Harvard Business Law Review (HBLR)

The Harvard Business Law Review (HBLR) aims to be the premier journal covering the laws of business organization and capital markets. HBLR will publish articles from professors, practitioners, and policymakers on corporate law and governance, securities and capital markets law, financial regulation and financial institutions, law and finance, financial distress and bankruptcy, and related subjects.

Volume 3

The Federal Reserve’s Supporting Role Behind Dodd-Frank’s Clearinghouse Reforms

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Download PDF Colleen Baker* I. Introduction Trade—whether domestic or international and whether of goods, services, or financial assets—relies upon the exchange of money. The integrity of these “money flows” is critical to the smooth conduct of international exchange.[1] … [Read more...] about The Federal Reserve’s Supporting Role Behind Dodd-Frank’s Clearinghouse Reforms

Unreasonable Delays: CFIUS Reviews of Energy Transactions

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Download PDF Joshua C. Zive* I.               Introduction The role of foreign investment in the U.S. energy sector has changed significantly in recent years. The development of domestic oil and gas resources has resulted in a significant increase in foreign interest in … [Read more...] about Unreasonable Delays: CFIUS Reviews of Energy Transactions

Clearinghouse Hope or Hype? Why Mandatory Clearing May Fail to Contain Systemic Risk

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Download PDF Sean J. Griffith* Introduction The global financial crisis of 2007–2008 revealed faults in the ability of regulators worldwide to contain systemic risk. Blaming much of the crisis on derivatives, complex financial contracts that allow counterparties to trade … [Read more...] about Clearinghouse Hope or Hype? Why Mandatory Clearing May Fail to Contain Systemic Risk

Margin Costs of OTC Swap Clearing Rules

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Download PDF Paul Watterson, Joseph Suh, and Craig Stein* Regulators of several countries, including the United States Commodity Futures Trading Commission (CFTC), have introduced or proposed rules requiring clearing of over-the-counter (OTC) derivatives through central … [Read more...] about Margin Costs of OTC Swap Clearing Rules

Regulation of Cross-Border Swaps

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Download PDF David Felsenthal and Lily Chu* I. Introduction At a recent Washington roundtable on derivatives regulation, a senior staff member of the European Commission took the unusual step of publicly telling U.S. regulators: “Washington, we have a problem.”[1] The … [Read more...] about Regulation of Cross-Border Swaps