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list price: $39.95
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published: Jun 2016
ISBN:9781442641921

Back from the Brink

Lessons from the Canadian Asset-Backed Commercial Paper Crisis

by Paul Halpern; Caroline Cakebread; Christopher C. Nicholls & Poonam Puri

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theory, public affairs & administration
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rated!
rated!
list price: $39.95
edition:Hardcover
also available: eBook eBook
published: Jun 2016
ISBN:9781442641921
Description

As global markets toppled during the 2008 financial crisis, the Canadian market for non-bank asset-backed commercial paper (ABCP) seemed on the verge of collapsing. Fueled by a top rating from DBRS, ABCP had found its way into the portfolios of some of Canada’s most sophisticated investors as well as vulnerable retail investors who didn’t know what they were holding.

The failure of the $32 billion market could have tipped Canadian and foreign credit default swap markets into chaos if it weren’t for the swift actions of a few powerful asset holders. Collectively, through the Montreal Accord and led by veteran Canadian lawyer Purdy Crawford, they managed to hold the Canadian ABCP market back from the brink of collapse by crafting a complex and innovative solution.

Back from the Brink goes behind the scenes of the ABCP crisis to examine how a solution was reached and lessons learned that could prevent or mitigate future crises. The authors also examine the imaginative use of the Companies' Creditors Arrangement Act and describe the roles played by the banks, the major investors, rating agencies, and the financial regulators in the crisis’s origins and conclusions. Back from the Brink holds important lessons for anyone interested in Canadian law, the future of complex investments, and Canada’s capital markets.

About the Authors
Paul Halpern is a professor emeritus of finance at the Rotman School of Management at the University of Toronto.
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Caroline Cakebread is the editor of Canadian Investment Review, writes widely on institutional and personal finance, and provides strategic and educational consulting services to institutional investors. She holds a PhD in English and writes and lectures on Shakespeare and contemporary women’s writing.
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Christopher C Nicholls is a Professor of Law at Western University’s Faculty of Law where he is the inaugural holder of the W Geoff Beattie Chair in Corporate Law, and a 2013 recipient of a Western University Faculty Scholar Award.


Before coming to Western University in 2006, Professor Nicholls was a member of the faculty of the Dalhousie University Faculty of Law (now the Schulich School of Law at Dalhousie University) where he was the inaugural holder of the Purdy Crawford Chair in Business Law. Prior to beginning his academic career, he practised corporate and securities law in Toronto and in Hamilton, Bermuda.

Professor Nicholls has been a Fulbright Scholar and Visiting Professor of Law at the Harvard Law School, a Herbert Smith Visitor at the University of Cambridge, a Visiting Scholar at Melbourne Law School, a Visiting Research Scholar at the University of Tokyo, and the Falconbridge Visiting Professor of Commercial Law at Osgoode Hall Law School. He has also been a visiting professor at the law faculties of Queen’s University and the University of Toronto. He has acted as a consultant to private law firms, government and regulatory agencies, and has lectured to academic and professional audiences in Canada, the United States, the United Kingdom, Australia, South America, and Japan.


He has previously served as a Member (Commissioner) of the Nova Scotia Securities Commission, as Head of Research and Policy for the Capital Markets Institute, Rotman School of Management, University of Toronto, and as a Research Fellow for the Filene Research Institute, Madison, Wisconsin. He is currently Chair of the Board of Directors of the Mutual Fund Dealers Association of Canada, a director of Western University’s Centre for Financial Innovation and Risk Management and a Member of the Editorial Advisory Board of the Canadian Business Law Journal.


He is the author of numerous articles in the fields of corporate law and governance and financial law and regulation, as well as five other books on these and related subjects (one as co-author), including Mergers, Acquisitions and Other Changes of Corporate Control, 2d ed (Toronto: Irwin, 2012).

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Poonam Puri is a professor at Osgoode Hall Law School at York University.
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