Risk-taking by financial institutions is widely regarded as the one of the causes of the financial crisis. To reduce the probability of crises and internalize the costs of financial institution distress, policymakers have introduced bank levy. However, these regulations are different in all...

Market risk reporting in banking has assumed such importance during the last decade. The purpose of this paper is to provide a methodology to evaluate the qualitative and quantitative profiles of the market risk disclosure in banking. We propose a hybrid methodology to assess whether or not...

Housing finance, and, specifically, the subprime private label securitisation market in the US, was at the epicentre of the global financial crisis. Excessive debt expansion in the run-up to the crisis resulted in credit risk, under-identified and mispriced ex ante, and in systemic risk. This...

Since July 2007, the developed countries faced the most serious and disruptive crisis after the 1929 Great Depression. As the crisis unfolded, policy authorities stepped in to support troubled financial institutions with large bailouts. This prevented a meltdown of the system, but at the cost of...

The European Commission published its new Digital Finance Strategy on 24 September 2020 (DFS 2020). One of the centerpieces of the Strategy is the draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (known as PilotR). The PilotR Proposal foresees...

Nach der Finanz-, Wirtschafts- und Verschuldungskrise sind erhebliche Regulierungsanstrengungen unternommen worden, um die Finanzmärkte robust zu machen. Nicht alle sind zielführend. So lässt sich beispielsweise der einheitliche Abwicklungsmechanismus (SRM) und die Abwicklungsrichtlinie...

The stunning failure of banks put regulatory intervention high on the agenda of governments. Adequate risk monitoring, including by credit rating agencies, measurement and management have proven to be a daunting task, whereas regulation of innovative financial instruments has not brought about...

In the post-financial crisis regulatory reforms emphasis has been placed on creating recovery and resolution frameworks for banks, which ensure that the costs of failure are primarily born by shareholders, instead of taxpayers and the wider economy. Supervisors have (or will have) extensive...

Securitization is considered to be one of the biggest financial innovations of the last century. It is also regarded as both a catalyst and solution to the 2008 financial crisis. Once a popular method of financing the mortgage and consumer credit markets, aspects of the global securitization...

The relationship between best execution and market transparency deserves careful consideration in an analysis of MiFID. Best execution has mainly been studied with respect to equity trading, which is generally exchange based and widely regulated also with respect to market transparency. In this...