The banking industry is witnessing a fundamental technological breakthrough, with the new paradigm based on the “originate-to-distribute” model. These developments are still under scrutiny, posing new challenges to regulators and market players. Describing the evolution of the UK banking industry, the book offers a convenient background for non-specialist readers to recent developments, such as the over-the-counter (OTC) derivative market and the credit risk transfer (CRT). It provides an introduction to a wide range of topics from a macro-prudential perspective, including the financial sustainability of the households and corporate balance sheets and the use of market-based indicators and stress testing. A basic description of the payment system and central banking liquidity facilities is also included. The second part of the book provides a comprehensive view of the UK regulatory structure, covering topics such as the declining role of self-regulation, the Financial Services and Markets Act (2000), the Combined Code of corporate governance, the Competition Act and related regulation. A rich set of notes and tables supports the book with useful definitions, references to official sources and data on the UK economy.
‘This volume gives a thorough introduction to the UK banking and financial system, and will be a very valuable source of authoritative information for practitioners and for students‘
Professor Peter Sinclair | Professor of Economics, University of Birmingham, UK
Carlo Gola works in the Banking and Financial Supervision of the Bank of Italy, Italy. He received a degree in Economics from University of Modena, Italy, and a Master of Philosopy (M.Ph.) in Economics from the University of Oxford, UK. He worked at Centro Studi Economici e Finanziari (IPSOA), at the Istituto per la Ricerca Sociale (IRS) and in research projects financed by the Consiglio Nazionale per le Ricerche (CNR). He has been appointed as Senior Advisor to the Executive Director of International Monetary Fund (IMF). He is author of several articles and working papers in applied economics and banking.
Alessandro Roselli spent his whole career at the central Bank of Italy, lastly as chief representative for the United Kingdom. He gained a degree in Law, Rome University, Italy. He has been A.C. Jemolo Fellow at Nuffield College, University of Oxford and is currently visiting fellow at the Cass Business School in London. Among his books: ‘La finanza americana’ (Laterza, 1995), ‘Il governatore Azzolini’ (Laterza 2000), ‘Italy and Albania, Financial Relations in the Fascist Period’ (I.B. Tauris), 2006).
List of Tables and Figures
List of Acronyms
Part I Banking and Financial Markets
1. The Structure of the Banking System Between the 1960s and the 1980s
2. The UK’s Financial Structure and Economic Sectors
3. The Development of Private Pension Schemes and the Pension Reform
4. The Configuration of the Banking System in the last 15 Years
5. The Stability of the British Banking Sector
6. Markets and Market Infrastructures: Institutional and Prudential Aspects
7. The Sub-prime Mortgage Market Crisis and Its Effects on the UK Banking Sector
Part II The Legal and Regulatory Framework
8. The New Regulatory Framework: The Financial Services Authority
9. The Combined Code of Corporate Governance
10. The Competition Act (1998) and Related Regulatory Frameworks
17 Feb 2009