By Alan Rechtschaffen, Susan M. Phillips
President Obama lately known as for a brand new monetary rules process within the usa. so one can comprehend the intricacies of latest law, participants should have a powerful starting place in how capital markets functionality in addition to how monetary tools and derivatives paintings. Capital Markets, Derivatives, and the legislation offers readers with the basis essential to make educated, well-reasoned judgements approximately capital marketplace participation, spinoff usage, and adherence to latest and destiny regulations.This e-book is an important consultant for lawyers and company pros searching for an available source to higher comprehend the felony and enterprise concerns of capital markets and derivatives transactions. This e-book bargains professional perception into how derivatives paintings. the writer additionally explores the buildings of derivatives in addition to how they're regulated and litigated. within the complicated international of the present capital industry upheaval, this e-book offers invaluable definitions, case legislations examples, and perception into buildings, rules, and litigation innovations.
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Extra resources for Capital Markets, Derivatives and the Law
Fannie Mae and Freddie Mac also purchase loans from banks and repackage the loans into debt securities called “residential mortgage-backed securities” (collateralized mortgage obligations or CMOs). By facilitating loans to homeowners, the GSEs help purchasers 8. Federal Housing Enterprises Financial Safety and Soundness Act of 1992. Fannie Mae and Freddie Mac are subject to supervision by a newly created regulator within HUD, called the Ofﬁce of Federal Housing Enterprise Oversight (OFHEO). the financial crisis 5 realize the dream of home ownership.
18. Id. 19. Id. 20. Id. 21. Id. 22. Id. ”24 In order to prevent a much broader liquidity crisis in the overall ﬁnancial markets, the Federal Reserve Board “use[d] its emergency lending authorities under the Federal Reserve Act to avoid a disorderly closure of Bear. P. Morgan-Chase. P. ”25 In addition, the Federal Reserve used its emergency authorities to create the Primary Dealer Credit Facility (PDCF), which “allows primary dealers to borrow at the same rate at which depository institutions can access the discount window, with the borrowings able to be secured by a broad range of investment-grade securities.
L. Rep. D. Ohio 1996) citing Global Derivatives Study Group of the Group of Thirty, Derivatives: Practices and Principles 28 (1993). 14. , citing Singher, Regulating Derivatives: Does Transnational Regulatory Cooperation Offer a Viable Alternative to Congressional Action? 18 FORDHAM INT’L. LAW J. 1405–06 (1995). 15. S. gov/education/faq/markets/derivatives. shtml. 16. See Chapter 9, infra, for a detailed discussion of derivatives. 20 capital markets, derivatives and the law B. Distinction between Debt and Equity The distinction between debt-based and equity-based ﬁnancial instruments is an important one.