A Decade after Lehman: An Assessment of Key Regulatory Responses to the Global Financial Crisis

Kerkemeyer Andreas ()
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Kerkemeyer Andreas: Academic Assistant at the Chair for Public Law I, Prof. Dr. Jörn Axel Kämmerer, Bucerius Law School, Hamburg. The author thanks the two anonymous referees for their helpful comments on an earlier version of this article. This article summarizes some results of my dissertation "Möglichkeiten und Grenzen bei der Regulierung von Derivaten" (Mohr-Siebeck 2018) and develops them further.Germany

European Company and Financial Law Review, 2019, vol. 16, issue 4, 457-483

Abstract: In September, 2008, the meltdown of the investment bank Lehman Brothers accelerated the Global Financial Crisis, which affected economies and consumers worldwide. As soon as the Global Financial Crisis broke out, governments and legislators recognized the need for macroprudential reform in order to build a resilient financial system. Today, legislators in every major jurisdiction have finalized almost all major reforms that were envisaged once it had become clear that the crisis was also due to regulatory shortcomings. The reforms especially targeted (over-the-counter) derivatives and the equity base of banks. Following an analysis of the reasons for the Global Financial Crisis and the regulatory failures that contributed to its severity this article will discuss two major legislative responses that intend to make the financial system robust – the establishment of a central dearing obligation for over-the-counter derivatives and the revised Basel Accords on capital requirements for banks.

Date: 2019
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DOI: 10.1515/ecfr-2019-0015

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