Nachhaltige Finanzmärkte


Ein Forschungsprojekt
an der Universität Zürich


Umsetzung globaler Rahmenbedingungen


Das Projekt von Frau Dr. Xenia Karametaxas, Forscherin an der Universität Zürich, untersucht, welche Regeln für die globalen Finanzmärkte die Nachhaltigkeitsziele der UN (sustainable development goals, SDG) und des Pariser Klimaabkommens fördern können.

Die Untersuchung verfolgt einen interdisziplinären Ansatz an der Schnittstelle zwischen Rechtswissenschaft, Finanzwirtschaft und Volkswirtschaft.

Die Forschungsergebnisse sollen in international anerkannten, open-access Fachzeitschriften veröffentlicht werden und enthalten Reformvorschläge und Politikempfehlungen.

Die Forschungsarbeiten sind Grundlage für die spätere Verfassung einer Habilitationsschrift.


Aus dem Zwischenbericht
vom Juni 2021


During the first 6 months of the project, my focus was on Sustainable Financial Regulation and Financial inclusion through digital finance of the project.

lmportant literature that I have been studying include, among others, the books "Making the financial system sustainable" by Paul Fisher (Cambridge University Press 2020), as well as "The exclusionary politics of digital financial inclusion: mobile money, gendered walls" by Serena Natile (Routledge 2020).

A relevant event was the entering into force of the EU Sustainable Finance Disclosure Regulation (SFDR) on 10 March 2021, the first of many regulatory initiatives originating from the EU's 2018 Action Plan for Financing Sustainable Growth.

It aims at clarifying the duties of financial institutions regarding the integration of sustainability considerations into their investment decisions, while also promoting transparency. The SFDR introduces a binding transparency framework for European sustainable investment products and a certain harmonization on the definition of what constitutes such products.

Due to its innovative character and its technical complexity, the SFDR generates a lot of attention in the current scholarly and policy debate on sustainable finance.

I decided to approach the topic of the SFDR from a Swiss perspective by exploring how Swiss financial institutions are impacted by the new European regulation. lndeed, even if many Swiss financial institutions are not directly bound by the new European requirements, they will come under market pressure and therefore feel the push towards more transparency.

My research project has drawn the attention of the International Academy for Comparative Law (https://aidc-iacl.org/). For the upcoming General Congress of the Academy, which will take place in October 2022 in Asuncion (Paraguay), I have been appointed Special National Rapporteur on the topic of "Green Finance and protection of the environment: an efficient couple?".


Aus dem Schlussbericht
vom November 2021


KARAMETAXAS Xenia, Sustainable finance: Aktuelle Entwicklungen in der Gesetzgebung der EU und der Schweiz, Ex Ante 1/2021, 33-44.

A relevant event for the ongoing project was the entering into force of the EU Sustainable Finance Disclosure Regulation (SFDR) on 10 March 2021, the first of many regulatory initiatives originating from the EU’s 2018 Action Plan for Financing Sustainable Growth.

It aims at clarifying the duties of financial institutions regarding the integration of sustainability considerations into their investment decisions, while also promoting transparency. The SFDR introduces a binding transparency framework for European sustainable investment products and a certain harmonization on the definition of what constitutes such products.

Due to its innovative character and its technical complexity, the SFDR generates a lot of attention in the current scholarly and policy debate on sustainable finance. Yet, only few researchers have so far adopted an “outsider perspective” by studying the impact of the SFDR on financial institutions of non-EU member states. This is the reason why, in my first publication for this project, I decided to approach the topic of the SFDR from a Swiss perspective by exploring how Swiss financial institutions are impacted by the new European regulation.

Indeed, even if many Swiss financial institutions are not directly bound by the new European requirements, they will come under market pressure and therefore feel the push towards more transparency.

At the end of February 2021, I submitted a 7000 words paper to the academic journal Ex Ante. After the double-blind peer-reviewing process, the paper has been published in June 2021. The paper has been written in German language.


ALEXANDER Kern/KARAMETAXAS Xenia, Digital Transformation and Financial Inclusion, in: Chiu Iris/Deipenbock Gudula, Routledge Handbook on Financial Technology and Law, Routledge 2021, 273-290.

In June 2021, the paper I have co-authored with Kern Alexander entitled “Digital Transformation and Financial Inclusion” has been published as a book chapter in: Chiu Iris/Deipenbock Gudula, Routledge Handbook on Fintech and Law, Routledge 2021, p. 273 ff.

It explores to what extent fintech offers potential to expand access to underserved groups and individuals.

We notably discuss how policymakers and financial regulators should respond to the fast-changing development in financial technologies and by giving our advice on how international standard setters should develop principles and standards for regulating the provision of databased financial services so that it can more effectively enable sustainable and socially inclusive economic development.


KARAMETAXAS Xenia, Green finance and the protection of the environment: an efficient couple?, working paper submitted for publication to the International Academy for Comparative Law.

My research project has also drawn the attention of the International Academy for Comparative Law (IACL https://aidc-iacl.org/).

For the upcoming General Congress of the Academy, which will take place in October 2022 in Asuncion (Paraguay), I have been appointed Special National Rapporteur on the topic of “Green Finance and the protection of the environment: an efficient couple?”. In this function I drafted a working paper/a national report for Switzerland. The paper has been submitted to the International Academy for Comparative Law in August and is currently in the reviewing process. It shall be published by IACL during 2022.


Partner

Fonds zur Förderung des akademischen Nachwuchses (FAN), Universität Zürich, UZH Alumni.

Die Hirschmann-Stiftung engagiert sich 2021 mit CHF 80'000.



Website: hwww.fan4talents.uzh.ch