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Technology in Financial Markets: Complex Change and Disruption

Technology in Financial Markets: Complex Change and Disruption

Author: Marco Dell'Erba
Publisher: Oxford University Press
ISBN: 9780198873617
Published In: February 2024
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

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In recent years, technology has emerged as a disruptive force in the economy and finance, leading to the establishment of new economic and financial paradigms. Focusing on blockchain technology and its implementations in finance, Technology in Financial Markets proposes a novel theoretical approach to disruption.

Relying on complexity science, it develops a dynamic perspective on the study of disruptive phenomena and their relationship to financial regulation and the law. It identifies the intrinsic interconnections characterizing the "multidimensional" technology-driven transformations, involving commercial practices, capital markets, corporate-governance, central banking, and financial networks. From this perspective, it considers the way they are reflected at the level of contract law, financial law, corporate law, central banking law. The book adopts a unique comparative approach and explains and clarifies the factual and historical dimensions underlying the emergence of the crypto-economy.

In this book blockchain is used as a case study. Blockchain exemplifies the way each sub-part of the financial system - commercial practices, financial markets, corporations, central banking, networks - and consequently each subcategory of financial regulation evolves on an individual basis. It shows how such subparts evolve altogether bringing systemic transformations, and ultimately leading to the creation of new economic and financial paradigms. The book considers both these perspectives, analysing the evolution of each subpart and emphasizing the interconnected transformations. In doing this, it adopts the structure of an ascending climax, starting from contracts, and escalating to increasingly broad dimensions, in particular capital markets, corporate governance, central banking, and financial networks.

1:The Underlying Complexities Within the Line of Disruption

2:Starting from the Basics. Regulating Smart Contracts

3:Enhancing Disruption Smart Contracts in Capital Markets, or Initial Coin Offerings: Breached Promises and Relevant Consequences

4:Disrupting Central Banking or Shadow Central Banking

5:Disrupting Shadow Banking or Crypto Shadow Banking

Concluding Remarks - What's Next?