DOCSLIB.ORG

Diverse Economies of Debt: the Possibilities for Socially Useful Finance in Peer-To-Peer Finance and Reward-Based Crowdfunding

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Diverse Economies of Debt: the Possibilities for Socially Useful Finance in Peer-To-Peer Finance and Reward-Based Crowdfunding Diverse economies of debt: The possibilities for socially useful finance in peer-to-peer finance and reward-based crowdfunding. by Gemma Bone Dodds A thesis submitted to Newcastle University for partial fulfilment of the requirements for the degree of Doctor of Philosophy in the School of Geography, Politics and Sociology Newcastle Upon Tyne, March 2019 Author’s Declaration I declare that this thesis is my own account of my research and contains as its main content work which has not previously been submitted for a degree at any tertiary education institution. Gemma Bone Dodds iii iv Abstract In the wake of the global financial crisis of 2007–8 and the persistence of mainstream forms of finance, this thesis aims to explore the possibilities for achieving more socially useful forms of finance with particular reference to case studies of peer-to-peer lending and reward-based crowdfunding in the United Kingdom. The thesis is situated within the diverse economies theoretical approach to human geography. Despite the centrality of finance to the wider economy, diverse economies theory has to date largely neglected finance. As such, the social relation of credit-debt that sits at the heart of money and finance has not been theorised in ways that foreground the diversity of ‘the social’ and open out political possibilities. The thesis analyses the diverse social relations of credit-debt as relatively discrete processes composed of spatial, temporal and subjectivity-creation practices. Peer-to-peer lending and reward-based crowdfunding are shown to assemble particular kinds of socialities that not only shift over time in relation to the mainstream, but which also exhibit the persistent tensions and possibilities that mark more socially useful forms of finance. The findings from this research strongly suggest that there are three main constraints on the ability of alternative forms of finance to reconstruct the sociality of the creditor-debtor relationship in different ways: the problem of creditworthiness; subjectivities of debt which privilege the creditor; and the power relations at work in the creation of alternative finance. v Dedication To Finlay, my bringer of joy. I love you. vi Acknowledgements To Charlotte Millar, Jen Morgan and Rachel Sinha, for asking the question that sparked this whole thing off, for pioneering the bringing of our whole selves into financial systems change, and for mentoring me in the etiquette of the smart- casual chino. To my other financial change friends and colleagues, particularly Friends of the Earth Scotland and Ric, Matthew and Richard, thank you for providing me with the space and support to take the academic and put it into practice. To the ESRC and the NE-DTC for giving me the amazing privilege to spend years of my life finding ideas and having the resource to follow them. To my participants and interviewees, thank you for your time and your candour when you did not need to give either. To my original supervisor, Barry for inspiring me to think big. To my supervisors Paul, Jane and Danny, thank you for the years of support and getting me through to a final final draft! Your capacity for helping me express my emerging ideas has been invaluable and I owe you a huge debt of gratitude. Thank you. To my army of cheerleaders/slayers, I can’t name you all or properly express my gratitude here but I’ll give it a go. To my kind proofing volunteers, Carolyn, Paul, Hazel, Helen. To all those friends who keep me sane, provide a shoulder to cry on or inspire me to get up and keep going I give you my deepest thanks. Special mention to Esther, because your love is such a source of strength to me, you are golden. Matt, you are also golden. Vicky, my best sister-friend, I just can’t, but I don’t need to because you already know what I’m going to say. To my fellow travellers in the world of academia. Ben, Cahir, Matt, Paul and Maria for all the related, and not-so-related but fascinating conversations, support and friendship I thank you. I’ve gotten a lot of practical advice and support from the PostGrad Study Gang and the Women In Academia Support network, thank you for being spaces that give me hope for the future of academia. Paul, thank you for your proofing, in particular hearing your positive feedback on my philosophy was extremely heartening and gave me a real boost. vii Lily, we kept each other going and I am grateful for the friendship we created on the way. Tom, Anna, Chris and Ariel, thanks being there right on the final furlong – we’ll all make it soon! Matt, you are one of the kindest, most interesting and intelligent people I know, I think you know this about as well as I do by this point and I thank you SO much for your generosity. To my family. The Doddses for welcoming me into your family and providing me with an amazing model of light-heartedness, joy and fun to aspire to when the PhD process was tough. To my wider family, my aunties and uncles, thank you for all your love and support. To my Mum and Dad, who have never had an agenda for my life other than for me to be happy. My radicalism and desire to challenge injustice comes from the infinitely deep compassion and love that you radiate, and the self-confidence you instilled. You carved out the space for me to discover my own dreams and for that alone my debt will never be repaid (a good job too!). Thank you from the bottom of my heart. I love you both more than I can ever, ever express. To Colin. Our relationship has grown alongside this project, and our wee boy too. Thank