Over the last decade, FinTech – broadly defined as the use of new technologies to compete in the marketplace of financial institutions and intermediaries – has disrupted the financial services sector. In this paper, we revisit the question of how banks and regulators should respond.We argue...

1. Introduction -- 2. Foundations of financial regulation -- 3. The information problem and regulatory failure -- 4. An introduction to financial innovation -- 5. Forms of fintech – a market observation -- 6. What’s new about fintech (and what isn’t)? -- 7. Digital Disruption –...

1. Introduction -- 2. The research design -- 3. The making of the single market in financial services -- 4. Governing banking in the EU -- 5. Governing securities markets in the EU -- 6. Governing post-trading in the EU -- 7. An overall cross-sectoral assessment -- 8. The EU response to the...

Financial systems around the world are undergoing a process of modernization due to many different forces. Advances in information technology, product and market innovations, and recent regional financial crises have contributed to this movement. As a result, evolution in the financial sector is...

This paper analyses the challenges for financial regulation posed by new financial technologies. It provides a conceptual framework incorporating both new financial products and services and new institutional arrangements including decentralised finance without intermediaries. Four possible...