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Machine learning, market manipulation and collusion on capital markets : Why the “Black Box” matters

Azzutti, Alessio; Ringe, Wolf-Georg; Stiehl, Hans Siegfried - 2021

This paper offers a novel perspective on the implications of increasingly autonomous and “black box” algorithms, within the ramification of algorithmic trading, for the integrity of capital markets. Artificial intelligence (AI) and particularly its subfield of machine learning (ML) methods...

Persistent link: https://www.econbiz.de/10012587161

The response of the European Central Bank to the current pandemic crisis : monetary policy and prudential banking supervision decisions

Gortsos, Christos V. - 2020

Immediately after the outbreak of the current pandemic crisis, the EU developed a (rather) consistent strategy, by taking measures in order to deal with health emergency needs, support economic activity and employment, preserve monetary and financial stability and prepare the ground for...

Persistent link: https://www.econbiz.de/10012431530

A risky bet: Should the EU choose a microprudential or a credit guidance approach to climate risk?

Smoleńska, Agnieszka; Klooster, Jens van 't - 2021

Banking regulation and supervision have a key role to play in realising the EU’s climate change objectives. In this article we analyse the EU-level initiatives currently underway to green the banking system, in particular with regard to the microprudential rulebook. We document how regulators...

Persistent link: https://www.econbiz.de/10012795122

Repo and reverse repo activity of European banks : market activity, accounting and disclosure

Löw, Edgar; Riegel, Annika Patricia Michelle - 2020

Repurchase agreements are money market instruments that are used widely and for various purposes due to their simplicity and flexibility. The European repo market is quite concentrated, as 80% of the transactions is conducted be-tween the top 20 banks and 61.9% of the collaterals used in the...

Persistent link: https://www.econbiz.de/10012436674

A proposal for a temporarily amended version of precautionary recapitalisation under the single resolution mechanism regulation involving the European stability mechanism

Gortsos, Christos V.; Siri, Michele; Bodellini, Marco - 2020

European credit institutions are expected to pile up a relevant amount of non-performing loans (NPLs) as a consequence of the crisis provoked by the Covid-19 pandemic. Against this backdrop, one of the most critical issues at stake is whether credit institutions currently hold an amount of...

Persistent link: https://www.econbiz.de/10012436969

Tranching of debt as legal construction

Göthlin, Sara - 2021

This paper addresses a core feature of the debt capital markets in general and securitisation transactions in … particular; the creation of debt claims with different ranking and priority (also referred to as “tranching”).The primary purpose … of the study is to develop an understanding of the contractual ranking of debt as an enforceable legal construction. It …

Persistent link: https://www.econbiz.de/10012587761

Regulating sustainable finance in the dark

Zetzsche, Dirk; Anker-Sørensen, Linn - 2021

Analysing the revised EU Sustainable Finance Strategy disseminated in two steps in April and July 2021, we identify as core issues of any sustainability-oriented financial regulation a lack of data on profitability of sustainable investments, a lack of broadly acknowledged theoretical insights...

Persistent link: https://www.econbiz.de/10012587723