you for being the person that I didn’t know I needed, for bringing me back to earth and making me live in the now. Your strength, patience and love is unending. You are the best person I know, and without you I could not have gotten to the end. I love you, and let’s get back to the family motto asap. viii Table of Contents Author’s Declaration ................................................................................................................... iii Abstract ........................................................................................................................................ v Dedication ................................................................................................................................... vi Acknowledgements .................................................................................................................... vii Table of Contents ........................................................................................................................ ix List of Figures ........................................................................................................................... xiv List of Tables .............................................................................................................................. xv List of Abbreviations ................................................................................................................. xvi Chapter 1 Introduction .............................................................................................................. 1 1.1 Understanding Experiments for Financial Change ........................................................... 1 1.2 Theoretical Context .......................................................................................................... 7 1.3 Aim and Research Questions ......................................................................................... 12 1.4 Outline of the Thesis ...................................................................................................... 12 Chapter 2 Building Diverse Economies: Towards a Diversity of Credit and Debt ................ 17 2.1 Capitalocentrism – Limiting Possibility ......................................................................... 19 2.1.1 The Ethics of Thinking – Creating Space for Possibility ......................................... 22 2.1.2 The Politics of the Subject – Researching Possibility .............................................. 25 2.2 Towards Diverse Economies of Finance ........................................................................ 29 2.3 Diverse Economies of Money and Debt ......................................................................... 35 2.3.1 Money as a Social Relation of Credit and Debt ........................................................ 37 2.3.2 The History of Credit and Debt ................................................................................ 42 2.4 Diverse Economies of Credit and Debt .......................................................................... 50 2.4.1 Gift as debt? .............................................................................................................. 53 2.5 Diverse relations of credit and debt ................................................................................ 61 Chapter 3 Methodology .......................................................................................................... 65 3.1.1 The Finance Innovation Lab ..................................................................................... 67 3.2 Participant Observation .................................................................................................. 70 3.2.1 Method ...................................................................................................................... 70 3.2.2 Approach Taken ........................................................................................................ 72 3.2.3
Load more

Recommended publications
  • Pushing Boundaries: the 2015 UK Alternative Finance Industry Report
    PUSHING BOUNDARIES THE 2015 UK ALTERNATIVE FINANCE INDUSTRY REPORT February 2016 Bryan Zhang, Peter Baeck, Tania Ziegler, Jonathan Bone and Kieran Garvey In partnership with with the support of CONTENTS Forewords 04 Introduction 10 About this study 12 The Size and Growth of the UK Online Alternative 13 Finance Market Market Size and Growth by Alternative Financing 14 Models Increasing Share of the Market for Business Funding 19 Market Trends in Alternative Finance 22 Expanding Base of Funders and Fundraisers 23 Market Entrants and Partnership strategies 25 Seeking Growth Through Awareness, Increased 26 Marketing and Forging Partnerships 27 Institutionalisation of the Market Cross-Border Transactions and Internationalisation 30 The Geography and Industries & Sectors of 31 Alternative Finance Industry Perspectives on Regulation, Tax Incentives 33 and Risks Size and Growth of the Different Online 38 Alternative Finance Models Peer-to-Peer Business Lending 39 Peer-to-Peer Business Lending (Real Estate) 40 Peer-to-Peer Consumer Lending 41 Invoice Trading 42 Equity-based Crowdfunding 43 Equity-based Crowdfunding (Real Estate) 44 Reward-based Crowdfunding 45 Community Shares 46 Donation-based Crowdfunding 46 Pension-led Funding 47 Debt-based Securities 47 Conclusion 48 Acknowledgements 50 Endnotes 51 3 ABOUT THE AUTHORS BRYAN ZHANG Bryan Zhang is a Director of the Cambridge Centre for Alternative Finance and a Research Fellow at the Cambridge Judge Business School. He has co-authored !ve industry reports on alternative !nance. PETER BAECK Peter Baeck is a researcher at Nesta, where he focuses on crowdfunding, peer-to-peer lending and the role of digital technologies in public and social innovation.
