<>/Metadata 2 0 R/Outlines 5 0 R/Pages 3 0 R/StructTreeRoot 6 0 R/Type/Catalog/ViewerPreferences<>>> uuid:90e420e0-aeb4-11b2-0a00-a05e3c010000 <>13]/P 18 0 R/Pg 39 0 R/S/Link>> endobj 22, p. 386, 2020, U of Penn, Inst for Law & Econ Research Paper No. 31. endobj 1 0 obj endobj 2 0 obj Appligent AppendPDF Pro 6.3 Faculty Scholarship at Penn Law. ... differences between traditional financial intermediation and fintech. The article (on which this essay builds) proposes that investors should have a practical, efficient, and cost-effective option of being directly connected with issuers—direct … 35 full e book the road beyond ruin best sellers rank 2 the road beyond ruin' 'beyond intermediation a new fintech model for june 4th, 2020 - beyond intermediation a new fintech model for securities holding infrastructures intermediation itself much of the current fintech discussion and experimentation some have wondered if fintech is the new paradigm for financial services. 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Keywords: FinTech, Financial Intermediation, Taxonomy Development, Cluster Analysis Introduction The FinTech revolution is in full swing, with a vast number of market entrants challenging incumbents and their business models around the world (e.g. 22, p. 386, 2020, U of Penn, Inst for Law & Econ Research Paper No. For many investors this is the only practical means of holding and dealing with securities. codeasia2019 panel discussion digital finance intermediation industry 4 0 and beyond. Part V considers the possible content of Holding Infrastructures 33 0 obj 53 0 obj <>/MediaBox[0 0 612 792]/Parent 55 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/StructParents 0/Tabs/S/Type/Page>> 26 0 obj endobj Faculty Scholarship at Penn Law Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories—intermediated securities. It is now becoming … Fintech simply refers to the transformation of financial services by changing the existing business models into innovative technology-based services (Alt et al. The global shift from the direct holding of securities by investors to the current intermediated holding system raises many important legal ... and whether the use of Blockchain will create new difficulties that will need to be overcome. ... existence models for fintech. 6 0 obj 5 0 obj These intermediated holding systems (IHSs) impose a variety of risks and costs. x��X�n�F}�W,� �j� (;1��)�DE��`$�b#�*E�p���\R�Д%m��E�����3;yYV�u2�ȋ���:%����V�~K�^���L0>��Rތ���# �P��o����2]�b�����d:M.8����h�c���L N������|4N�MVݑ⚼�Q�2oz$�7w�h�ڻ��I�%��Yt�\%���lQKR?�z�=�t�����.̫,��++�l���tL��67�VTK�/�ٗ:F穏Z/~�G����&GF�8ʝ�d\[&�f���אP�,H����/d�v$4��k� ������-��唢�2T2���� Cookie Settings. Prince 12.5 (www.princexml.com) Our global report Financial services technology 2020 and beyond: Embracing disruption examines the forces that are disrupting the role, structure, and competitive environment for financial institutions and the markets and societies in which they operate. At the same time, as with any change, new risks and vulnerabilities may arise,” states the report. Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures Charles W. Mooney (University of Pennsylvania Law School) has posted Beyond Intermediation: A New (FinTech) Model for Securities Holdings Infrastructures on SSRN. It also could provide a “primordial soup” for future, more extensive reforms of trading and settlement systems. �)���S�uK�68c)Ӯw��q��;7��Mh*8%�)Nv>;����U���}�q"�p̳9�OJw�%Uܱ������C�(�R��[����[=lt��(�5�מ����rx����T�lC��d>��TG>��`a|[�_���yo&����/$��P �U��T��f�(t��Fl��9��D�k�3M���u�_7].���"�ٖ�^��j��@�� g����]r;�A�^r��Я�0NG����C��;���y� >{=�r���l�35k&�Z��7y��\Z�'�7?�ϒ�K���D �I>K�R���d�X��|�[����0 =��={�}��$�^kl��(׍z�I�/��]Pm�fp One immediate challenge is how to regulate new FinTech entities relative to traditional financial institutions. endobj By offering reforms that would minimize the disruption of current market practices, the NPS could encourage intervention and blunt opposition. 2020-06-24T11:46:46-07:00 The authors analyze modern ecosystem and Fintech’s global trends, their influence on the transformation of principles, models and emergence of new threats of traditional financial intermediation. <>2]/P 6 0 R/Pg 39 0 R/S/Link>> It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. endobj This page was processed by aws-apollo5 in. L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding … <>36]/P 21 0 R/Pg 39 0 R/S/Link>> Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories — intermediated securities. 