Kern Alexander

Kern Alexander
University of Zurich | UZH

AB Cornell University, MSc University of Oxford, MA/MPhil University of Cambridge

About

94
Publications
33,170
Reads
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565
Citations
Introduction
I am conducting research on the relationship between bank governance and regulation and environmental sustainability. My book 'Principles of Banking Regulation' was published in 2019 by Cambridge University Press. My articles on international economic law and European financial regulation are published in the Journal of International Economic Law and European Law Review. My research methods involve empirical analysis of the effects of banking regulation on financial markets.
Additional affiliations
January 2003 - February 2010
University of Cambridge
Position
  • Senior Research Fellow and Lecturer
Description
  • Led International Financial Regulation Research Project
Education
October 1990 - June 1993
University of Cambridge
Field of study
  • Law

Publications

Publications (94)
Technical Report
Full-text available
This report analyses the European Central bank's mandate in light of its primary objective of price stability along with its secondary objective to support the general economic policies in the Union (Article 127 TFEU), which include employment, growth, climate change, and the quality of the environment, bearing in mind the broader goals of sustaina...
Chapter
The chapter analyses the European Central Bank’s supervisory role for banking institutions in the Single Supervisory Mechanism. It does so by analysing the legal basis in the EU Treaty for the creation of the SSM and its institutional effectiveness to conduct banking supervision. It discusses the EU institutional and legal context of the Banking Un...
Chapter
This chapter analyses macro-prudential regulation from an international perspective with particular focus on the role of the Financial Stability Board in addressing macro-prudential financial risks. In doing so, it discusses how prudential financial regulation has evolved from an almost exclusive focus on the micro-prudential regulation of individu...
Article
International policymakers have identified the over-the-counter (OTC) derivatives markets as a source of systemic risk and market abuse. Although the OTC derivatives markets have been a source of financial innovation enabling counterparties to hedge and more effectively manage their risk exposures, they have also allowed market participants to take...
Article
The article analyses recent developments in the regulation of the institutional structure of banking groups in the European Union. It discusses the evolution of the universal banking model in Europe and how the global banking crisis of 2007–2009 has led to structural regulatory reforms of the European banking industry. Particular attention is paid...
Article
This article analyses some of the issues related to the financial stability risks associated with the European Commission's Green Paper on Capital Markets Union (CMU). The CMU proposal offers the potential for a more balanced and efficient provision of credit in EU capital markets through non-bank financial intermediaries that should enhance econom...
Article
Full-text available
This article analyses the EU legal and institutional structure of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) of the European Banking Union (EBU). The Banking Union represents an unprecedented transfer of sovereignty from participating Member States to an EU institution for conducting banking supervision and for...
Article
The G20 has become the preeminent international economic and financial policy making body in the aftermath of the global financial crisis of 2007-2009. In the early phase of the financial crisis, the G20 made considerable progress with its measures to stabilize the global economy (London Summit of 2009). However, its subsequent initiatives have not...
Article
The article analyses the rationale of credit ratings in financial market regulation with a specific focus on bank capital regulation. Specifically, it traces the development of external credit ratings in bank capital regulation and in particular how they became a major component of Basel II. In doing so, it reviews how ratings were used in the stru...
Chapter
The origins of the financial crisis of 2007–9 have attracted a great deal of attention from academics and policy-makers, with most observers agreeing that the crisis was triggered by a liquidity crisis in the wholesale securities debt markets which later intensified with the collapse of Lehman Brothers and other banks, resulting in costly regulator...
Article
The chapter analyzes how certain technological advances in securities and derivatives trading have escaped European Union market abuse and trade execution regulation. It analyzes how algorithmic trading and high-frequency trading can undermine market integrity and financial stability. Specifically, it discusses how the European Union and United Kin...
Article
The article analyses some of the legal and economic policy issues concerning proposals to establish a European Banking Union. It discusses the role of the European Central Bank as a bank supervisor and the creation of the Single Supervisory Mechanism (SSM). The article then critically analyses the draft Directive on Bank Recovery and Resolution (RR...
Article
The story goes that tuition voucher schools and charter schools are creatures of the spirit of capitalism1 and that public funding of them will increase competition, making all schools more efficient and academically better, especially public schools. For that theory to work it is hypothesized that parents as “rational people will make choices as t...
Article
Editorial comment suggesting that an international solution is required, potentially through the cooperation of OECD states to ensure minimum standards of financial reporting for publicly listed companies and appropriate codes of practice for auditors who advise them. Brief comment by Dr Kern Alexander (Butterworths Senior Research Fellow, Internat...
Article
