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spring 2019 archive

Week 9: March 11-15: Spring Break. I hope you all have a good break.

Week 8: March 4-8 For next week the reading materials are: 

Monday: International Finance Materials Chapter 4: Sanctions (pages 25-36), International Finance Materials Chapter 4a: Sanctions- Venezuela Wednesday: Tom Keatinge, Emil Dall, Aniseh Bassiri Tabrizi and Sarah Lain, Transatlantic (Mis)alignment: Challenges to US-EU Sanctions Design and Implementation, Royal United Services Institute for Defence and Security Studies Occasional Paper (Jul. 2017).

If you are writing a paper for the class I would like you to inform me of your progress next week, please.

Week 7: February 25-March 1: On Monday we will focus on financial market infrastructures. Please read  Clearing House Interbank Payments System (“CHIPS®”) Public Disclosure of Legal, Governance, Risk Management, and Operating Framework June 2018  and The Bank of England’s Supervision of Financial Market Infrastructures — Annual Report (For the period 21 February 2018 — 14 February 2019. On this CHIPS web page there is an orange “how it works” link that provides a useful diagram of the system. 

I filed the first document in the materials page under issues in transnational financial regulation, although CHIPS is a US domestic payments system. But it is regulated in a way that is consistent with the principles for FMIs set out at the end of Chapter 3a of the materials.

On Wednesday we will focus on sanctions: please read International Finance Materials Chapter 4: Sanctions. There are a number of issues going on here and this material will likely take more than one class to digest. And I think it would make sense to focus after this on the details of some of the recent US sanctions measures (although they are really complicated).

Week 6: February 18-22 On Monday we will focus on the last section of International Finance Materials Chapter 3: Sovereign Debt relating to the idea of a Sovereign Debt Restructuring Mechanism and Collective Action Clauses and we will also look at  Law Debenture Trust v Ukraine [2018] EWCA Civ 2026 (Court of Appeal, September 2018). As this blog post notes, the case addresses issues relating to odious debt, but also an issue about the extent to which courts should be involved in adjudicating issues which could be seen as essentially political issues.

For Wednesday please read International Finance Materials Chapter3a: Eurodollars and The Bank of England’s Supervision of Financial Market Infrastructures — Annual Report (For the period 21 February 2018 — 14 February 2019.

Week 5: February 11-15 We will be working through International Finance Materials Chapter 3: Sovereign Debt this week, starting with  Trust v Love Funding.  For Monday please read to page 86, and for Wednesday to the end of the Chapter.

Afterwards we will focus on Law Debenture Trust v Ukraine [2018] EWCA Civ 2026 (Court of Appeal, September 2018), but that will probably be the following week.

With respect to sovereign immunity,  it is worth noticing that Congress is considering enacting a No Oil Producing and Exporting Cartels (NOPEC) Act to remove immunity from OPEC countries with respect to oil price fixing.

Week 4: February 4-8: This week we will begin to look at International Finance Materials Chapter 3: Sovereign Debt.

For Monday please read to page 45, and for Wednesday please read to page 74.  We will still be working on this material the following week. And for that week (week 5) I am also going to ask you to read Law Debenture Trust v Ukraine [2018] EWCA Civ 2026 (Court of Appeal, September 2018).

I know I said I would provide some material on initial coin offerings addressing the Morrison v NAB issues there.  I will plan to talk about that for some of Monday’s class in addition to going over some of the material from the last materials packet that we did not get to on Wednesday.

Week 3: January 28- February 1:  We’re back to 2 classes this week. And we will be focusing on International Finance Materials Chapter 2: Transnational Investment in Securities . I am assigning pages 1-50 for Monday (although we likely will not get through all of this material on Monday) and the rest of the chapter for Wednesday.

Week 2: January 21-25: This week we will finish International Finance Materials Chapter 1: Introduction.

Over the weekend I will put up the next section of materials (which we will be looking at the following week).

Week 1: January 14-18
For the first class on Monday January 14, please read the first 26 pages of International Finance Materials Chapter 1: Introduction.

For class on Wednesday January 16 please read to page 49.

As we consider the course materials we will also think about some current developments relating to international finance. For example, at the beginning of 2019 there are some questions about financial stability (stock markets have encountered recent volatility; commentators raise questions about the eurozone; Brexit) and about the future direction of international financial institutions (Jim Yong Kim announced he was stepping down from leadership of the World Bank).

Here are the Class Policies.