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The Future of Financial Systems in the Digital Age : Perspectives from Europe and Japan.

Bibliographic Details
Main Author: Heckel, Markus.
Other Authors: Waldenberger, Franz.
Format: eBook
Language:English
Published: Singapore : Springer Singapore Pte. Limited, 2022.
Edition:1st ed.
Series:Perspectives in Law, Business and Innovation Series
Subjects:
Electronic books.
Online Access:Click to View
Table of Contents:
  • Intro
  • Preface
  • Contents
  • Editors and Contributors
  • About the Editors
  • Contributors
  • Abbreviations
  • List of Figures
  • List of Tables
  • Financial Systems in the Digital Age: Perspectives from Europe and Japan
  • 1 Motivation and Background
  • 2 Financial Systems: Functions, Resources, and Design
  • 3 Japan and the Euro Zone
  • 3.1 Basic Economic Data
  • 3.2 Financial Systems
  • 3.3 Digitalization
  • 4 DX and Finance: An Extended Overview
  • 4.1 The Informational Nature of Finance
  • 4.2 Infrastructures
  • 4.3 Knowledge Base
  • 4.4 Trust
  • 4.5 Legislation and Regulatory Oversight
  • 4.6 Impact on Design
  • 5 Concluding Remarks
  • References
  • The Future of Japan's Financial Market
  • 1 Introduction
  • 2 Influence of ICT Development on Financial Transactions
  • 2.1 Transaction Costs and Financial Transactions
  • 2.2 The Unceasing Development of ICT
  • 3 Financial Transactions and Financial Legislation
  • 3.1 Grand Design of Financial Legislation
  • 3.2 Peculiarities of Japan's Financial Legislation
  • 4 Innovation of Financial Services Caused by ICT Developments
  • 4.1 Innovation of Financial Services
  • 4.2 Development of Financial Services in Japan
  • 5 Recent Developments of Financial Markets
  • 5.1 Recent Innovations in Financial Markets
  • 5.2 Change of the Role of Financial Market Infrastructures
  • 6 Challenges for Japan's Financial Legislation
  • 6.1 Adjustment of Financial Legislation in Response to Advancements in ICT
  • 6.2 Legal Foundation of the Collective Clearing System
  • 6.3 Challenges for Japan's Financial Legislation
  • 7 Closing Remarks
  • References
  • Financial Digitalization and Regulatory Challenges for Japan
  • 1 Introduction
  • 2 The Five Ds
  • 3 Regulatory Responses and Challenges
  • 3.1 Visions Guiding the Regulatory Response to Financial Digitalization
  • 4 New Issues Under COVID-19.
  • 4.1 Acceleration of DX
  • 4.2 The Three Ss
  • 4.3 Role of the Financial Sector and Financial Digitalization
  • References
  • Digital Currencies and the Future of Money
  • 1 The Modern Monetary System
  • 1.1 Brief History of the Modern Monetary System
  • 1.2 Benefits and Advantages of the Modern Monetary System
  • 2 Digital Innovation and Challenges to the Modern Monetary System
  • 2.1 Digital Innovation and the Monetary System
  • 2.2 New Challenges to the Modern Monetary System
  • 2.3 Central Bank Digital Currencies
  • 3 The Potential of Digital Currencies Issued by Private Entities
  • 3.1 Issues to Be Resolved in Japan's Payment Infrastructure
  • 3.2 The Concept of "Private-Led" and "Two-Layered" Digital Currency
  • 3.3 The Digital Currency Forum
  • 4 Digital Currency and the Future of the Monetary System
  • 4.1 Challenges to the Modern Monetary System Triggered by Digital Innovation
  • 4.2 The Monetary System and Nation States
  • 4.3 The Monetary System and the Two-Tiered Structure
  • 4.4 Competition Among Currencies
  • 4.5 Public and Private Initiatives to Shape the Future of the Monetary System
  • 5 Outlook
  • References
  • Central Bank Digital Currencies in a World with Negative Nominal Interest Rates
  • 1 Introduction
  • 2 The Risk of Structural and Cyclical Bank Disintermediation Through CBDC
  • 2.1 Effects on Bank Funding Costs of CBDC2
  • 2.2 Increase of Banks' Reliance on Central Bank Credit, Collateral Constraints, and Credit Centralization?
  • 2.3 Bank Runs and Cyclical Bank Disintermediation Through CBDC
  • 3 NIRP and CBDC
  • 4 A Two-Tier Remuneration System for CBDC
  • 5 Conclusion
  • References
  • The Future of Payments in a DLT-Based European Economy: A Roadmap
  • 1 Introduction
  • 2 Design Paradigms for a Future Payment Infrastructure
  • 2.1 Account-Based Versus Token-Based Solutions.
