The paper puts the spotlight on how mechanisms of political interaction in the domestic-transnational governance of international financial market regulation (especially Basel III) affect the treatment of trade finance, the backbone of international trade. The focus of the paper is on how transnational networks and national policies interact. Even though Basel III has not been finalized yet, a number of states have already implemented their national interpretation of the regulation. Against this background, the focus of the paper is on the transnational networks in the context of the Basel Committee on Banking Supervision and the implementation of Basel III in the context of the EU and the US. On the basis of the numerous public comments uttered by various stakeholders during the recently completed Basel consultations, the paper presents a case study of how the network governance processes and dynamics worked in that context and how they affect the policy outcome regarding Basel III.
With a view to the emerging multipolar world order, special attention is paid to the role that actors from rising powers play in the relevant processes and dynamics of network governance unde consideration.
