Regulating ratings the credit rating agency oligopoly from a regulatory perspective
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| Format: | Buch |
| Sprache: | German |
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Zürich
Schulthess, Jurist. Medien
2011
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| Schriftenreihe: | Schweizer Schriften zum Finanzmarktrecht
102 |
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IMAGE 1
TABLE OF CONTENTS
ACKNOWLEDGEMENTS V
SUMMARY OF CONTENTS VII
TABLE OF CONTENTS IX
ABBREVIATIONS XVII
BIBLIOGRAPHY XIX
PART 1: PRELUDE TO THE CREDIT RATING INDUSTRY 1
§ 1. INTRODUCTION 1
I. BACKGROUND 1
II. EVOLVING ROLE OF CREDIT RATING AGENCIES IN MODERN FINANCIAL MARKETS
4
III. RESEARCH SCOPE AND PERSPECTIVES 7
IV. OUTLINE 9
§ 2. HISTORY OF CREDIT RATING AGENCIES 10
I. BEFORE 1907: FROM INFORMAL SOURCES OF INFORMATION TO MERCANTILE
AGENCIES 11
1. DOMINANCE OF INFORMAL CHANNELS AND INCREASING NEED FOR CREDIT
INFORMATION 11
2. CREATION OF MERCANTILE AGENCIES 12
II. 1909-1930S: ORIGINS OF THE CREDIT RATING INDUSTRY 14 1. EMERGENCE OF
THE FIRST CREDIT RATING AGENCIES 14 2. ATTITUDE OF INVESTORS TO CREDIT
RATINGS 14
3. BUILDING REPUTATIONAL CAPITAL 16
III. 1930S-1970S: DECREASING INTEREST IN THE CREDIT RATING AGENCIES 17
1. FIRST USES OF CREDIT RATINGS IN REGULATION 17
2. DOUBTS OVER CREDIT RATING ACCURACY AND DECLINE OF INVESTOR CONFIDENCE
18
IV. SINCE 1970S: ENHANCED PROFITABILITY OF THE CREDIT RATING BUSINESS 19
1. EXPANDING USE OF CREDIT RATINGS IN REGULATION 19 2. SHIFT FROM
SUBSCRIBERS' FEES TO ISSUERS' FEES 20 3. RATING NOVEL FINANCIAL
INSTRUMENTS 21
V. ANALYZING THE EVOLUTION OF THE CREDIT RATING INDUSTRY 22
IX
IMAGE 2
TABLE OF CONTENTS
§ 3. DESCRIPTION OF THE CREDIT RATING INDUSTRY 24
I. CORE ACTIVITIES OF THE CREDIT RATING AGENCIES 24
1. PROVIDING INVESTORS WITH EXTERNAL CREDIT RATINGS 25 A. DEFINITION OF
A CREDIT RATING 25
B. FINANCIAL INFORMATION EMBEDDED IN CREDIT RATINGS. 26 2. COUNSELING
ISSUERS IN DOING ANCILLARY BUSINESS 28 II. RATING PROCESS 29
1. PROVIDING INITIAL CREDIT RATINGS 29
2. REVIEWING CREDIT RATINGS 31
III. MAIN USES OF CREDIT RATINGS IN MODERN FINANCIAL MARKETS. 32 1.
CREDIT RATINGS AS PROVIDING FINANCIAL INFORMATION 33 2. CREDIT RATINGS
AS REGULATORY TOOLS 34
3. CREDIT RATINGS AS CONTRACTING TOOLS 35
4. CREDIT RATINGS AS MONITORING TOOLS 36
PART 2: COMPETITIVE ENVIRONMENT IN THE CREDIT RATING INDUSTRY . 39
§ 4. REGULATORY STRUCTURE AND EFFECTS ON COMPETITION 39
I. BACKGROUND 39
