Suchergebnisse für Disruption der Finanzmarktregulierung

Decentralized Exchanges: Grundlagen, Risiken und ausgewählte aufsichtsrechtliche Aspekte

Decentralized exchanges (DEX) enable traders to interact directly and to exchange their digital assets – such as cryptocurrencies – on a peer-to-peer basis without needing to trust an intermediary or each other. This article first delves into the functioning of DEX with a focus on their price-finding mechanisms. Subsequently, it outlines the main risks of DEX and gives an overview of certain…

Open Finance und Decentralized Finance – Entwicklungen in einem disruptiven Finanzmarktumfeld

The recent technological developments not only impact society in general but they also strongly influence financial markets, even in a disruptive way. Open finance and decentralized finance cause an opening of the financial ecosystem and challenge existing notions; for example, new concepts are needed for the regulation of data access/portability and of digital identity as well as for the…

DLT-basierte Finanzprodukte

DLT-based financial products are digitally created assets that can be transferred and stored on a Distributed Ledger Technology (DLT) infrastructure. Internationally, such digitally stored «tokens» are mostly referred to as «crypto assets»; however, there is still a lack of recognized, clear and internationally uniform definitions. Parallel to the spread of crypto assets being treated according…

Zivilrechtliche Aspekte von Geschäftsabwicklungen auf DLT-Handelsplattformen

Following FINMA’s definition of the framework conditions for the creation of digital assets (tokens) under financial market law, the DLT Act of September 2020 has now also clarified legal issues relating to the transfer of and trading in such assets. Thanks to the newly created normative order, business transactions on DLT trading platforms can be conducted in a largely legally secure manner…

Crowdinvesting mittels Initial Coin Offering – Regulierungsaufgaben im -Token-Universum

Initial coin offerings (ICOs) are a phenomenon with similar characteristics as the cryptocurrency boom. Projects that typically have no history of producing a product or revenue raise capital by issuing their own tokens to investors. Therefore, the Federal Council adopted in December 2018 a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial…

Editorial

Am 23. August 2018 feierte die Tagung «Quo Vadis – Finanzplatz Schweiz?» ihr zehnjähriges Jubiläum. Die beiden Tagungsleiter, Peter Nobel und Rolf H. ­Weber, nahmen dies zum Anlass, die Leitung…

Ist die neue Finanzmarkt­regulierung funktionsfähig?

The article describes the causes of financial market crises. It assesses the advantages and disadvantages of the legislative measures taken since the crisis of 2007/­2008. Finally, it outlines what additional or alternative measures could be taken to increase the stability of the financial markets and to improve supervision.

Führen die neuen Technologien zur Disruption der Finanzmarktregulierung?

Technological developments and respective changes in business models require adaptations of the financial regulations. The need to adopt risk-oriented rules has become apparent already some time ago. Recently, regulators acknowledged the desirability of introducing innovation-supporting rules (for FinTech enterprises). The most disruptive effects, however, come from the new distributed ledger…