    [Show full text]
  • (P2p) Lending Model in Islamic Finance / Shariah-Compliant Form
    CAPCO ISLAMIC FINANCE CAPABILITY APPLICATION OF PEER TO PEER (P2P) LENDING MODEL IN ISLAMIC FINANCE / SHARIAH-COMPLIANT FORM INTRODUCTION Islamic finance is growing in prominence globally owing to strong interest from consumers due to both theological reasons and its strong ethos of ethical investing. In this environment it is imperative that participants in this sector consider avenues that help with growth acceleration and expanding consumer interest. One of the most interesting avenues for potential expansion is within the alternative finance market, specifically in the P2P lending segment. This paper aims to explore the viability of deploying the P2P lending model in a manner that remains true to the framework of Islamic finance principles such as RIBA (prohibition of interest) and Shariah (prohibition of certain product types). WHAT IS P2P LENDING? P2P lending is a form of finance that enables the exchange however there has been a significant uptick in the invoice of capital without the reliance on a conventional financial lending category for the last three years (From ~£310 million institution to oversee and manage the transactions. This format in 2016 to ~£1.1 billion in 2018)2, this is due to the strong enables the borrowers and lenders to interact directly, usually demand for this service from small to medium sized enterprises facilitated through a web application or platform. (SMEs) and is likely to surge due to the impact of to the socio- economic factors of the past year. P2P lending online can trace its origins to the UK with Zopa being the first firm to market this concept, followed by firms UK Overall Volume Growth (£) such as Prosper and Lending Club in the US.
    [Show full text]
  • Peer-To-Peer Lending Annual Report 2019
    PEER-TO-PEER LENDING STATE OF THE MARKET ANNUAL REPORT 2019 | WWW.ALTFI.COM UK MARKETPLACE ONLINE LENDING RETURNS IN THE FINTEX LISTED DIRECT ADVERTISED IMPAIRMENTS LENDING IN EUROPE REALITY WAY LENDING RETURNS AND DEFAULTS We follow the trends so you can stay ahead of them. P2: We are specialist advisers in the AlternativeRSM Finance space. At RSM, we make it our priority to understand your business so youADVERT can make confident decisions about the future. Experience the power of being understood. Experience RSM | rsmuk.com The UK group of companies and LLPs trading as RSM is a member of the RSM network. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm each of which practises in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction. The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 50 Cannon Street, London EC4N 6JJ. The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug. 3 INTRODUCTION PEER-TO-PEER LENDING: STATE OF THE UK MARKET After rapid growth from the ashes of the financial crisis, the alternative finance sector appears to be maturing. However, it faces internal and external challenges that will dictate the industry’s long-term viability and success.
    [Show full text]
  • Lendit-Pitch Deck FINAL
    The World’s Leading Event in Financial Services Innovation April 9-11 * Moscone West * San Francisco Fintech | Blockchain | Digital Banking | Lending Sponsor Prospectus The Big Picture Unparalleled Networking and Business Development Opportunities What’s New? ● 3 Days of Content and Networking ● BlockFin Summit dedicated to content, networking and experts in Blockchain for Financial Services ● Expanded 1:1 Meetings Services to help you schedule and meet everyone on your list. Your Decision Makers in One Location 1,700+ C-Level or Higher 5,000+ Focused on Financial Services Innovation 2000 PE, VC, Institutional Investors, Hedge Funds 1500 1000 Commercial, Digital, Regional 500 AI, Blockchain, 0 CXOs Vice Directors Digital Banking, & Founders Presidents & Managers Cryptocurrency, Payments, Lending, RegTech 2017 LendIt USA Stats Driven by Content Industry Pioneers take the Stage at LendIt “It’s never been more important to understand the enablers 350+ of our global mission and there’s no more important conference than LendIt in terms of understanding the power Speakers of technology and what’s happening in the financial world” Andrea Jung President and CEO Grameen America Ash Gupta Jackie Reses Antony Jenkins Richard Cordray Peter Thiel President, Global Credit Square Capital Lead Founder & Exec Chairman Director Entrepreneur, Investor Risk & Info Management Square Capital 10X Technologies CFPB Co Founder American Express PayPal Our Audience includes Everyone You Need to Meet 800+ 500+ Investors Banks 2017 LendIt USA Stats 5 Spotlight on
