The aim of bail-in is that governments should have an alternative option to taxpayer-funded rescues of systemic banks. It operates through a mechanism whereby an insufficiently solvent bank can be returned to balance sheet stability by writing down not only the claims of its subordinated...

Payment media, from gold coins to stablecoins, exist to be used, and in practice their use requires payment systems. In my paper ‘Central Bank Digital Currencies And Stablecoins – How Might They Work In Practice?’ I consider the way in which existing payment infrastructures and...

Algorithmic trading – where two computer programs deal directly with each other – is a commonplace of modern securities trading. However, in general such trading occurs subject to exchange rule books, or under framework contracts, which establish the legally binding nature of such...

There is not, and should not be, any such thing as a “law of cryptotokens”. A cryptotoken is simply a tool which is used to effect a transaction. The role of the law is to decide:1. Whether or not to give effect to that transaction; and 2. Whether the transaction has been entered into in...

The aim of the bail-in proposal is that governments should have an alternative option to taxpayer-funded rescues of systemic banks.

Introduction -- Bank resolution techniques -- Bank resolution and bank groups -- Total loss absorbing capactiy -- Fundamentals of resolution authority -- Resolution of insured depoditory institutions -- Resolution of non-bank financial companies -- Resolution planning -- Resolution in the...