Rolling spot forex is a growing business. The key problem is whether it could be classified as a financial instrument or could be classified as gambling contract. Each legal system has different approach. Nevertheless the legal position of rolling spot forex is unclear. This submission is...

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...

On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for...

The present article contains a brief but comprehensive overview of the development of the Capital Markets Union (CMU) project in the EU to further deepen EU capital markets’ integration. After the Introduction, it first discusses the Commission’s 2015 CMU Action Plan and its follow-up,...

Although there is no single yardstick to gauge the degree of integration, there is ample evidence that financial markets in the euro area have some way to go before national demarcation lines will effectively disappear and financial market integration is satisfactory. While there has been a push...

This paper examines the impact of foreign currency hedging demand on the foreign exchange market. First, the paper documents deviations from covered interest parity (CIP) for Mexico after the global financial crisis (GFC), and then it evaluates the effect of two variables in a regression-based...

A common distinction in political economy contrasts the dynamics of free markets with the ‘political’ dynamics of governance. That distinction portrays ‘economic’ competition as separate from the deployment of private political resources to affect the terms of competition in line with...

As a response to multiple financial shocks, international standards have disappointed. Consensus-seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Different forces are at work now. Markets are complex and idiosyncratic; they may not be...

From March 3 to March 5, 2010, the German Association for Law and Society and the University of Bremen hosted a Conference on "Transnationalism in Law, State and Society". Part of this conference was a panel on transnational financial markets regulation. The aim of this panel was to ask some...

The paper provides an overview of the hedge fund industry, mainly from a financial stability and European angle. It is primarily based on an extensive analysis of information from the TASS database. On the positive side of the financial stability assessment, hedge funds have a role as providers...