1. THREE REGULATORY ASPECTS INFLUENCING THE COMPETITIVE ENVIRONMENT IN
THE CREDIT RATING INDUSTRY 39
2. USDODD-FRANKACTOF2010 40
II. RATING-BASED REGULATIONS 41
1. USE OF CREDIT RATINGS FOR REGULATORY PURPOSES AND NEGATIVE EFFECTS ON
COMPETITION 41
2. REGULATIONS DEPENDING ON CERTIFIED CREDIT RATINGS 43 A. BANK CAPITAL
REQUIREMENT REGULATIONS 44
B. REGULATORY INVESTMENT RESTRICTIONS 45
3. DISTORTIONS OF COMPETITION WITH RESPECT TO RATING- BASED REGULATIONS
47
A. REGULATORY BARRIER TO ENTERING THE CREDIT RATING INDUSTRY 47
B. MARKET OVER-RELIANCE ON CREDIT RATINGS 49 C. RATING-DRIVEN MARKET
BEHAVIOR 52
4. WITHDRAWAL OF RATING-BASED REGULATIONS 54
A. TREND TO REDUCE REGULATORY DEPENDENCE ON CREDIT RATINGS 54
B. USDODD-FRANKACTOF2010 55
III. REGULATORY OVERSIGHT OF CREDIT RATING AGENCIES 56 1. REGULATION AND
COMPETITION 56
IMAGE 3
TABLE OF CONTENTS
2. FROM SELF-REGULATION TO THE CREATION OF REGULATORY
FRAMEWORKS FOR CREDIT RATING AGENCIES 57
A. SELF-REGULATION IN THE CREDIT RATING INDUSTRY. 57 B. MERITS AND
WEAKNESSES OF SELF-REGULATION 58 C. TOWARD THE REGULATION AND
SUPERVISION OF CREDIT RATING AGENCIES 59
3. STRENGTHENING CREDIT RATING AGENCY OVERSIGHT 60 A. US MODEL FOR
AGENCY REGULATION AND SUPERVISION. 60 B. EU MODEL FOR AGENCY
REGULATION AND SUPERVISION. 63 IV. SPECIAL TREATMENT FOR CREDIT
RATING AGENCIES 67
1. PRIVILEGED TREATMENT AND EFFECTS ON THE COMPETITION 67 2.
HISTORICALLY PRIVILEGED POSITION OF CREDIT RATING AGENCIES IN THE US 68
A. US LIABILITY REGIME FOR CREDIT RATING AGENCIES 68 B. SEC REGULATION
FD EXEMPTION FOR CREDIT RATING AGENCIES 69
3. USDODD-FRANKACTOF2010 70
4. EU AND SWISS LIABILITY REGIME FOR CREDIT RATING AGENCIES 72
V. REGULATORY TRENDS AND COMPETITIVE ASPECTS 76
§ 5. ROAD AHEAD FOR A COMPETITIVE CREDIT RATING MARKET 80 I. BACKGROUND
80
1. CREDIT RATING AGENCIES' INCENTIVES IN THE RUN-UP TO THE SUBPRIME
MORTGAGE CRISIS 80
2. COMPETITION AND LEADING CREDIT RATING AGENCIES 82 3. GENERAL
COMPETITION LAW AND SECTOR-SPECIFIC REGULATION 84
II. CONCERNS ABOUT THE LEVEL OF COMPETITION IN THE CREDIT RATING
INDUSTRY 86
1. CONCEPT OF COMPETITION WITH RESPECT TO CREDIT RATING AGENCIES 86
2. DISTORTIONS OF COMPETITION AMONG LEADING CREDIT RATING AGENCIES 89
A. OLIGOPOLISTIC MARKET STRUCTURE 89
B. DEFORMATION OF INCENTIVES IN THE CREDIT RATING INDUSTRY 92
III. CREATION OF A COMPETITIVE MARKET FOR FINANCIAL INFORMATION 93
1. INFORMATION INTERMEDIARIES AND COMPETITIVE INCENTIVES 93
XI
IMAGE 4
TABLE OF CONTENTS
2. INFORMATION ASYMMETRIES AND THE COST OF FINANCIAL