Dr Kern Alexander (Butterworths Senior Research Fellow, International Financial Regulation, and Postgraduate Tutor in Law, Institute of Advanced Legal Studies) assesses the importance of elections to the US Congress in 2002 and the influence of Senators on the agenda pursued by the administration of President George W. Bush and United States polici...
Chapter
Professors Kern Alexander and John Eatwell analyse the eff ectiveness and feasibility of some of the main proposals for fi nancial taxes by examining their economic rationale and impact on fi nancial markets. The chapter argues that fi nancial transaction taxes, especially those applied to currency transactions and exchange-traded derivatives, coul...
Article
Full-text available
Article by Professor Kern Alexander considering the current and potential role of European Union institutions in the supervision of European financial markets, in the light of the financial crisis 2007-2009 and increasingly integrated financial markets. Published in Amicus Curiae - Journal of the Society for Advanced Legal Studies. The Journal is p...
Article
Full-text available
EU policymakers have created a new European System of Financial Supervision, consisting of three European Supervisory Authorities and a European Systemic Risk Board. This article examines some of the legal and institutional issues, including the ESAs’ authority to develop an EU code of financial regulation and to oversee its implementation by Membe...
Article
Full-text available
This paper examines the legislative and regulatory proposals by the United States and the European Commission to increase regulation of the over-thecounter derivatives (OTC) market by requiring more OTC derivatives to be traded on exchanges and electronic trading platforms and to shift the clearing of these instruments away from opaque bilateral st...
Article
This article considers the effectiveness of Basel II and Basel III as international standards of banking regulation and examines how international financial regulation should be rebuilt post the financial crisis. The article argues that international efforts at macro-prudential regulation have so far been inadequate and reflect in part inadequate i...
Article
Full-text available
This article examines the effectiveness and feasibility of some of the main proposals for financial taxes by analysing their economic rationale and impact and some related international trade law issues regarding their implementation. The advantages and disadvantages are considered in terms of their effect on risk mitigation, market liquidity and t...
Article
Full-text available
The global response to the financial crisis has included the establishment of bodies specifically dedicated to the task of overseeing systemic risk. The European Systemic Risk Board (ESRB) is part of this trend. The ESRB, established by a Regulation adopted in November 2010 and operational from January 2011, is an innovative EU body that occupies a...
Article
Full-text available
The financial crisis that began in 2007 as a liquidity crisis for banks has transformed itself into a sovereign debt crisis that threatens the viability of the eurozone and the foundations of the European Union. In this study, we analyse some of the recent regulatory initiatives in response to the crisis and their implications for the EU financial...
Article
Full-text available
The paper’s purpose is to address the economic, institutional, and legal issues confronting the establishment of a more centralised approach to EU securities regulation and to suggest that the theory of optimum currency areas can be used as a model to assess the economic benefits and costs of further centralisation of securities regulation in the E...
Article
Full-text available
The WTO General Agreement on Trade in Services and its Annex on Financial Services provide the international legal framework for the regulation of cross-border trade in financial services. This paper analyses some of the main provisions of the GATS and the Annex on Financial Services to determine its impact on domestic financial regulation and whet...
Article
Full-text available
The globalisation of banking markets has raised important issues regarding corporate governance regulation for banking institutions. This research paper addresses some of the major issues of corporate governance as it relates to banking regulation. The traditional principal-agent framework will be used to analyse some of the major issues involving...
Article
Full-text available
Article
The European Business Organization Law Review presents three articles, by Schwarcz, Kane and Mayes, analysing some of the main issues regarding principles versus rules in financial regulation. These articles result from papers presented at a symposium in April 2008 entitled ‘Principles v. Rules in Financial Regulation’ organised by the Centre for F...
Article
Full-text available
A bank resolution regime requires regulators to have the authority and instruments to restructure a bank's operations if its failure threatens the stability of the financial system or undermines other regulatory objectives, such as depositor confidence. Such regulatory action, however, may affect shareholder rights in the restructured bank and poss...
Chapter
The use of economic sanctions has throughout history been an integral component of the foreign policy of most nation-states. Nations have relied on economic sanctions not only to influence foreign policy and national security objectives but also to respond to domestic political needs and economic pressures. In antiquity and in early modern Europe,...
Chapter
The chapter generally examines the evolving structure of the modern international economic system and foreign exchange markets and some of the main economic theories which have driven its development and the implications for public policy regarding the application of economic sanctions. The chapter argues that the design of economic sanctions instr...
Chapter
Targeted financial sanctions have become the policy of choice for developed countries that seek to limit collateral economic and social costs that broader economic sanctions programmes cause. Financial sanctions usually take the form of asset freezes, blocking orders, and restrictions on foreign exchange and fund transfers. They can be targeted spe...
Article
Full-text available
