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21 J. Tech. L. & Pol'y 55 (2016-2017)
Fintech and Disruptive Business Models in Financial Products, Intermediation and Markets - Policy Implications for Financial Regulators

handle is hein.journals/jtlp21 and id is 55 raw text is: FINTECH AND DISRUPTIVE BUSINESS MODELS IN FINANCIAL PRODUCTS, INTERMEDIATION AND MARKETS- POLICY IMPLICATIONS FOR FINANCIAL REGULATORS Iris H-Y Chiu* INTRODUCTION AND ABSTRACT ............................ ........56 I. A FRAMEWORK FOR DISRUPTIVE FINANCIAL INNOVATION...........58 A. A Brief History of Financial Innovation ................ 58 B. Disruptive Innovation as a Framework for Studying the Governance Implications for Financial Innovation ...........65 II. FINANCIAL PRODUCT INNOVATION .............................70 A. Collectivization of Investment Management... ............71 B. Mass-Selling of Consumer-Based Risk Management in Packaged Products ...............................73 C. Fintech and Financial Product Innovation.. ..............76 D. A Disruptive Innovation Model in Understanding the Implications of Fintech Product Innovation . .............79 III. FINANCIAL INTERMEDIATION INTERFACES AND PROCESSES ......... 82 A. Disintermediation? ............................... 83 B. Automation ..................................... 88 C. A Disruptive Innovation Model in Understanding the Implications of Fintech in Intermediation Processes and Interfaces........................... 90 IV. MARKETPLACES IN FINANCE............................. .....94 A. The Fragmented Markets Phenomenon ................95 B. Trading Innovations.........................99 C. Private Alternative Markets Bitcoin and Blockchain........ 104 D. A Disruptive Innovation Model in Understanding the Implications of Fintech in Financial Marketplaces............. 108 CONCLUSION..................................................... 111 55

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