Commercial and Investment Banking and the International Credit and Capital Markets: A Guide to the Global Finance Industry and Its Governance

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Palgrave Macmillan, Sep 4, 2012 - Business & Economics - 469 pages
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Written by a former practitioner, this book fills a clear gap in the current literature for a practice-focused text that brings together the organizational structure, economics and governance of the finance industry – investment banking, wholesale banking and asset management - with the functions it performs such as mergers and acquisitions, IPOs, private equity, hedge funds, high frequency trading and the structuring of cash and synthetic ETFs and CDOs. It integrates the credit and capital markets by considering securitization as a "conversion" process between the two markets and money market mutual funds as a capital market alternative to bank deposits offered in the credit market. It analyzes the societal value of the industry as well as market and regulatory failure leading to crisis and hence the need for more appropriate governance structures and disciplining and control mechanisms for both banks and sovereign groupings such as the eurozone.
 

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Contents

FUNDING LIQUIDITY AND EXTERNAL CAPITAL ALLOCATION THROUGH CREDIT AND CAPITAL MARKETS ...
77
MARKET LIQUIDITY AND MARKET FAILURE
179
PART IV ASSESSING AND MANAGING RISK IN ASSET PORTFOLIOS
293
THE ROLE OF DIRECTORS INVESTORS AND THE MARKET FOR CORPORATE CONTROL ...
345
PART VI INTERNAL RISK MANAGEMENT AND EXTERNAL REGULATION OF FINANCIAL INTERMEDIARIES AND MARKETS ...
371
CASE STUDIES IN FINANCIAL SERVICES
405
Index
459
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About the author (2012)

PROFESSOR BRIAN SCOTT-QUINN is chairman of the ICMA Center for financial markets at Henley Business School, UK, & Director of Banking and Insurance Programs. He worked in the fields of investment banking, trading, asset management, and stock broking prior to founding the ICMA Center as a specialist university finance school. His career in the City of London started as a trainee with the merchant bank, Hill Samuel. He then became a fixed income analyst with Kidder Peabody Securities Ltd. Along with three others he was a founder of Ross and Partners Securities Ltd - a privately owned international bond trading house. After negotiating the sale of Ross & Partners to Drexel Burnham Inc. he became finance director of Drexel Burnham Lambert Securities Ltd responsible for funding and risk management. He then moved to Security Pacific Bank (now part of Bank of America Merrill Lynch), a Californian bank with an office in London. Initially a portfolio strategist he subsequently became strategy advisor to the Group CEO, working on issues relating to the commercial bank, the securities trading operation and the stock broker Hoare Govett. In 1995 the International Capital Market Association voted to allocate 3 million from their capital account to constructing a purpose-designed building to house the new ICMA center. ICMA has since donated a further 5 million to the university which enabled the construction of a second facility that includes someone hundred Thompson Reuters terminals with associated trading, valuation and asset management software. He was director of the Center from the time he founded it until 2006 when he took up the newly created post of Chairman. Today, the ICMA Center is one of the largest university finance schools in Europe and is part of the triple-accredited (AMBA, EQUIS and AACSB) Henley Business School, the UK's oldest business school which is home to some 7,000 students from over 140 countries from Africa to Asia, South America to Europe.

His main areas of consulting, executive education and research are: strategy in the financial services industry, banking, wealth and asset management and trading systems. He has been a consultant to, amongst others, Westpac Bank, NM Rothschild, Canada Life Insurance, Australian Mutual Provident (AMP), Investec Bank, the London Stock Exchange and SWX Europe (the Swiss exchange). He was a member of the Financial Services Authority (FSA) industry working group on Secondary Bond Market Transparency. He has been a consultant to the US Treasury and to a central bank and in 1978/9 was a monetary policy advisor to Mrs. Thatcher's first Chancellor of the Exchequer (finance minister), Lord Howe of Aberavon (Sir Geoffrey Howe). He is also a director of the holding company for LendLoanInvest.co.uk, a peer to peer social lending website.

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