Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern school s top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. Summarizes key issues that regulatory reform should address Evaluates the key components of regulatory reform Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.

Experts from NYU Stern School of Business analyze new financialregulations and what they mean for the economyThe NYU Stern School of Business is one of the top businessschools in the world thanks to the leading academics, researchersand provocative thinkers who call it home. In Regulating WallStreet: The New Architecture of Global Finance, an impressivegroup of the Stern school's top authorities on financecombine their expertise in capital markets, risk managementbanking, and derivatives to assess the strengths and weaknesses ofnew regulations in response to the recent global financialcrisis.* Summarizes key issues that regulatory reform shouldaddress* Evaluates the key components of regulatory reform* Provides analysis of how the reforms will affect financialfirms and markets, as well as the real economyThe U.S. Congress is on track to complete the most significantchanges in financial regulation since the 1930s. Regulating WallStreet: The New Architecture of Global Finance discusses theimpact these news laws will have on the U.S. and global financialarchitecture.

Foreword xiPreface xviiPrologue: A Bird's-Eye ViewThe Dodd-Frank Wall Street Reform and Consumer Protection Act 1Viral V. Acharya, Thomas Cooley, Matthew Richardson, Richard Sylla, and Ingo WalterPART ONE Financial Architecture 33Chapter 1 The Architecture of Financial Regulation 35 Thomas Cooley and Ingo WalterChapter 2 The Power of Central Banks and the Futureof the Federal Reserve System 51Thomas Cooley, Kermit Schoenholtz, George David Smith, Richard Sylla, and Paul WachtelChapter 3 Consumer Finance Protection 73Thomas Cooley, Xavier Gabaix, Samuel Lee, Thomas Mertens, Vicki Morwitz, Shelle Santana, Anjolein Schmeits, Stijn Van Nieuwerburgh, and Robert WhitelawPART TWO Systemic Risk 85Chapter 4 Measuring Systemic Risk 87Viral V. Acharya, Christian Brownlees, Robert Engle,Farhang Farazmand, and Matthew RichardsonChapter 5 Taxing Systemic Risk 121Viral V. Acharya, Lasse Pedersen, Thomas Philippon,and Matthew RichardsonChapter 6 Capital, Contingent Capital, and Liquidity Requirements 143Viral V. Acharya, Nirupama Kulkarni, and Matthew RichardsonChapter 7 Large Banks and the Volcker Rule 181Matthew Richardson, Roy C. Smith, and Ingo WalterChapter 8 Resolution Authority 213Viral V. Acharya, Barry Adler, Matthew Richardson,and Nouriel RoubiniChapter 9 Systemic Risk and the Regulation of Insurance Companies 241Viral V. Acharya, John Biggs, Hanh Le, Matthew Richardson, and Stephen RyanPART THREE Shadow Banking 303Chapter 10 Money Market Funds: How to Avoid Breaking the Buck 305Marcin Kacperczyk and Philipp SchnablChapter 11 The Repurchase Agreement (Repo) Market 319Viral V. Acharya and T. Sabri O¨ ncu¨Chapter 12 Hedge Funds, Mutual Funds, and ETFs 351Stephen Brown, Anthony Lynch, and Antti PetajistoChapter 13 Regulating OTC Derivatives 367Viral V. Acharya, Or Shachar, and Marti SubrahmanyamPART FOUR Credit Markets 427Chapter 14 The Government-Sponsored Enterprises 429Viral V. Acharya, T. Sabri O¨ ncu¨ , Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence J. WhiteChapter 15 Regulation of Rating Agencies 443Edward I. Altman, T. Sabri O¨ ncu¨ , Matthew Richardson, Anjolein Schmeits, and Lawrence J. WhiteChapter 16 Securitization Reform 469Matthew Richardson, Joshua Ronen, and Marti SubrahmanyamPART FIVE Corporate Control 491Chapter 17 Reforming Compensation and Corporate Governance 493Jennifer Carpenter, Thomas Cooley, and Ingo WalterChapter 18 Accounting and Financial Reform 511Joshua Ronen and Stephen RyanEpilogue 527About the Authors 531About the Blog 535Index 537