...
This paper studies the specificities of shadow banking in Europe. It highlights striking differences between the EU and the US shadow banking sectors based on both market structure and legal micro-infrastructure of the shadow banking sectors in these two jurisdictions. It argues that these different institutional and legal infrastructures, as well...
One of the problems perceived to be at the heart of the global financial crisis was an amalgamation of various commercial and investment banking activities under one entity, as well as the interconnectedness of the banking entities with other financial institutions, investment funds, and the shadow banking system. This paper focuses on various meas...
Bitcoin is a distributed system. The dilemma it poses to the legal systems is that it is hardly possible to regulate a distributed network in a centralized fashion, as decentralized cryptocurrencies are antithetical to the existing centralized structure of monetary and financial regulation. This article proposes a more nuanced policy recommendation...
This paper explores the interface between central banks and cryptocurrencies. Focusing on the European Central Bank (ECB), it identifies the potential threats that the rise of cryptocurrencies would pose to the basic and ancillary tasks of the ECB, in particular, its monetary policy operations and the exercise of its supervisory functions over cred...
This paper sketches the key differences in the EU and the U.S. repo markets to inform the policy recommendations for harmonization and standardization of rules governing repo contracts put forward by the international financial fora and standard setters. In so doing, it examines three main aspects of the repo markets. First, it highlights the diffe...
The ultimate objective of cryptocurrencies is to become a payment system substituting, complementing, or competing with the conventional payment systems. Irrespective of whether such an objective could be accomplished, the functional similarities between certain cryptocurrencies and fiat money has persuaded competent authorities of certain EU Membe...
As part of financial market infrastructures, central counterparties (CCPs) have long been deemed systemically important and are likely to gain in importance due to the regulatory developments mandating central clearing for an increasing number of financial products. This paper focuses on the regulation as well as the recovery and resolution of CCPs...
This essay discusses the economic case for regulating shadow banking.
Focusing on systemic risk, shadow banking is defined as leveraging on collateral to support liquidity promises. Regulating shadow banking is efficient because of the negative externality stemming from systemic risk. However, because uncertainty undermines the precise measurement...
This paper sketches the key differences in the EU and the U.S. repo markets to inform the policy recommendations for harmonization and standardization of rules governing repo contracts put forward by the international financial fora and standard setters. In so doing, it examines three main aspects of the repo markets. First, it highlights the diffe...
Cryptocurrencies are expected to have a significant impact on banking, finance, and monetary systems. Due to uncertainty as to the possible future trajectories of the evolving cryptocurrency ecosystem, governments have taken a relatively hands-off approach to regulating such currencies. This approach may be justified within the theoretical informat...
Regulatory arbitrage is an indispensable element of regulatory competition as it provides regulatory
substitutes for firms, and allows those firms to optimally benefit from such competition.
This also increases the elasticity of demand for regulators and engenders accountability among
them. Hedge funds, as paragons of exploiting regulatory discrepa...
From the dawn of civilization, the ever-growing sophistication of human society, division of labour, specialization, and comparative advantage rendered trade an indispensable part of any human enterprise. The need for trade begets the need for finance, and as trade becomes globally indispensable, so does finance. Indeed, trade and finance midwifed...
The Volcker Rule is part of the post-financial-crisis regulatory reforms that partly aim at addressing problems associated with proprietary trading by banking entities and the risks associated with the interconnectedness of private funds (e.g., hedge funds and private equity funds) with Large Complex Financial Institutions (LCFIs). This mission is...
This Article attempts to define hedge funds and to distinguish them from a variety of similar investment funds. After reviewing the hedge fund definition in the U. S. and the EU, this Article argues that the current regulatory framework, which defines hedge funds by reference to what they are not rather than to what they are, is prone to regulatory...
This article analyses the regulatory measures adopted to address the potential contribution of hedge funds to financial instability in the USA and the EU in the wake of the Global Financial Crisis.
The relevant provisions of the Dodd–Frank Act include two sets of direct regulatory measures. The first set of these measures addresses information prob...
This essay discusses the economic case for regulating shadow banking. Focusing on systemic risk, shadow banking is de ned as leveraging on collateral to support liquidity promises. Regulating shadow banking is ef cient because of the negative externality stemming from systemic risk. However, because uncertainty undermines the precise measurement of...
This essay discusses the economic case for regulating shadow banking. Focusing on systemic risk, shadow banking is defined as leveraging on collateral to support liquidity promises. Regulating shadow banking is efficient because of the negative externality stemming from systemic risk. However, because uncertainty undermines the precise measurement...
According to the economic doctrine of the Sharia’ah, Islamic finance is a normative and mainly prohibition-driven discipline based on three main pillars: prohibition of Riba (usury),1 Gharar (excessive uncertainty), and Maysir (gambling). A majority of conventional derivative instruments are dismissed by Islamic finance scholars, standard-setting i...
This Article studies regulatory strategies to address the potential systemic
risk of hedge fund operation in financial markets. Due to the implications of
the choice of regulatory strategies and instruments in terms of mitigating systemic
risk, the Article focuses on one critical aspect of hedge fund regulation,
namely the choice between direct reg...
This doctoral dissertation seeks to assess and address the potential contribution of the hedge fund industry to financial instability. In so doing, the dissertation investigates three main questions. What are the contributions of hedge funds to financial instability? What is the optimal regulatory strategy to address the potential contribution of h...
This article compares the direct regulation of hedge funds in the U.S. prior to the Dodd-Frank Act with the direct regulatory measures to address potential systemic risks of hedge funds ensued in its aftermaths. The direct regulation involves regulatory measures focusing immediately on the regulation of the target industry. In contrast, the imperat...
This paper studies the interplay of the public-private dichotomy and the externalities argument in the context of recently enacted U.S. “Private Fund Investment Advisers Registration Act of 2010”. Having conducted a historical overview of the concept of public and private domains in constitutional law and economics, the private fund regulation will...
In the aftermath of the financial crisis, hedge fund regulation was put at the top of the European regulators’ agenda for their alleged contribution to financial instability. This paper studies the recently enacted Alternative Investment Fund Managers Directive (AIFMD) in the EU and its attempt to address potential systemic externalities of hedge f...
Undoubtedly, the idea of strong property rights is the underlying idea of economics and one of the main sources of economic incentive. In his paper, Prof. Shavell (see Shavell, 2009) seems to question and eventually impugn the idea of the economic efficiency of property rights in the market place of ideas in the academic world. In this regard, I wi...
Undoubtedly, the idea of strong property rights is the underlying idea of economics and one of the main sources of economic incentive. In his paper, Prof. Shavell seems to question and eventually impugn the idea of the economic efficiency of property rights in the market place of ideas in the academic world. In this regard, I will criticize his pap...
By applying the economic theories to the legal scholarship, contemporary legal studies have undergone a radical change since the advent of such an approach especially in the United States legal academies. One of the most critical arenas that the economic analysis of law is concerned with is the issues subject to study in the local government law an...