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BigTech and Financial Services: Mapping the Fault Lines

As BigTechs and other large technology companies continue to consolidate core market positions and expand their business lines, dependencies on these companies, both social and economic, are increasing. However, policymakers lack a common framework to monitor activities and any emerging structural vulnerabilities arising from interconnectedness with the financial sector. This article sets out the case for a new framework for the comprehensive mapping of BigTech activities, drawing on the lessons of the Great Financial Crisis and the post-crisis regulatory reforms, which had the effect of addressing supervisory ‘blind spots’ notably by strengthening the monitoring of non-bank financial intermediation and improving recovery and resolution planning. The framework combines activities and entities-based monitoring with a ‘macro’ overlay, thereby creating improved visibility over cumulative risk at both the domestic and cross-border level. Furthermore, by providing a standardised approach to mapping, the framework is intended to support policymakers in assessing emerging vulnerabilities and developing common policy responses. An abridged version of this article will be published in the October 2021 edition of Butterworths Journal of International Banking and Financial Law (JIBFL) with the full article released via SSRN later in the year.