    [Show full text]
  • Complex Regulatory Landscape for Fintech an Uncertain Future for Small and Medium-Sized Enterprise Lending
    White Paper The Complex Regulatory Landscape for FinTech An Uncertain Future for Small and Medium-Sized Enterprise Lending August 2016 Contents 3 Foreword 4 Acknowledgements 5 List of Abbreviations 6 Executive Summary 8 Global FinTech Snapshot 8 Introduction 8 FinTech Conundrum 8 Major FinTech Markets 9 Market Disparities 10 SME Environment 10 Financing Issues 10 Global SME Lending 10 Job Creation 11 Regulatory Environment 12 Business Models 12 Regulatory and Market Overview 14 Investor Protection and Securities Laws 15 Clearing, Settlement and Segregation of Client Money 16 Risk Retention and Capital Requirements 17 Secondary Servicer Agreements 17 Tax Incentives 18 Promotion of SME Lending 18 Credit Analysis and Underwriting 19 Data Protection 20 Regulatory Reporting 20 Registration and Licensing 21 Debt Collection 21 Interest Rate Regulation 22 Private-Sector Outlook and Concerns 22 Regulatory Uncertainty 23 Transparency, Fraud and Self-Regulation 24 Standardization and Data World Economic Forum 26 Case Study: CreditEase 91-93 route de la Capite CH-1223 Cologny/Geneva 26 Background and Performance Switzerland Tel.: +41 (0)22 869 1212 28 Future Development Plans and Ongoing Concerns Fax: +41 (0)22 786 2744 Email: [email protected] 29 Conclusion www.weforum.org World Economic Forum® © 2016 – All rights reserved. No part of this publication may be reproduced or Transmitted in any form or by any means, including The views expressed in this White Paper are those of the author(s) and do not necessarily represent the views of the Photocopying and recording, or by any information World Economic Forum or its Members and Partners. White Papers are submitted to the World Economic Forum as Storage and retrieval system.
    [Show full text]
  • Marketplace Lending a Temporary Phenomenon? Foreword 1
    Marketplace lending A temporary phenomenon? Foreword 1 Executive summary 2 1. What is marketplace lending? 4 2. Marketplace lending: a disruptive threat or a sustaining innovation? 8 3. The relative economics of marketplace lenders vs banks 11 4. The user experience of marketplace lenders vs banks 23 5. Marketplace lending as an asset class 24 6. The future of marketplace lending 30 7. How should incumbents respond? 32 Conclusion 35 Appendix 36 Endnotes 37 Contacts 40 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is the United Kingdom member firm of DTTL. This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication. © 2016 Deloitte LLP. All rights reserved. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 2 New Street Square, London EC4A 3BZ, United Kingdom.
    [Show full text]
  • A Case of Regulatory Evolution
    Forum A CASE OF REGULATORY successful integration of sector regulation, alongside continued government support for alternative finance. EVOLUTION – A REVIEW OF While many member states have opted for a “wait and THE UK FINANCIAL CONDUCT see” approach to crowdfunding regulation, the United Kingdom was of the first nations to create bespoke reg- AUTHORITY’S APPROacH TO ulation for crowdfunding activities. As the regulating CROWDFUNDING body that monitors and supervises crowdfunding ac- tivities in the UK is the Financial Conduct Authority (FCA)2, this article will centre on the regulatory regime that it has adopted. ROBERT WarDROP AND 1 The FCA defines crowdfunding as an umbrella term to TANIA ZIEGLER capture various “categories” of activity, some of which are regulated whilst others are not. The general defini- Introduction tion of crowdfunding, according to the FCA is “an inter- net-based business model […] in which people and busi- Across Europe, crowdfunding is quickly moving from a nesses (including start-ups) can try to raise money from fringe funding instrument to becoming a mainstream fi- the public, to support a business, project, campaign or nance channel, connecting “crowds” to fund businesses, individual” (FCA 2016a). This broad term includes four projects and individuals. In its recently published Report sub-categories: on Crowdfunding in the EU Capital Markets Union, the European Commission details the importance of crowd- • Donation-based crowdfunding: people give funding as “an important source of non-bank financing money to enterprises or organisations whose activi- in support of job creation, economic growth and com- ties they want to support. petitiveness” (European Commission 2016).
