The failure of subprime mortgage loans in the US was a catalyst
for the last and truly global financial crisis, and, in the opening
article of our international review, we examine whether the growth
in US subprime auto loans is a cause for concern. Michael
Lewis's Flash Boys did more than hit the bestseller lists; it
was the touch paper for a raft of regulatory activity and civil
suits in the US relating to High Frequency Trading.
Whilst there is no doubt that enhanced regulatory oversight
continues apace in a number of jurisdictions (the UK's Small
Business, Enterprise and Employment Bill, the FCA's first use
of its product intervention powers in relation to CoCos and Hong
Kong's Stock Exchange consultation on changes to the Listing
Rules intended to increase transparency and accountability are
three examples covered in this review), care must be taken not to
oversimplify at the expense of understanding local complexities.
The contrast between the approach taken by