  • 2.2 Contract Execution, Digital Payment Infrastructure, and Monetary Unit
  • 3 Euro-Denominated Payment Solutions for DLT-Based Smart Contracts
  • 3.1 Account-Based Solutions
  • 3.2 Token-Based Solutions
  • 4 Roadmap
  • 4.1 Time to Market for Different Payment Solutions
  • 4.2 Fungibility and Interoperability
  • 4.3 Time to Market and Use Cases for Private- and Public-Sector Solutions of the Digital Euro
  • 4.4 Interoperability and Efficiency
  • 5 Conclusion
  • Appendix: Use Cases for the Digital Euro
  • References
  • Digitalization of Payment Instruments: Cashless Payments and Loyalty Points Systems
  • 1 Introduction
  • 2 Cashless Payments in Japan: Current Situation and Prospects
  • 2.1 Why is Japan Encouraging Cashless Payments?
  • 2.2 Government Indicators and the Current State of the Cashless Economy
  • 2.3 Why Are Cashless Payments Slow to Gain Traction?
  • 2.4 Japan Remains a Cash-Oriented Society
  • 2.5 We Need to Understand How Consumers Use Cashless Payments
  • 2.6 Areas of Competition and Cooperation for Private Companies
  • 2.7 Can a Loyalty Points System Boost the Spread of Cashless Payments?
  • 3 Prevalence and Nature of Digital Points Systems
  • 3.1 Are Loyalty Points Japan's Corporate Pseudo-currency?
  • 3.2 The Scale of Loyalty Points Systems
  • 3.3 The Incomplete Function of Loyalty Points as Currency
  • 3.4 How Platform Companies Turned Loyalty Points into a Pseudo-currency
  • 3.5 Fun Features Differentiating Loyalty Points from "Money"
  • 3.6 Latent Regulatory Issues
  • 4 The Future of Cashless Payments and Digital Points Systems
  • References
  • The Changing Landscape of Retail Banking and the Future of Digital Banking
  • 1 Introduction
  • 2 Retail Banking from Past to Present
  • 3 Digital Transformation in Banking
  • 4 The Future of Banking
  • 4.1 The Future of Banking is Digital
  • 4.2 Three Stages of Evolution.
  • 4.3 Present and Future Developments in Value Chains
  • 5 The Changing Landscape: Where Do Banks and Fintechs Stand in the Market?
  • 5.1 Four Strategies to Counter Fintechs
  • 5.2 The Bank-Fintech Relationship: The Other Side of the Coin
  • 5.3 How Are Banks Responding to the Changing Game?
  • 6 Outlook
  • References
  • High-Frequency Trading in Japan: A Unique Evolution
  • 1 Introduction
  • 1.1 Is High-Frequency Trading Fintech?
  • 1.2 Recognizing the Social Significance of HFT
  • 1.3 The Movement Toward Greater Regulation of HFT Around the World
  • 1.4 HFT May Play a Role in Shaping Business Models in Japan's Securities Industry
  • 2 Algorithmic Trading and HFT
  • 2.1 Algorithmic Trading
  • 2.2 Types of Algorithmic Trading
  • 2.3 Using Machine Learning in Algorithm Construction
  • 2.4 The Struggle Between AI Technologies
  • 2.5 What is HFT?
  • 2.6 Background to the Growth of HFT for Arbitrage in the US
  • 2.7 Will HFT Approach the Speed of Light?
  • 3 Reviewing the Historical Development of HFT in Japan and Around the World
  • 3.1 HFT First Flourished in the US
  • 3.2 HFT Firms Move to Japan from Saturated Markets Such as the US
  • 3.3 Activities of HFT Firms in Japan's Highly Concentrated Market
  • 3.4 The Domination of the Japanese Market by Foreign HFT Firms
  • 4 Evaluation of the Impact of HFT on Financial Markets
  • 4.1 HFT Effectively Enhances Market Functioning
  • 4.2 Empirical Research Overseas on the Effect of HFT on Market Performance
  • 4.3 Results of Research in Japan
  • 4.4 The Possibility That HFT May Destabilize Markets
  • 4.5 Conflicting Opinions on Whether HFT Amplifies Market Disruption
  • 4.6 The Issue of Fairness in Trading
  • 5 HFT Regulation as a Preventive Measure
  • 5.1 HFT Regulation and System Response in the US
  • 5.2 HFT Regulation in Europe
  • 5.3 HFT Regulation in Japan.
  • 5.4 Few Cases of HFT Unfair Trading Have Been Exposed in Japan
  • 6 HFT and the Securities Sector in Japan Today
  • 6.1 Japanese Securities Companies Delayed the Introduction of Practices from the US
  • 6.2 Smart Order Routing and Order Book Information
  • 6.3 The Emergence of Japan's Flash Boys?
  • 6.4 The Movement to Introduce Payment for Order Flow in Japan
  • 6.5 Information on Orders by Individual Investors is Valuable for HFT Firms
  • 6.6 Against the Backdrop of Commission-Free Trading
  • 6.7 Are the Interests of Individual Investors Being Protected?
  • 6.8 Research on HFT is Still in Its Infancy
  • References
  • Index.

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