Discussion of 'Regulating the New Financial Markets'
Richard Dale has provided us with an interesting survey of current regulatory and supervisory challenges. His focus is on three developments that are influencing the shape of financial markets – namely globalisation, functional integration, and innovation, especially in the form of derivative products. Underlying the discussion of these three developments is the theme that, in essence, the world is becoming a more dangerous place for financial intermediaries, and therefore, for the supervisors and regulators of those intermediaries. As a consequence some regulatory response is required. Those developments deserve examination.
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.