Fintech and the remaking of financial institutions:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
Academic Press
[2018]
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xiv, 372 Seiten Illustrationen, Diagramme |
| ISBN: | 9780128134979 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
Acknowledgments x Hi
1 Introduction 1
M-Pesa: Providing Some of the World’s Poorest
With Financial Access 4
Venmo: Effortlessly Split Dinner Tabs, Buy Concert Tickets
With Friends 5
Bitcoin, Ethereum and Other Cryptocurrencies 5
Blockchain: A Protocol With Wide Application Potential 6
Square: Mobile Payments 7
Stripe: E-Commerce Payments 7
Lending Club, SoFi, Kiva: Peer-to-Peer Lenders Disintermediate
the Banks 8
Transferwise: Matching Users for Remittances 9
Chapter 2. Disruption and Disintermediation in Financial Products
and Services: Why Now? 10
Chapter 3. Money: A Medium of Exchange, Unit of Account
and Store of Wealth 11
Chapter 4. Financial Institutions 11
Chapter 5. Bubbles, Panics, Crashes, and Crises 12
Chapter 6. Bank Lending 12
Chapter 7. Time Value of Money: Interest, Bonds, Money Market
Funds 13
Chapter 8. Equities, Efficient Markets, Exchanges 13
Chapter 9. Foreign Exchange 13
Chapter 10. Forwards, Futures, and Swaps 14
Chapter 11. Commodities 15
Chapter 12. Options 15
Chapter 13. Startup Financing 16
Chapter 14. Fintech in a Global Setting 16
Chapter 15. Fintech and Government Regulation 17
Chapter 16. Social Issues: Diversity and Inclusion, Unemployment,
and Income Distribution 18
v
1 xi Contents
Chapter 17. The Future Millennial Bank—Your Parents’
Bank Integrates With the Disrupters 18
2 Disruption and Disintermediation in Financial Products
and Services: Why Now? 21
Millennials 22
Millennials are Using Money Differently 29
Technology 30
Quantum Computing 30
Graphical Processing Units 31
The Cloud 32
Artificial Intelligence 34
Fintech Application of AI 36
Startup Lifestyle 38
References 38
Further Reading 39
3 Money: A Medium of Exchange, Unit of Account, and Store
of Wealth 41
How is Money Measured? 44
Trends in Non-Cash Payments 46
Financial System Plumbing: How Credit Cards Work 48
Financial System Plumbing: The ACH 50
How the ACH Network and ACH Payments System Works 50
Fintech Applications 51
Digital or “Crypto” Currencies 53
How Bitcoin Works 53
Silk Road 55
Mt. Gox 55
Bitcoin in China 56
Bitcoin in Venezuela 56
Bank of England 57
Initial Coin Offering 57
Blockchain: A Form of Distributed Ledger Technology 58
BIS: Digital Ledger Technology 61
R3 63
Depository Trust and Clearing Corporation 64
Digital Asset Holdings 64
Chicago Mercantile Exchange 64
Contents vli
Ripple 65
Payments 65
Adyen 66
Apple Pay 66
Square 66
Stripe 66
Venmo 67
Zelle 67
Zoop 68
Alipay 68
References 68
4 Financial Institutions 69
Information Asymmetries, Moral Hazard, and Adverse Selection 71
Commercial Banks 73
Investment Banks 75
Central Banks 83
Insurance Companies, Finance Companies, Hedge Funds,
Mutual Funds, Exchange Traded Funds 89
Shadow Banking: Other Financial Intermediaries 89
Historical Innovation in Big Financial Institutions 90
Fintech Applications 91
World’s Best Digital Bank 92
References 94
5 Bubbles, Panics, Crashes, and Crises 95
Selected Notable Events 96
Tulipmania 97
South Seas Bubble 98
Mississippi Company 99
Bank Panic of 1907 99
The Great Depression 100
Regulatory Responses to the Great Depression 103
Stock Market Crash of 1987 103
Tech Bubble: The Dotcom Crash in 2000 105
The Global Financial Crisis 106
Regulatory Responses to the Global Financial Crisis 110
Common Features: Run-Up Phase and Crisis Phase 110
Fintech Issues Relevant to Systemic Financial Risk 113
I viii Contents
APPENDIX: Timeline of Global Financial Crisis Events 2007-10 115
References 136
6 Bank Lending 139
Secured vs Unsecured Loans 140
LIBOR 143
Real Estate Loans 144
Payday Lending 147
Credit Scores: FICO 148
Fintech in Lending 150
References 155
Further Reading 156
7 Time Value of Money: Interest, Bonds, Money Market Funds 157
Future Value and Present Value 158
Internal Rate of Return 160
Credit Instruments 161
Fisher’s Law 162
Term Structure and Yield Curve 162
Types of Debt Instalments: Money Market Instruments 165
Types of Money Market Funds 167
Types of Debt Instalments: US Treasury Securities 168
Types of Debt Instruments: Agency Securities 169
Types of Debt Instruments: Corporate Bonds 169
Types of Debt Instruments: Municipal Securities 170
Types of Debt Instruments: Sovereign Debt 171
Fixed Income Trading Platforms 171
Fintech Applications 174
8 Equities 177
Risk, Return, and Diversification 178
