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Algo Bots and the Law: Technology, Automation, and the Regulation of Futures and Other Derivatives

Autor Gregory Scopino
en Limba Engleză Paperback – 14 oct 2020
The trillion-dollar markets for futures, swaps, commodity options, and related derivatives are extremely important to the global economy because, among other things, they influence the prices that people pay for everything from heating oil and bread to the interest rates connected to mortgages and student loans. Due to technological advances in automation and artificial intelligence, these markets have recently undergone a dramatic transformation away from human-centered trading and operations to control by high-speed automated systems. In this work, Gregory Scopino explains how such changes present challenges to the oversight of these markets and discusses potential ways for authorities to address issues presented by computerized trading and related systems. This book should be read by anyone interested in learning how artificial intelligence is used in the financial markets and how those markets are - and should be - regulated.
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Specificații

ISBN-13: 9781316616536
ISBN-10: 1316616533
Pagini: 250
Dimensiuni: 153 x 230 x 28 mm
Greutate: 0.64 kg
Editura: Cambridge University Press
Colecția Cambridge University Press
Locul publicării:New York, United States

Cuprins

Preface; Introduction: 1. Key concepts: algorithms, artificial intelligence, and more; 2. Economic definitions of common derivatives; 3. Legal and regulatory definitions of derivatives and other financial instruments; 4. FinTech: from science fiction to non-fiction; 5. The regulatory framework for the US derivatives markets; 6. Gateways to the futures markets-FCMs; 7. Collective investment vehicles and investment advisors; 8. Salespeople, supervisors, owners, and enumerated others; 9. Trading floor denizens; 10. Regulating digital intermediaries; 11. States of mind: from zero to specific intent; 12. Market manipulation: then and now; 13. Fraud is many things (for humans and robots); 14. Disruptive trading practices; 15. Spoofing: market disruption made easy by technology; 16. Adequately supervising the overseers of algo bots; 17. Flash events; 18. Algo bots all over the world; 19. Conclusion.

Recenzii

'The interwoven evolution of finance, technology and law poses promise and risk of increasing consequence and complexity. This work deftly develops these concepts, cleanly presenting the field for a lay audience while challenging and reshaping the understanding of experts.' Ilya Beylin, Seton Hall Law School
'The repercussions of Artificial Intelligence in derivatives law, and fintech law more generally, are difficult to overstate, as is the potential complexity of AI and Machine Learning for the uninitiated. But miraculously, Mr. Scopino has succeeded where others have not even dared. Lucid, rigorous, and highly original, Algo Bots and the Law carves out new terrain, and is a must-read for serious scholars in the field.' Chris Brummer, Georgetown University Law Center
'Algo Bots and the Law should become the definitive analysis of how robots can upset financial markets and what to do about them.' James Kwak, co-author of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
'This is a deeply researched and clearly-written narrative about some of the most complex and important issues in the future of finance and financial regulation. Scopino expertly explains and thoughtfully explores how financial innovation is changing financial markets.' Tom C.W. Lin, Temple University Beasley School of Law
'Professor Scopino artfully examines the intersection of three important areas in law and finance: derivatives, regulation, and technology. Advances in artificial intelligence and automation have created new challenges for practitioners and regulators, and Scopino, with his broad experience, brings a rare combination of skills to describe and assess them. He's also a clear, engaging, conversational writer. This book provides detailed background on the markets and rules, and assesses a wide range of misconduct, including spoofing and disruptive trading, flash crashes, market manipulation, and fraud; it also assesses and proposes regulatory changes responsive to technology changes. This a comprehensive and definitive, yet accessible, book.' Frank Partnoy, University of California-Berkeley, and author of Infectious Greed and F.I.A.S.C.O.
'Contemporary trading markets are cyborgs: machine traders, owned and regulated by humans. As our guide through these markets, Scopino is a potent synthesist. He links complex material - 20th century law and 21st century technology - with an almost folksy warmth and clarity.' Andrew Verstein, UCLA School of Law
'Algo Bots and the Law is an encyclopedic treatment of the regulation of algorithmic trading that is destined to become the leading source in its field for scholars, students, policymakers, and practitioners alike for many years to come. But more importantly, it may well be the most engaging book on futures and derivatives regulation ever written. Greg Scopino spins his tale with the simplicity and flair of a journalist covering three beats at once - law, finance, and technology - bringing years of professional and scholarly experience to bear on his subject. A tour de force.' Ramsi Woodcock, University of Kentucky, Rosenberg College of Law
'Algo Bots and the Law provides a deeply detailed journey through the history of futures and derivative markets regulation, from market definitions to how legal precedent influences current thinking on regulating electronic markets. … clear prose and good examples …' Mark S. Rzepczynski, Enterprising Investor

Notă biografică


Descriere

An exploration of how financial market laws and regulations can - and should - govern the use of artificial intelligence.