„Systemic Stability in the BigTech Era“

Dr. Steve Kourabas, Monash University (Melbourne) will give a talk on 17 June 2024 on the following topic: 'Systemic Stability in the BigTech Era'.

Abstract:

The emergence of Big Tech in finance offers great benefits to consumers, but also poses new challenges to the financial ecosystem and financial market law. The presentation will identify the risks associated with the widespread entry of Big Tech into finance: operational risks, the complexity associated with the changing nature of finance, the exacerbation of negative external challenges and the potential for systemic financial instability. This raises the question of rethinking post-crisis financial regulation. The regulation and supervision of Big Tech may require effective coordination beyond the traditional financial regulatory framework to effectively integrate aspects such as data protection and competition that are exacerbated by Big Tech. The presentation discusses novel, coordinated mechanisms and the use of SupTech to improve the regulation and supervision of Big Tech. It also highlights the need for efforts at the global level to address the cross-border implications of financial services and product offerings provided by Big Techs.  Prof Steve Kourabas is a Senior Lecturer at Monash University and teaches corporate law and related areas.  His academic interests also include financial regulation and international business law. He has published on prudential regulation and is currently focusing on the interaction between technology and business, with an emphasis on the development of equity crowdfunding.