Capital Asset Pricing Model 180
Efficient Market Hypothesis 181
Random Walk 181
Equity Indexes 181
Types of Orders 185
Equity Trading Venues 186
Regulation 187
Contents ix
Fintech in Equities 188
Roboadvisors 190
References 192
9 Foreign Exchange 193
Exchange Rate Determination in the Long Run 197
Exchange Rate Determination in the Short Run 199
Effects of Relative Interest Rates on Exchange Rate Determination 200
Currency Futures, Options, and Swaps 201
Fintech Applications 203
Anti-Money Laundering and Other Concerns 204
References 205
10 Futures, Forwards, and Swaps 207
Futures Mechanics 209
Single Stock Futures 211
Equity Swaps 212
Total Return Swap 213
Inflation Swap 213
Stock Index Futures 213
Interest Rate Swaps 214
Interest Rate Futures 215
Hedging Example: Locking in an Interest Rate 215
Credit Default Swaps 216
Hedging Example: Protecting a Bond Payment Stream With CDS 216
Fintech Applications 217
References 219
11 Commodities 221
Evolution of Commodity Trading 222
Central Counterparty 223
Categories of Commodities 223
Commodity Forwards, Futures, Swaps, and Options 224
Trading Conventions and Terminology 224
Participants in Futures Markets 225
Hedging Example: Farmers and Com 226
Hedging Example: Airlines and Jet Fuel 227
Commodities as an Asset Class 229
Commodities Exchange Traded Fund 230
Contents
Fintech in Commodities 230
Blockchain in Post-Trade Processing 231
Blockchain in Physical Commodities 231
Artificial Intelligence in Energy Data Analysis 232
References 233
12 Options 235
Risks in Trading Options 237
Basic Option Strategies 237
Additional Option Strategies 242
Option Pricing 244
Theoretical Pricing Models 246
Fintech Applications in Options 246
References 247
13 Startup Financing 249
Credit Cards and Cash on Hand 251
Friends and Family 251
Loans 251
Crowdfunding 251
Equity Crowdfunding 253
AngelList 254
Angels 255
Accelerators 256
Venture Capital 257
Initial Public Offering: Is Going Public (IPO) the Founder’s
Holy Grail? 261
Initial Coin Offerings 264
References 266
Further Reading 267
14 Fintech in a Global Setting 269
Fintech in the United Kingdom 272
Fintech in the European Union 273
Fintech in Germany 275
Fintech in Canada 276
Fintech in China 277
Fintech in Singapore 280
Fintech in India 281
Contents xi
Fintech in Africa 282
Fintech in Brazil 282
References 283
15 Fintech and Government Regulation: If It Quacks Like
a Bank... 285
Financial Regulation Background 287
Significant Legislation Governing US Financial Regulation 288
Financial Regulators 290
Office of the Controller of the Currency 296
Federal Depositors Insurance Corporation 297
Office of Financial Asset Control and Financial Crimes Enforcement
Network 297
Several Start-ups Have Been Found to Be in Violation
of Regulations 299
US Policies to Support Fintech Start-ups 307
UK Policies to Support Fintech Start-ups 310
EU Support for Fintech 310
Regtech: Fintech Technologies Designed to Help With the Financial
Regulatory Burden 312
References 313
16 Social Issues: Diversity and Inclusion, Unemployment,
and Income Distribution 315
Lack of Diversity in VCs 321
Is It a Pipeline Problem? A Bias Problem? Both? 323
Unemployment and Income Distribution Effects 323
Income Distribution Effects 324
Who Reaps the Gains of Technological Advancement? 325
References 329
Further Reading 330
17 They are Not Dead Yet: How Big Financial Institutions Will
Work with Fintech Startups to Define the Market Structure
of the Future 331
Incubators arid Accelerators 335
Big Financial Institutions Investing in and Partnering with Startups 337
Card Startup Support Programs 340
Distributed Ledger Projects 341
{ xii Contents
Internal Bank Units 343
Goldman Sachs: “We are a Technology Company” 344
Altering Internal Banking Culture to Reflect Millennial Sensibilities 347
For Banks, Disruption has Its Risks But Also Opportunities 348
References 350
Further Reading 351
Index
353
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| title | Fintech and the remaking of financial institutions |
| title_auth | Fintech and the remaking of financial institutions |
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| title_full_unstemmed | Fintech and the remaking of financial institutions John Hill |
| title_short | Fintech and the remaking of financial institutions |
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| topic | Innovation (DE-588)4027089-0 gnd Regulierung (DE-588)4201190-5 gnd Kreditwesen (DE-588)4032950-1 gnd Unternehmensgründung (DE-588)4078599-3 gnd Finanztechnologie (DE-588)1115819186 gnd |
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