The World Trade Organization (WTO) General Agreement on Trade in Services (GATS) and its Annex on Financial Services provide the international legal framework for the regulation of cross-border trade in financial services. This paper analyses the main provisions of the GATS that relate to regulatory transparency of trade in financial services. The...
Article
The EU Financial Markets Dialogue led by the SEC and the European Commission has achieved some notable successes, particularly with respect to the consolidated supervision of financial conglomerates and the development of a plan to achieve convergence in corporate financial reporting. On both sides of the Atlantic, there is a clear ongoing commitme...
Article
Full-text available
The Transatlantic Financial Markets Dialogue led by the SEC and the European Commission has achieved some notable successes, particularly with respect to the consolidated supervision of financial conglomerates and the development of a plan to achieve convergence in corporate financial reporting. On both sides of the Atlantic there is a clear ongoin...
Article
The purpose of this paper is to analyse some of the important issues concerning the corporate governance of banks and financial institutions and the related issues of financial regulation. The paper argues that corporate governance of banks is largely concerned with reducing the social costs of bank risk-taking and that the regulator is uniquely po...
Book
The book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulatio...
Article
Full-text available
Article
THE financial crises that spread through East Asia, Russia and Latin America in the late 1990s have led to renewed calls for reform of the “international financial architecture” that would involve legal and institutional changes for the regulation of international financial markets. Since the end of the Bretton Woods system in the early 1970s, ther...
Article
Full-text available
The Financial Services and Markets Act 2000 (FSMA) provides the statutory framework for the new UK market abuse regime, which became effective on 1 December 2001. The FSMA market abuse regime provides new powers to the Financial Services Authority (FSA) to sanction anyone who engages in 'market abuse', that is misuse of information, misleading prac...
Article
Full-text available
The limited liability partnership has been heralded as a cost-effective way of doing business for professional firms that seek to reduce the personal liability risk of partners who are not directly involved in negligent acts or wrongdoing. The LLP business form has been adopted by all US states and has proved widely popular for lawyers and accounta...
Article
The need for international regulation of financial markets became apparent in the mid-1970s in response to the post-Bretton Woods liberalisation of financial markets. The elimination of the fixed exchange rate parity with gold resulted in the privatisation of financial risk, which created pressure to eliminate controls on cross-border capital movem...
Article
This paper examines the need for international regulation of financial markets and suggests the possible role that a global financial supervisor might play in providing effective regulation of international financial markets. The first part discusses the nature of systemic risk in the international financial system and the necessity for internation...
Article
Full-text available
The threat of systemic risk in international financial markets necessitates the establishment of universal standards for corporate governance of financial institutions. This paper addresses some important issues and concepts in the governance of multinational financial institutions and why international standards are needed to guide financial insti...
Article
Full-text available
Traditionally, securities were held, traded, and settled in direct holding systems in which owners of securities were either recorded on the issuer's register or were in physical possession of bearer securities certificates. Today, most-publicly traded securities are recorded electronically on the books of a financial intermediary, which in turn ho...
Article
The process of legalization and the role of international soft law in developing international banking supervisory standards are extremely important for assessing the feasibility of establishing effective international rules for banking supervision. This paper analyses the concept of legalization at the international level and how it may be applied...
Article
This paper analyses the emerging international supervisory regime for banking institutions that operate on a transnational basis. It focuses on the basle framework as an institutional regime of norms and principles that govern international financial relations amongst the g10 countries. This paper argues that the basle committee on banking supervis...
Article
The Cuban Liberty and Democratic Solidarity Act (the Act) provides for extraterritorial jurisdiction and sanctions against foreign companies which traffic in confiscated US-owned Cuban property. The Act provides US nationals with a private right of action in US courts against foreign companies which benefit from the use of confiscated property. The...
Article
On 12th March, 1996, President Clinton signed into law the Cuban Liberty and Democratic Solidarity Act. The Act, better known as the Helms-Burton bill, intends to increase pressure on the Castro regime by tightening the 35-year-old US trade embargo against Cuba. Title III of the Act permits US nationals whose property was expropriated without compe...
Article
Since the collapse of communism in the former Soviet Union and in Eastern Europe, the rise of organised crime has been swift and substantial. It has taken control of many sectors of the economy in these countries and, because of its newly amassed wealth, it has attained significant political influence. Organised crime groups have used their politic...
Article
Full-text available
The role of financial regulation in influencing the develop-ment of corporate governance principles in the United Kingdom (UK) and throughout Europe has become an important policy is-sue that has received little attention in the literature. To date, most research on corporate governance has addressed issues af-fecting companies and firms in the non...

