HBLR Online Articles
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Stephen Heifetz & Michael Gershberg: CFIUS now actively reviews and sometimes alters transactions that result in foreign control of U.S. energy companies. There are three primary drivers behind this recent scrutiny.
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David Howell, James Rogers, and Matthew Townsend: International parties seeking to enforce contracts in the PRC have long been wary of what they often see as unfamiliar and restrictive China-seated arbitration procedures. While a recent spate of reforms has brought Chinese arbitration more into line with international best practices, foreign parties continue to exercise caution.
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Emil Arca: There has been an increasing interest in the use of “project bonds” in Latin America. This article explains these debt instruments and charts their rapid rise in Latin America. It then goes on to explore the challenges surrounding the expanded use of these nascent means of financing.
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Colleen Baker: Although largely overlooked, failures in PCS systems both domestically and internationally exacerbated the financial crisis of 2008. The Federal Reserve’s critical and significant role in responding to some of these disruptions has similarly been largely overlooked.
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Joshua C. Zive: Unfortunately, delays and burdens associated with CFIUS are playing an increasingly significant and frustrating role in energy transactions. These delays frustrate the intended role of CFIUS review and make it unnecessarily difficult for energy transactions to be designed and executed in an efficient manner.
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Sean J. Griffith: Clearinghouses may not be the last and best solution to the problem of systemic risk and that further regulatory experimentation may be desirable. Policy-makers should strive instead for a structure that fosters diversity and experimentation.
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Watterson, Suh & Stein: Clearing requirements affect margin requirements, a key mechanism used to mitigate counterparty risk. New clearing rules may substantially costs for users of cleared derivatives because of the higher margin delivery requirements applicable to such transactions.
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David Felsenthal & Lily Chu: We do not believe that there is any simple, one size-fits-all remedy for regulation of cross-border swaps. We propose therefore that each transaction-level requirement be considered separately, and that specific rules be adopted for each type of transaction-level requirement.
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Charles W. Murdock: Derivatives and other “innovative” financial instruments such as CDOs and synthetic CDOs were largely responsible for the collapse of the economy in 2008. There is little justification for the existence of CDSs and especially naked CDSs. The issue raised CDSs need to be examined in light of how they add or detract from our overall long-term prosperity.
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Matthew Kluchenek & Jacob Kahn: Dodd-Frank Act amendeded section 4c(a) of the CEA to add three types of prohibited transactions deemed to be “disruptive of fair and equitable trading.” Market participants in the ever-growing commodities and swaps markets should not take comfort in the CFTC's delay in filing suit.
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David S. Miller: On January 24, the Chairman of the House Ways and Means Committee, released the discussion draft of a bill that would tax derivatives under a mark-to-market system of taxation. This proposal would replace our entire federal system of taxing derivatives with a radically different but infinitely simpler model that would finally correspond to economic reality.
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Saule T. Omarova: This article outlines the contours of a regulatory scheme based on mandatory pre-market government licensing of complex financial instruments, including derivatives. This model of product approval regulation explicitly aims to control the amount and types of risk being introduced into the financial system.