The monetary impact of a data breach is a new field of study that requires more … 1 Charles W Mooney Jr, ‘Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures’ (2019) University of Pennsylvania Law School 2098. codeasia2019 panel discussion digital finance intermediation industry 4 0 and beyond. 23 0 obj <>stream The emergence of FinTech and the potentially disruptive effects of distributed ledger technology (blockchain) now present realistic opportunities for reforms of securities holding infrastructures that would increase transparency and allow investors to hold securities directly on the books of their issuers. panel discussion digital finance intermediation. Wulf A Kaal, Craig Calcaterra, ‘Crypto Transaction Dispute Resolution’ (2017) 73 Bus Law 109, 111. Fintech simply refers to the transformation of financial services by changing the existing business models into innovative technology-based services (Alt et al. 28 0 obj Mooney, Charles W. Jr., "Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures" (2020). Mooney, Charles W., Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures (2020). 34 0 obj <> 2018). Cookie Settings. Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures �)���S�uK�68c)Ӯw��q��;7��Mh*8%�)Nv>;����U���}�q"�p̳9�OJw�%Uܱ������C�(�R��[����[=lt��(�5�מ����rx����T�lC��d>��TG>��`a|[�_���yo&����/$��P �U��T��f�(t��Fl��9��D�k�3M���u�_7].���"�ٖ�^��j��@�� g����]r;�A�^r��Я�0NG����C��;���y� >{=�r���l�35k&�Z��7y��\Z�'�7?�ϒ�K���D �I>K�R���d�X��|�[����0 =��={�}��$�^kl��(z�I�/��]Pm�fp journal of financial intermediation elsevier. endobj 1 0 obj 29 0 obj ... differences between traditional financial intermediation and fintech. In a recent article "Beyond Intermediation: A New (Fintech) Model for Securities Holding Infrastructures," I proposed a “New Platform System” (NPS) for the direct holding of securities that would connect issuers and investors and also connect both constituencies with trading and settlement systems (which I suggest could remain intact, at least for now). These intermediated holding systems (IHSs) impose a variety of risks and costs. Posted: 29 Aug 2019 L. 386 (2020). L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding … The NPS addresses the probable objections that the intermediaries who benefit from the status quo would make to any transparency or direct holding proposals. x��X�n�F}�W,� �j� (;1��)�DE��`$�b#�*E�p���\R�Д%m��E�����3;yYV�u2�ȋ���:%����V�~K�^���L0>��Rތ���# �P��o����2]�b�����d:M.8����h�c���L N������|4N�MVݑ⚼�Q�2oz$�7w�h�ڻ��I�%��Yt�\%���lQKR?�z�=�t�����.̫,��++�l���tL��67�VTK�/�ٗ:F穏Z/~�G����&GF�8ʝ�d\[&�f���אP�,H����/d�v$4��k� ������-��唢�2T2���� The post-crisis regulatory frameworks have been gradually settling into place, and financial institutions have been adjusting their business models accordingly. Charles W. Mooney, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, (Penn Law: Legal Scholarship Repository, October 2019). endobj Bus. endobj Here is the abstract: Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories — intermediated securities. University of Pennsylvania Journal of Business Law, Vol. endobj 53 0 obj <>26]/P 18 0 R/Pg 39 0 R/S/Link>> endobj endstream <> 22, p. 386, 2020, U of Penn, Inst for Law & Econ Research Paper No. 2020-06-24T11:46:46-07:00 2017). An Essay on Pluralism in Financial Market Infrastructure Design: The Case of Securities Holding in the United States, Charles W. Mooney Jr. PDF. <>stream FinTechs and TechFins have allowed the introduction of new services and changed the way customers interact to satisfy their financial needs. 30 0 obj Appligent AppendPDF Pro 6.3 <>21]/P 18 0 R/Pg 39 0 R/S/Link>> <> endobj Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures. It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. Part V considers the possible content of Holding Infrastructures endobj Bus. endobj 13 0 obj 8. The emergence of new technologies and players, along with a favorable regulatory framework (PSD2 Directive), is changing the banking industry. Hadeel Al Sharqawi InDret 3.2020 endobj 19-32, Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. <> 31. endobj <>17]/P 18 0 R/Pg 39 0 R/S/Link>> BUS. 2. endobj L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding … The authors analyze modern ecosystem and Fintech’s global trends, their influence on the transformation of principles, models and emergence of new threats of traditional financial intermediation. Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. PA. J. Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, Charles W. Mooney Jr. Charles W. Mooney, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, University of Pennsylvania Journal of Business Law, Vol. 2 0 obj endobj Faculty Scholarship at Penn Law Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories—intermediated securities. 