INFORMATION 95
§ 6. PRELIMINARY CONCLUSION 96
PART 3: USES AND ABUSES OF CREDIT RATINGS IN STRUCTURED FINANCE 99
§7. BACKGROUND 99
I. CREDIT RATINGS AND STRUCTURED FINANCE 99
II. FINANCIAL MARKET CONTEXT 101
1. FROM A BANK-BASED TO A MARKET-BASED FINANCIAL SYSTEM 101
2. EXPANSION OF CREDIT RISK TRANSFER INSTRUMENTS 103 3. INCREASING
LEVERAGE OF FINANCIAL INSTITUTIONS 104 III. SUBPRIME MORTGAGE CRISIS 105
IV. FINANCIAL INSTRUMENTS AT THE HEART OF THE SUBPRIME MORTGAGE CRISIS
109
§ 8. GROWTH OF THE STRUCTURED FINANCE SEGMENT 115
I. REGULATORY INCENTIVES 115
II. CRUCIAL ROLE PLAYED BY CREDIT RATING AGENCIES IN THE EXPANSION OF
STRUCTURED FINANCE 116
1. CREDIT RATING AGENCIES' KEY POSITION IN STRUCTURED FINANCE 116
2. CREDIT RATINGS AS A MARKETING TOOL FOR SECURITIZED ASSETS 118
3. PROLIFERATION OF RATING-DRIVEN TRANSACTIONS 119 III. REGULATORY
ARBITRAGE AND RATING ARBITRAGE 120
§ 9. WRONG INCENTIVES IN THE CREDIT RATING INDUSTRY 123
I. CONFLICTS OF INTEREST IN THE CREDIT RATING INDUSTRY 123 1.
ISSUER-PAYS BUSINESS MODEL 123
2. ANCILLARY SERVICES 125
3. INTERFERENCES BETWEEN CREDIT RATING AGENCIES AND ISSUERS 126
II. ABSENCE OF REPUTATIONAL CONSTRAINTS IN RATING STRUCTURED PRODUCTS
128
III. OVER-RELIANCE ON QUANTITATIVE MODELS 130
1. FAILURE TO ADAPT RATING MODELS TO NEW MARKET TRENDS. 130 2. FLAWS IN
THE RATING MODELS 132
3. DEPENDENCE ON RATING MODELS FOR VALUATION PURPOSES. 134
XII
IMAGE 5
TABLE OF CONTENTS
IV. MARKET OVER-RELIANCE ON CREDIT RATINGS IN STRUCTURED
FINANCE 135
V. EXPLOITATION OF INFORMATION ASYMMETRY IN THE MARKET FOR SECURITIZED
ASSETS 138
§ 10. PRELIMINARY CONCLUSION 143
PART 4: SYSTEM-WIDE EFFECTS OF CREDIT RATING DOWNGRADES 145
§ 11. BACKGROUND 145
I. SYSTEMIC IMPORTANCE OF CREDIT RATINGS IN MODERN FINANCIAL MARKETS 145
II. FINANCIAL STABILITY AND SYSTEMIC RISK 149
§ 12. SYSTEM-RELEVANCE OF CREDIT RATINGS 153
I. CREDIT RATING OLIGOPOLY 154
1. HIGH CONCENTRATION IN THE CREDIT RATING INDUSTRY 154 2. BARRIERS TO
ENTERING THE CREDIT RATING INDUSTRY 155 3. COLLECTIVE MARKET POWER OF
THE LEADING CREDIT RATING AGENCIES 157
II. MARKET OVER-DEPENDENCE ON THE LEADING CREDIT RATING AGENCIES 158
1. REGULATORY RELIANCE ON CREDIT RATINGS 158
A. RATING-BASED REGULATIONS 158
B. COLLATERAL POLICY OF CENTRAL BANKS 161
2. BEHAVIORAL RELIANCE ON CREDIT RATINGS 162
A. "RATING TRIGGERS" IN CONTRACTING 163
B. RATING-DEPENDENT "COLLATERAL TRIGGERS" IN CONTRACTING 164
§ 13. HOMOGENOUS MARKET REACTIONS TO CREDIT RATING DOWNGRADES 166 I.
