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| Tekijä: | Faerman, S. R. McCaffrey, D. P. Slyke, D. M. van |
| Otsikko: | Understanding Interorganizational Cooperation: Public-Private Collaboration in Regulating Financial Market Innovation |
| Lehti: | Organization Science
2001 : MAY-JUN, VOL. 12:3, p. 372-388 |
| Asiasana: | CO-OPERATION REGULATIONS FINANCIAL MARKETS |
| Kieli: | eng |
| Tiivistelmä: | This paper examines how a collaborative effort between the private and public sectors, called the Derivatives Policy Group (DPG), helped shape current regulation of financial innovation. In 1994 and 1995, this group of six large financial firms developed procedures for risk management, internal controls, and reporting for largely unregulated areas of finance, in cooperation with the United States Securities and Exchange Commission and Commodity Futures Trading Commission. The process succeeded despite strong competition among the firms themselves and incentives for both the public and private sectors to resort to adversarial lobbying and legal challenges. The Derivatives Policy Group was a path-setting event in the development of flexible regulation of financial innovation that is now the norm for related policy making. |
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