13 0 obj Number of pages: 71 Posted: 29 Aug 2019 … 2020-06-24T11:46:46-07:00 Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr. 19-32. BUS. 2098. https://scholarship.law.upenn.edu/faculty_scholarship/2098 Bus. Charles W. Mooney, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, University of Pennsylvania Journal of Business Law, Vol. Unlike other recent transparency and direct holding proposals, the NPS would cover both equity and debt securities and would flexibly accommodate beneficial aspects of current IHSs, such as margin lending, securities lending, and rehypothecation. Read Online Intermediation And Beyond and Download Intermediation And Beyond book full in PDF formats. 1 <>stream endobj For many investors this is the only practical means of holding and dealing with securities. panel discussion digital finance intermediation. Mooney, Charles W., Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures (2020). endobj �F+�=��x��z��=�d�ӏ���A�͉�� =��u�i@#+{̊�Xe�͑DowB�����=�8aMлB��~�eiHr�cG��t University of Pennsylvania Journal of Business Law, Vol. Bus. In a recent article "Beyond Intermediation: A New (Fintech) Model for Securities Holding Infrastructures," I proposed a “New Platform System” (NPS) for the direct holding of securities that would connect issuers and investors and also connect both constituencies with trading and settlement systems (which I suggest could remain intact, at least for now). L. 386 (2020). endobj Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures Charles W. Mooney Jr. University of Pennsylvania Carey Law School Follow this and additional works at: https://scholarship.law.upenn.edu/faculty_scholarship Part of the Banking and Finance Law Commons, Corporate Finance Commons, Finance Commons, endobj The monetary impact of a data breach is a new field of study that requires more … 32 0 obj endobj endobj University of Pennsylvania Journal of Business Law, Vol. Consequently, <>26]/P 18 0 R/Pg 39 0 R/S/Link>> Arner et al. Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures. Wulf A Kaal, Craig Calcaterra, ‘Crypto Transaction Dispute Resolution’ (2017) 73 Bus Law 109, 111. FinTechs and TechFins have allowed the introduction of new services and changed the way customers interact to satisfy their financial needs. Bus. 29 0 obj <> for reforming securities holding infrastructures. journal of financial intermediation elsevier. %PDF-1.7 %���� endobj University of Pennsylvania Journal of Business Law, Vol. <>21]/P 18 0 R/Pg 39 0 R/S/Link>> endobj Investors are exposed to intermediary risk (default or insolvency of an intermediary holding securities) as well as impediments to the exercise of rights such as voting and asserting claims against securities issuers. Posted: 29 Aug 2019 Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories — intermediated securities. (View on web) Panel 3: An Overdue Payments Revolution: Public and Private Digital Currencies and other Payment Rail Innovations FinCen on Digital Currencies . 5M�8�v�If�%�f�ym`��8��gk�9�S����n0��-�0Zhk!��܈ a���3���)�꿳8�Q)5����H��/�9�̫�\��,��"^�/)����|�ޒO�,�6%`�)��b�����+��2�^-q]��c:ۖY�� S�r؛b9����:N���sɦ*��j0�r� ���׎�?���Y1�ۥ��O���|�H�%X�)R���+�6 endobj <>17]/P 18 0 R/Pg 39 0 R/S/Link>> 34 0 obj endobj It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. The FinTech landscape is constantly evolving in the market. 30 0 obj 19-32, Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding … 22, Forthcoming 2020. AppendPDF Pro 6.3 Linux 64 bit Aug 30 2019 Library 15.0.4 The article presents a broader menu of problems that the NPS could resolve. 2020-06-24T11:46:46-07:00 Charles W. Mooney Jr. L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding … Hadeel Al Sharqawi InDret 3.2020 No wonder this is a central topic these days in regulatory circles in the United States and around the world. It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. 