Various states have started providing private law frameworks for blockchain transfersand crypto assets. The first acts have been adopted by France and Liechtenstein,while a commission of the British government sees no difficulties in extending propertyprotection under the Common law to crypto...

This paper analyzes the Judgement rendered on July 15 2021 by the European Court of Justice in Case 911/19 - Fédération Bancaire Française v. Autorité de contrôle prudentiel et de résolution. The Judgment is of paramount importance: it has, indeed, the potential to affect apparently...

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...

Cross-border payments suffer from a lack of speed and transparency and limited access, resulting in higher overall costs than domestic payments. This paper analyses how the best execution principle developed in the context of securities and derivatives could be applied to cross-border payments....

According to Gottfried Wilhelm von Leibniz (Leipzig, 1646 - Hannover, 1716), we live in the best of all possible worlds. The giant of French philosophes, Voltaire, had a different view: in his novel Candide (1758), the disillusioned protagonist ends up with a different, anti-idealistic view. The...

Online trading platforms and internet communities facilitate access to financial markets and let investors reduce transaction and coordination costs. In this way: (1) they permit many people to be directed towards a single goal, but, at the same time, (2) they allow operations aimed at...

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...

With transformative evolution involving crypto-assets, machine learning applications and data-driven finance models, complex regulatory and policy issues are emerging. Inadequate frameworks in FinTech markets create regulatory friction and regulatory fragmentation. These limitations continue to...

In March 2020, Covid-19 was declared a pandemic by the World Health Organization. Most European governments reacted with lockdowns. A drop in demand as well as supply disruptions affected the economy which also hit European banks with quite a lot of uncertainty, not only regarding possible...

Deference mechanisms, such as substituted compliance and equivalence, serve important purposes: They open up markets to foreign service providers, avoid double regulation, and reduce market fragmentation. Yet, their current design also has considerable weaknesses. The biggest of these is that...