5 0 obj Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures Charles W. Mooney Jr. University of Pennsylvania Carey Law School Follow this and additional works at: https://scholarship.law.upenn.edu/faculty_scholarship Part of the Banking and Finance Law Commons, Corporate Finance Commons, Finance Commons, <> 2020-06-24T11:46:46-07:00 33 0 obj By offering reforms that would minimize the disruption of current market practices, the NPS could encourage intervention and blunt opposition. <>36]/P 21 0 R/Pg 39 0 R/S/Link>> This page was processed by aws-apollo5 in 0.180 seconds, Using these links will ensure access to this page indefinitely. 2098. https://scholarship.law.upenn.edu/faculty_scholarship/2098 2015; Gomber et al. Mooney, Charles W., Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures (2020). endobj 37 0 obj It is now becoming … Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures (Beyond Intermediation), I argue that serious consideration should be given to major modifications of these deeply intermediated holding systems. It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. No wonder this is a central topic these days in regulatory circles in the United States and around the world. 39 0 obj 19-32, 71 Pages University of Pennsylvania Journal of Business Law, Vol. <>23]/P 18 0 R/Pg 39 0 R/S/Link>> Unlike other recent transparency and direct holding proposals, the NPS would cover both equity and debt securities and would flexibly accommodate beneficial aspects of current IHSs, such as margin lending, securities lending, and rehypothecation. Increasing disintermediation and re-intermediation; Demographic and generational changes “Fintech applications are developing at an increasingly faster pace, creating new opportunities to achieve better outcomes for investors. 6 0 obj Number of pages: 71 Posted: 29 Aug 2019 … 26 0 obj Arner et al. <>2]/P 6 0 R/Pg 39 0 R/S/Link>> The nontransparency of IHSs imposes other social costs, such as obstacles to anti-money laundering enforcement. application/pdf Charles W. Mooney Jr. <>/Metadata 2 0 R/Outlines 5 0 R/Pages 3 0 R/StructTreeRoot 6 0 R/Type/Catalog/ViewerPreferences<>>> 22 0 obj Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr. University of Pennsylvania Journal of Business Law, Vol. The FinTech landscape is constantly evolving in the market. 22, p. 386, 2020, U of Penn, Inst for Law & Econ Research Paper No. �F+�=��x��z��=�d�ӏ���A�͉�� =��u�i@#+{̊�Xe�͑DowB�����=�8aMлB��~�eiHr�cG��t To learn more, visit <>9]/P 17 0 R/Pg 39 0 R/S/Link>> (View on web) Panel 3: An Overdue Payments Revolution: Public and Private Digital Currencies and other Payment Rail Innovations FinCen on Digital Currencies . 22, p. 386, 2020, U of Penn, Inst for Law & Econ Research Paper No. Consequently, This page was processed by aws-apollo5 in. For many investors this is the only practical means of holding and dealing with securities. 22, Forthcoming 2020. It also could provide a “primordial soup” for future, more extensive reforms of trading and settlement systems. endobj 1 The emergence of FinTech and the potentially disruptive effects of distributed ledger technology (blockchain) now present realistic opportunities for reforms of securities holding infrastructures that would increase transparency and allow investors to hold securities directly on the books of their issuers.This article proposes a “New Platform System” (NPS) for the direct holding of securities that would connect issuers and investors and also connect both with trading and settlement systems (which would remain intact, at least for now). 2020-06-24T11:46:46-07:00 FinTech poses many challenges to the regulation of the financial system. It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. 5M�8�v�If�%�f�ym`��8��gk�9�S����n0��-�0Zhk!��܈ a���3���)�꿳8�Q)5����H��/�9�̫�\��,��"^�/)����|�ޒO�,�6%`�)��b�����+��2�^-q]��c:ۖY�� S�r؛b9����:N���sɦ*��j0�r� ����?���Y1�ۥ��O���|�H�%X�)R���+�6 Intermediation And Beyond By Professor Louise Gullifer Jennifer Payne beyond intermediation a new fintech model for. uuid:90e420e0-aeb4-11b2-0a00-a05e3c010000 endobj Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories — intermediated securities. some have wondered if fintech is the new paradigm for financial services. endobj 21 0 obj At the same time, as with any change, new risks and vulnerabilities may arise,” states the report. <>/MediaBox[0 0 612 792]/Parent 55 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/StructParents 0/Tabs/S/Type/Page>> 22, p. 386, 2020, U of Penn, Inst for Law & Econ Research Paper No. Our research into financial-technology (fintech) companies has found the number of start-ups is today greater than 2,000, compared with 800 in April 2015.1 Fintech companies are undoubtedly having a moment (Exhibit 1). economics beyond financial intermediation thrivenotes. One immediate challenge is how to regulate new FinTech entities relative to traditional financial institutions. 3 0 obj uuid:90e420e1-aeb4-11b2-0a00-50077910fd7f PDF | On Jan 1, 2019, Anjan V. Thakor published Fintech and Banking | Find, read and cite all the research you need on ResearchGate Disintermediation likely would require regulatory intervention by the SEC in the United States. <>32]/P 20 0 R/Pg 39 0 R/S/Link>> endobj endobj For many investors this is the only practical means of holding and dealing with securities. <>1]/P 12 0 R/Pg 39 0 R/S/Link>> Charles W. Mooney (University of Pennsylvania Law School) has posted Beyond Intermediation: A New (FinTech) Model for Securities Holdings Infrastructures on SSRN. Read Online Intermediation And Beyond and Download Intermediation And Beyond book full in PDF formats. 