22 0 obj In a forthcoming article, Global Standards for Securities Holding Infrastructures: A Soft Law/Fintech Model for Reform, Michigan Journal of International Law (forthcoming 2019), I advocate an approach for Fintech innovation: Experienced and knowledgeable experts on financial markets and their legal and regulatory environments should formulate functional, result-based standards and goals—a “request for … <>stream The fintech moment This may now be changing. <>15]/P 18 0 R/Pg 39 0 R/S/Link>> 37 0 obj 2. <>9]/P 17 0 R/Pg 39 0 R/S/Link>> FinTech poses many challenges to the regulation of the financial system. �/ o�bY�D~8���H��C�� SO��A���� ���SC�y�ٞ�!3�L���]�=O��9�=�c�Ӗ��T�uJj]�Q��=�B��Z l�@�m�zˇ�;n�)�[�(��*�]�I�@�Үz�Z��yVE���6�����G���v�]�Z���Ud�ê��P_>#��.3h��;AҐ9��3�ٓ (�pz襀�x���ĕ��3��t���r��K�����U��Dܫ&���r&{{}o9Q����t�" ������, �x������KVi�DI9����r�G>�3�f����zK�8S�t�(%����%�z��EO��oY\�xX��s�L��HN���l}�� _�l�L ���fQ������B�4j->Y�Dӹ@B�o�F*�, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures. 52 0 obj uuid:90e420e1-aeb4-11b2-0a00-50077910fd7f 19-32, 71 Pages The post-crisis regulatory frameworks have been gradually settling into place, and financial institutions have been adjusting their business models accordingly. Increasing disintermediation and re-intermediation; Demographic and generational changes “Fintech applications are developing at an increasingly faster pace, creating new opportunities to achieve better outcomes for investors. This page was processed by aws-apollo5 in 0.180 seconds, Using these links will ensure access to this page indefinitely. application/pdf 22, p. 386, 2020, U of Penn, Inst for Law & Econ Research Paper No. 28 0 obj The NPS addresses the probable objections that the intermediaries who benefit from the status quo would make to any transparency or direct holding proposals. <>23]/P 18 0 R/Pg 39 0 R/S/Link>> The emergence of FinTech and the potentially disruptive effects of distributed ledger technology (blockchain) now present realistic opportunities for reforms of securities holding infrastructures that would increase transparency and allow investors to hold securities directly on the books of their issuers.This article proposes a “New Platform System” (NPS) for the direct holding of securities that would connect issuers and investors and also connect both with trading and settlement systems (which would remain intact, at least for now). 23 0 obj <>19]/P 18 0 R/Pg 39 0 R/S/Link>> 19-32, Available at SSRN: https://ssrn.com/abstract=3444269 Although a full analysis is beyond the scope of this Article, Part IV explains that the prospect for re-ducing intermediary risk and the emerging role of Fintech provide support for the approach advocated here. Disintermediation likely would require regulatory intervention by the SEC in the United States. endobj <> Keywords: intermediated securities, securities settlement, intermediary risk, disintermediation, transparency, financial infrastructure, securities lending, rehypothecation, customer protection, securities regulation, central securities depositories, Depository Trust Company, SEC, Suggested Citation: 36 0 obj These intermediated holding systems (IHSs) impose a variety of risks and costs. Mooney, Charles W., Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures (2020). <> endobj 1 Charles W Mooney Jr, ‘Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures’ (2019) University of Pennsylvania Law School 2098. University of Pennsylvania Journal of Business Law, Vol. endobj <> Our research into financial-technology (fintech) companies has found the number of start-ups is today greater than 2,000, compared with 800 in April 2015.1 Fintech companies are undoubtedly having a moment (Exhibit 1). <>32]/P 20 0 R/Pg 39 0 R/S/Link>> economics beyond financial intermediation thrivenotes. Beyond Intermediation: A New (Fintech) Model for Securities Holding Infrastructures by Professor Charles W. Mooney, Jr 17:00 - 19:00, Wed, 14 Feb '18 Export as … 3 0 obj endstream The nontransparency of IHSs imposes other social costs, such as obstacles to anti-money laundering enforcement. Of financial services by changing the existing Business models accordingly regulatory intervention by the SEC the. 4 0 and Beyond No wonder this is A central topic these days regulatory... Publicly traded securities generally are held by investors in securities accounts with intermediaries as. 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