HOMOGENIZATION OF INFORMATION IN THE FINANCIAL MARKETS 167 1. AMOUNT OF
AVAILABLE INFORMATION AND SELECTION OF RELEVANT INFORMATION 167
2. CREDIT RATINGS OF THE LEADING CREDIT RATING AGENCIES AS A
HOMOGENIZING FACTOR 168
II. SIGNALING EFFECTS OF CREDIT RATING DOWNGRADES 170 III.
HOMOGENIZATION OF MARKET BEHAVIOR 171
§ 14. CONSEQUENCES 173
I. PROCYCLICALIFY 173
II. SPILLOVER EFFECTS OF CREDIT RATING DOWNGRADES BY THE LEADING CREDIT
RATING AGENCIES 176
XM
IMAGE 6
TABLE OF CONTENTS
III. LEADING CREDIT RATING AGENCIES' RELUCTANCE TO
DOWNGRADE 178
1. RATING STABILITY 179
2. "TOO BIG TO DOWNGRADE" 181
3. "TOO BIG TO BE DOWNGRADED" 182
§ 15. PRELIMINARY CONCLUSION 183
PART 5: TRENDS AND OUTLOOK 185
§ 16. RESTORING COMPETITION IN THE CREDIT RATING INDUSTRY 185 I. GENERAL
APPROACH 185
II. MOVING AWAY FROM MARKET OVER-RELIANCE ON CREDIT RATINGS 188
1. INCENTIVIZING INVESTORS' OWN DUE DILIGENCE 189 2. APPROPRIATE
DISCLOSURE REQUIREMENTS OF FINANCIAL INFORMATION 190
3. FINDING SUBSTITUTES FOR CREDIT RATINGS 194
4. REDUCING THE SYSTEMIC IMPORTANCE OF CREDIT RATINGS 195 III.
THEORETICAL APPROACH TO COMPETITION IN THE CREDIT RATING INDUSTRY 197
1. ANTITRUST LAWS AS A RESPONSE TO MARKET FAILURE 198 2. REVISITED
INCENTIVE-BASED FINANCIAL MARKET REGULATIONS AS A RESPONSE TO REGULATORY
FAILURE 200
§ 17. PROPOSAL FOR A NEW REVENUE MODEL IN THE CREDIT RATING INDUSTRY 203
I. DESCRIPTION 203
1. CONTEXT AND OBJECTIVES 203
2. CHARACTERISTICS 204
A. SHIFTING FROM ISSUER-PAYS TO INVESTOR-PAYS BUSINESS MODEL 205
B. INCREASING CREDIT RATING AGENCIES' ACCOUNTABILITY. 207 II. CREATION
OF APPROPRIATE INCENTIVES 209
1. LESSENING ISSUERS' INTEREST IN PAYING FOR CREDIT RATINGS 210
2. INCREASING CREDIT RATING AGENCIES' INTEREST IN MARKETING THEIR CREDIT
RATINGS TO INVESTORS 211 3. INCENTIVIZING INVESTORS TO HIRE CREDIT
RATING AGENCIES AND PERFORM THEIR OWN DUE DILIGENCE 212
III. IMPLEMENTATION 213
1. LEGAL FRAMEWORK 214
2. CONTRACTUAL TERMS 215
XIV
IMAGE 7
TABLE OF CONTENTS
IV. SCREENING THE POSSIBLE CONSEQUENCES OF THE MODEL 216
1. IS THERE A RISK OF ARTIFICIALLY DEFLATED OR INFLATED CREDIT RATINGS?
216
2. WOULD THE PRICE FOR CREDIT RATINGS BE EXTREMELY LOW? 217
3. WOULD INVESTORS PAY POORLY PERFORMING CREDIT RATING AGENCIES? 218
§ 18. CONCLUDING REMARKS 218
XV |
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| series | Schweizer Schriften zum Finanzmarktrecht |
| series2 | Schweizer Schriften zum Finanzmarktrecht |
| spelling | Darbellay, Aline Verfasser aut Regulating ratings the credit rating agency oligopoly from a regulatory perspective von Aline Darbellay Zürich Schulthess, Jurist. Medien 2011 XXXVII, 220 S. txt rdacontent n rdamedia nc rdacarrier Schweizer Schriften zum Finanzmarktrecht 102 Europäische Union (DE-588)5098525-5 gnd rswk-swf Internationaler Kapitalmarkt (DE-588)4027402-0 gnd rswk-swf Regulierung (DE-588)4201190-5 gnd rswk-swf Ratingagentur (DE-588)4276573-0 gnd rswk-swf Schweiz (DE-588)4053881-3 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf 1\p (DE-588)4113937-9 Hochschulschrift gnd-content USA (DE-588)4078704-7 g Europäische Union (DE-588)5098525-5 b Schweiz (DE-588)4053881-3 g Ratingagentur (DE-588)4276573-0 s Regulierung (DE-588)4201190-5 s Internationaler Kapitalmarkt (DE-588)4027402-0 s DE-188 Schweizer Schriften zum Finanzmarktrecht 102 (DE-604)BV035051034 102 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024457174&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Darbellay, Aline Regulating ratings the credit rating agency oligopoly from a regulatory perspective Schweizer Schriften zum Finanzmarktrecht Europäische Union (DE-588)5098525-5 gnd Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Regulierung (DE-588)4201190-5 gnd Ratingagentur (DE-588)4276573-0 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4027402-0 (DE-588)4201190-5 (DE-588)4276573-0 (DE-588)4053881-3 (DE-588)4078704-7 (DE-588)4113937-9 |
| title | Regulating ratings the credit rating agency oligopoly from a regulatory perspective |
| title_auth | Regulating ratings the credit rating agency oligopoly from a regulatory perspective |
| title_exact_search | Regulating ratings the credit rating agency oligopoly from a regulatory perspective |
| title_full | Regulating ratings the credit rating agency oligopoly from a regulatory perspective von Aline Darbellay |
| title_fullStr | Regulating ratings the credit rating agency oligopoly from a regulatory perspective von Aline Darbellay |
| title_full_unstemmed | Regulating ratings the credit rating agency oligopoly from a regulatory perspective von Aline Darbellay |
| title_short | Regulating ratings |
| title_sort | regulating ratings the credit rating agency oligopoly from a regulatory perspective |
| title_sub | the credit rating agency oligopoly from a regulatory perspective |
| topic | Europäische Union (DE-588)5098525-5 gnd Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Regulierung (DE-588)4201190-5 gnd Ratingagentur (DE-588)4276573-0 gnd |
| topic_facet | Europäische Union Internationaler Kapitalmarkt Regulierung Ratingagentur Schweiz USA Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024457174&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV035051034 |
| work_keys_str_mv | AT darbellayaline regulatingratingsthecreditratingagencyoligopolyfromaregulatoryperspective |