    [Show full text]
  • Links to Gender Diversity Targets
    Commitments of the Women in Finance signatories as at November 2018 Signatories (links to Signed Commitment Progress gender diversity targets) 10x Future July 2017 Committed to promoting diversity Technologies Ltd and creating an inclusive culture. Aberdeen Asset July 2016 • 42 – 45% of UK employees to Management be female by 2022. Within this, the goal is to increase female representation at senior management level to between 31 – 33%. • Also setting a target of 47% of global population to be female by 2022, with a variance factor of 2%. Admiral Group July 2018 To be announced AE3 Media July 2018 To be announced. Affinity Capital July 2016 Ensure at least 75% of senior Met target before management team remains signing. female. Ensure at least 50% of our shareholders are female. Ageas UK March By 2021, 35% women in senior 2017 management. AIB UK November At least 30% women in senior roles 2016 by 2021. Aldermore Group plc July 2016 • 30% of senior managers will be female by 2020. • Gender split of the Bank will remain broadly 50%. Allianz Insurance November By 2020, minimum 35% female 2017 representation across management. American Express November To be announced. 2018 Armstrong Wolfe July 2018 To be announced. Aon March To be announced. 2018 Employment/000005-00011/-1/JOXB JOXB(LDNL31659) L_LIVE_EMEA1:39978898v1 Signatories (links to Signed Commitment Progress gender diversity targets) Association for November By January 2021, 30% of female Financial Markets in 2017 representation in senior Europe management. Association of March By March 2022, 40% women in Accounting 2017 senior management. Technicians Association of British July 2016 By 30 June 2019: Met in 2017: Insurers (ABI) • 45%/55% female to male 45% by 2019 gender split across management positions.
    [Show full text]
  • A Trillion Dollar Market by the People, for the People How Marketplace Lending Will Remake Banking As We Know It
    VI. TOO BIG TO SUCCEED, TOO SLOW TO REACT 1 A Trillion Dollar Market By the People, For the People How Marketplace Lending Will Remake Banking As We Know It BY CHARLES MOLDOW GENERAL PARTNER, FOUNDATION CAPITAL A TRILLION DOLLAR MARKET BY THE PEOPLE, FOR THE PEOPLE VI. TOO BIG TO SUCCEED, TOO SLOW TO REACT 2 Introduction 3 I. Putting the Market Back into Market Economics 4 II. Revolution in the Guise of Cosmetic Surgery 6 III. No Country for Middle Men 9 IV. A $870B+ Industry Table of 15 V. The Maxims 18 Contents MAXIM I: Data, Data, Data Successful players will out-FICO FICO and be fairer than Fair Isaac. MAXIM II: Connections & Liquidity It’s not just about matchmaking but also market-making. MAXIM III: Formidable Barriers Marketplace platforms are neither easy to start nor easy to scale. MAXIM IV: Built to Last Marketplace lenders should be built not just to disrupt but to displace. VI. Too Big to Succeed, Too Slow to React 31 A TRILLION DOLLAR MARKET BY THE PEOPLE, FOR THE PEOPLE VI. TOO BIG TO SUCCEED, TOO SLOW TO REACT 3 Introduction Traditional lending works well. For the banks. BANK BORROWING COSTS AT AN ALLTIME LOW, For centuries, banking has remained fundamentally unchanged. In the simplest NET YIELD AT ALLTIME HIGH terms, banks match savers with borrowers. They pay interest for deposits and make loans to businesses and consumers. Depositors see their savings grow, 20% borrowers use the capital. Banks profi t handsomely on the spread. Historical Short-Term Unsecured Loans Interest Rate Banks, as intermediaries, have always added to the cost of borrowing and lending 15% – that’s the price we pay as a society for their market-making abilities.
    [Show full text]
  • Fintech Credit: Market Structure, Business Models and Financial
    22 May 2017 FinTech credit Market structure, business models and financial stability implications Report prepared by a Working Group established by the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) This publication is available on the website of the BIS (www.bis.org) and the FSB (www.fsb.org). To contact the BIS Media and Public Relations team, please e-mail [email protected]. You can sign up for e- mail alerts at http://www.bis.org/emailalerts.htm. To contact the FSB, please e-mail [email protected]. You can sign up for e-mail alerts at www.fsb.org/emailalert or follow the FSB on Twitter: @FinStbBoard. © Bank for International Settlements and Financial Stability Board 2017. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9259-051-2 (online) ii Preface FinTech credit – that is, credit activity facilitated by electronic platforms such as peer-to-peer lenders – has generated significant interest in financial markets, among policymakers and from the broader public. Yet there is significant uncertainty as to how FinTech credit markets will develop and how they will affect the nature of credit provision and the traditional banking sector. Against this background, a group of representatives from the membership of the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) Financial Innovation Network, together with the Secretariats of the CGFS and FSB, undertook this study of FinTech credit. The study draws on public sources and ongoing work in member institutions to analyse the functioning of FinTech credit markets, including the size, growth and nature of activities.
