In light of the recent global financial crisis of 2008, this article critically compares how China's national arbitration commissions and local courts are responding to new challenges brought about by an increase in the number of banking related disputes. Drawing on comparative case analysis,...

As a response to multiple financial shocks, international standards have disappointed. Consensus-seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Different forces are at work now. Markets are complex and idiosyncratic; they may not be...

Today international society faces a challenge in addressing the global financial crises. Despites never-ending debating on the key causes of financial crises, it seems quite certain that there do exist a great deal of "uncertainty" in global financial market. Unlike risk, uncertainty cannot be...

Deference mechanisms, such as substituted compliance and equivalence, serve important purposes: They open up markets to foreign service providers, avoid double regulation, and reduce market fragmentation. Yet, their current design also has considerable weaknesses. The biggest of these is that...

Conventional economic analysis assumes that Central Counterparties (CCPs) may help to reduce systemic risk and avoid future financial crises by mandating the central clearing of over-the-counter (OTC) derivatives. This view largely goes unchallenged by governments, regulators, practitioners, and...