19-32. The fintech moment This may now be changing. Suggested Citation, 3501 Sansom StreetPhiladelphia, PA 19104United States, University of Pennsylvania Carey Law School, Law & Economics Research Paper Series, Subscribe to this free journal for more curated articles on this topic, Mutual Funds, Hedge Funds, & Investment Industry eJournal, Subscribe to this fee journal for more curated articles on this topic, Regulation of Financial Institutions eJournal, Corporate Law: Corporate Governance Law eJournal, Econometric Modeling: Capital Markets - Risk eJournal, Corporate Governance: Arrangements & Laws eJournal, Comparative Political Economy: Regulation eJournal, We use cookies to help provide and enhance our service and tailor content. L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding … �/ o�bY�D~8���H��C�� SO��A���� ���SC�y�ٞ�!3�L���]�=O��9�=�c�Ӗ��T�uJj]�Q��=�B��Z l�@�m�zˇ�;n�)�[�(��*�]�I�@�Үz�Z��yVE���6�����G���v�]�Z���Ud�ê��P_>#��.3h��;AҐ9��3�ٓ (�pz襀�x���ĕ��3��t���r��K�����U��Dܫ&���r&{{}o9Q����t�" ������, �x������KVi�DI9����r�G>�3�f����zK�8S�t�(%����%�z��EO��oY\�xX��s�L��HN���l}�� _�l�L ���fQ������B�4j->Y�Dӹ@B�o�F*�, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures. Our global report Financial services technology 2020 and beyond: Embracing disruption examines the forces that are disrupting the role, structure, and competitive environment for financial institutions and the markets and societies in which they operate. Last revised: 21 Apr 2020, University of Pennsylvania Carey Law School. 36 0 obj <>13]/P 18 0 R/Pg 39 0 R/S/Link>> AppendPDF Pro 6.3 Linux 64 bit Aug 30 2019 Library 15.0.4 19-32, Available at SSRN: https://ssrn.com/abstract=3444269 <>19]/P 18 0 R/Pg 39 0 R/S/Link>> Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories — intermediated securities. Beyond Intermediation: A New (Fintech) Model for Securities Holding Infrastructures by Professor Charles W. Mooney, Jr 17:00 - 19:00, Wed, 14 Feb '18 Export as … endobj Keywords: FinTech, Financial Intermediation, Taxonomy Development, Cluster Analysis Introduction The FinTech revolution is in full swing, with a vast number of market entrants challenging incumbents and their business models around the world (e.g. These intermediated holding systems (IHSs) impose a variety of risks and costs. In a forthcoming article, Global Standards for Securities Holding Infrastructures: A Soft Law/Fintech Model for Reform, Michigan Journal of International Law (forthcoming 2019), I advocate an approach for Fintech innovation: Experienced and knowledgeable experts on financial markets and their legal and regulatory environments should formulate functional, result-based standards and goals—a “request for … Prince 12.5 (www.princexml.com) Investors are exposed to intermediary risk (default or insolvency of an intermediary holding securities) as well as impediments to the exercise of rights such as voting and asserting claims against securities issuers. <>15]/P 18 0 R/Pg 39 0 R/S/Link>> The article (on which this essay builds) proposes that investors should have a practical, efficient, and cost-effective option of being directly connected with issuers—direct … 32 0 obj The article presents a broader menu of problems that the NPS could resolve. endobj for reforming securities holding infrastructures. Faculty Scholarship at Penn Law. Intermediated Securities Holding Systems Revisited: A View Through the Prism of Transparency, in INTERMEDIATION AND BEYOND (Louise Gullifer & Jennifer Payne eds., Hart 2019) (with Thomas Keijser). Bus. 35 full e book the road beyond ruin best sellers rank 2 the road beyond ruin' 'beyond intermediation a new fintech model for june 4th, 2020 - beyond intermediation a new fintech model for securities holding infrastructures intermediation itself much of the current fintech discussion and experimentation Although a full analysis is beyond the scope of this Article, Part IV explains that the prospect for re-ducing intermediary risk and the emerging role of Fintech provide support for the approach advocated here. 31 0 obj endobj %PDF-1.7 %���� The global shift from the direct holding of securities by investors to the current intermediated holding system raises many important legal ... and whether the use of Blockchain will create new difficulties that will need to be overcome. ... existence models for fintech. Keywords: intermediated securities, securities settlement, intermediary risk, disintermediation, transparency, financial infrastructure, securities lending, rehypothecation, customer protection, securities regulation, central securities depositories, Depository Trust Company, SEC, Suggested Citation: 52 0 obj [38 0 R 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R] University of Pennsylvania Journal of Business Law, Vol.
Sturgill Simpson Cutting Grass Reddit, University Of Texas Bowl 2020, Corky's Apple Valley Menu, Hallie Biden Wiki, Saving All My Love For You,