    [Show full text]
  • Marketplace Lending Verso Nuove Forme Di Intermediazione Finanziaria?
    Quaderni FinTech Marketplace lending Verso nuove forme di intermediazione finanziaria? A. Sciarrone Alibrandi, G. Borello, R. Ferretti, F. Lenoci, E. Macchiavello, F. Mattassoglio, F. Panisi 5 luglio 2019 Nella collana dei Quaderni FinTech sono raccolti lavori di ricerca relativi al fenomeno «FinTech» nei suoi molteplici aspetti al fine di promuovere la riflessione e stimolare il dibattito su temi attinenti all’economia e alla regolamentazione del sistema finanziario. Tutti i diritti riservati. È consentita la riproduzione a fini didattici e non commerciali, a condizione che venga citata la fonte. CONSOB 00198 Roma - Via G.B. Martini, 3 t +39.06.84771 centralino f +39.06.8477612 20121 Milano - Via Broletto, 7 t +39.02.724201 centralino f +39.02.89010696 h www.consob.it e [email protected] ISBN 9788894369755 Marketplace lending Verso nuove forme di intermediazione finanziaria? A. Sciarrone Alibrandi, G. Borello, R. Ferretti, F. Lenoci, E. Macchiavello, F. Mattassoglio, F. Panisi (*) Sintesi del lavoro Il marketplace lending è uno fra i fenomeni più interessanti in ambito FinTech, non solo per la rapidità con cui negli ultimi anni, specie in Paesi diversi dall’Italia, è venuto ad espandersi in termini di volumi (sia pure ancora limitati quanto a valore assoluto), ma soprattutto per il carattere innovativo dei modelli di business in cui il fenomeno stesso si traduce: modelli in grado di mettere in discussione consolidate partizioni e categorie del settore finanziario, ponendo rilevanti questioni dal punto di vista della strategia regolatoria. Si tratta di una forma di finanziamento alternativa a quelle tradizionali e riconducibile, per un verso, all’applicazione al settore dei servizi finanziari di tecniche di intermediazione digitale sviluppate nell’e-commerce e, per un altro, al più ampio ambito del crowdfunding.
    [Show full text]
  • Playlists: October – December 2008
    Playlists: October – December 2008 Date: SUNDAY OCTOBER 5 2008 TIME: 15:00 – 17:00 60:00 ARTIST TITLE ALBUM/YEAR TIME 1. BLACK SABBATH Faeries Wear Boots Paranoid (1970) 6:15 2. DISTURBED Indesructible Single (2008) 4:40 3. ANNA PHOEBE Dawn Of The Sphinx Rise Of The Warrior (2008) 3:39 4. TODD RUNDGREN Afraid Arena (2008) 4:54 5. BETH HART As Good As It Gets 37 Days (2008) 3:57 6. DEBORAH BONHAM Grace Duchess (2008) 3:56 7. FISH Zoe 25 Single (2008) 3:59 8. MARILLION Forgotten Sons Script For A Jester’s Tear 8:19 (1983) 9. CHIMPAN A The Secret Kiss Chimpan-A (2006) 3:34 10. ANEMO Anyway Stentorian (2008) 4:27 11. ANN WILSON Where To Now St Peter Hope And Glory (2007) 4:38 12. TYGERS OF PAN TANG Rock Candy Animal Instinct (2008) 4:17 13. THUNDER Candy Man Bang! (2008) 4:00 14. DEAR SUPERSTAR Brink Of Destruction Heartless (2008) 3:57 15. MEGADETH Symphony Of Destruction Anthology: Set The World 3:49 Afire (2008) 16. WISHBONE ASH King Will Come Live In Chicago (1992) 7:38 17 LINDISFARNE Tonight Happy Daze (2008) 3:32 18. KATY LIED Crash And Burn Late Arrival (2008) 4:29 19. HONEY RYDER Fly Away Single (2008) 3:36 20. IT BITES Ghosts The Tall Ships (2008) 4:45 21. TNT Had It, Lost It, Found It Atlantis (2008) 4:57 22. DEF LEPPARD Love Bites Hysteria (1988) 5:46 23. WHITESNAKE Here I Go Again 1987 (1987) 4:30 24. AXEL RUDI PELL Higher Tales Of the Crown (2008) 7:18 25.
    [Show full text]