Research Handbook on Law and Ethics in Banking and Finance

Edited by Costanza A. Russo, Senior Lecturer in International Banking Law and Business Ethics, Rosa Maria Lastra, Sir John Lubbock Chair in Banking Law and William Blair, Professor of Financial Law and Ethics, Centre for Commercial Law Studies, Queen Mary University of London, UK

'This book is a work of leadership. It offers a brilliant combination of thought and experience about the law and ethics that finance and banking cannot do without. This is about ethics and law embedded in international respect, market culture, business purpose, corporate model and personal integrity. It is about the ends that finance and banking enable us to achieve, about finance earning trust, and about finance serving society, customer, employer and colleague. It is also about insisting that complexity is either understood or reduced. Let the global financial crisis remind us that this is a book on which we must build.'--Sir Robin Knowles, High Court of England and WalesThis book is path-breaking in addressing one of the key issues of our time, the role of ethics in finance. It provides the reader with a comprehensive and challenging analysis of the main aspects of the current debate. The editors have brought together some of the sharpest minds in the field who offer an in-depth, critical and in places novel analysis of the role of law, self-regulation and standards in guiding and channelling behaviour.The book is a tour de force in considering how ethical considerations can inform the financial system. Finance must serve society in a way which is fair, just and ethical. The book is a timely reminder of this function and a call to those involved to exercise diligence in their own self-interest and for the greater good.'--Sir Ross Cranston FBA, London School of Economics, UK

• Contents:ForewordAndrew BaileyPart I The foundations of ethics in banking and finance1. The philosophical foundations of financial ethicsKara Tan Bhala2. Ethics and standards in financial regulationWilliam Blair and Clara Barbiani3. Ethical foundation of financial lawRosa M. Lastra and Marcelo J. SheppardPart II The role played by law and standards 4. Nudging inclusive banking and micro finance towards self-sustainability Katherine Hunt, Marco Lamandini and David Ramos Muño5. The social licence for financial markets, written standards and aspirationDavid Rouch6. The Development and Implementation of Professional Standards for UK Bankers: A Practitioner PerspectiveSimon Thompson7. What should we do about the law of money, finance, banks and the like?Philip R. Wood CBE, QC (Hon)8. Rebuilding Trust in Financial Markets: beyond the Limits of Law and RegulationMark YallopPart III Can law counteract unethical behaviour? Some examples9. Ethical Considerations in the Representation of Sovereign ClientsLee C. Buchheit10. Law and Ethics: The Bank's Fiduciary Duty towards Retail CustomersRuth Plato-Shinar11. Market timers, late traders and the ultimate insidersBasil G. ZotiadesPart IV The effectiveness of regulation and supervisory actions12. Developing the Senior Managers RegimeAlan Brener13. What makes deterrence credible?Andromachi Georgosouli14. Breaches of AML reporting requirements by UK Bankers: Are effective enforcement choices being made by financial regulators? Miriam GoldbyPart V Are financial regulators ethical?15. Ethical Culture and Central BankingThomas C. Baxter Jr16. Central Banks and Ethics: the Virtual Paradox of Transparency and Confidentiality MandatesManuel Monteagudo 17. Enforcement, ethics and transparency: problems and perspectivesCostanza A RussoIndex