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Projects

Projects (4)
Project
The Centre for Banking and Finance Law (CDBF) of the University of Geneva and the Chair for Law and Finance at the University of Zurich launched a seminar series on current issues relating to sustainable finance. With this seminar series, we would like to create a platform to effect synergies between our two faculties with a view of strengthening future cooperation and opening up the debate on designing a regulatory framework on sustainable finance. The series address international, European, and Swiss regulatory developments in the area of sustainable finance and the potential for convergence in international standards governing sustainable finance and related issues including the potential for regulatory equivalence between Switzerland and the European Union. The series take place twice a year in Geneva and in Zurich. The first event was held on 12 November 2020 and focused on disclosure regulation and sustainability risks. The second event will be held in Zurich on 25 March 2021 on the topic of digitalisation as a driver for creating a more inclusive and sustainable financial system. For more information about past and upcoming events: www.susfin.ch
Project
The Research Network for Sustainable Finance will conduct academic and policy-based research on issues that relate to financial market regulation and environmental and social sustainability. Related areas of research will include the governance of financial institutions and markets and their relevance to sustainability. Research projects supported will be both discipline based and interdisciplinary. The network will also facilitate applications for academic research grants and for contracts to conduct policy-based research. Guided by a research advisory panel consisting of representatives from top research universities and institutes, the network will conduct outreach with practitioner bodies in the financial sector, and with governmental and non-governmental bodies. https://www.ius.uzh.ch/en/staff/professorships/alphabetical/alexander/Research-Network-for-Sustainable-Finance1.html