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Since the summer of 2007, participants in financial markets have been confronted by a crisis of their own making. In order to prevent the recurrence of a similar crisis in the future, the G-20 nations, at their finance summit in Washington on 15 November 2008, resolved to "ensure that all...
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We show that following a tick size reduction in a decimal public limit order book (PLB) market quality and welfare fall for illiquid but increase for liquid stocks. If a Sub-Penny Venue (SPV) starts competing with a penny-quoting PLB, market quality deteriorates for illiquid, low priced stocks,...
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The recent financial crisis has shown that financial innovation can have devastating systemic impacts. International standard setters' and national regulators' response has been a global concerted effort to overhaul and tighten financial regulations. However, at a time of designing stricter...
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submitted its report in 2013 and four of its members recorded dissenting notes. This paper examines the changes in regulation in …
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The debate over the political power of business has witnessed a revival after the global financial crisis of 2007-2009. We begin by arguing that business political fragmentation or unity has important consequences for policy outcomes. The structure of the U.S. government is conducive to...
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the last decade due to public deposit insurance and regulation that allowed them to do the same thing. Implicit F&F and …
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Reforming regulation of the financial sector is currently among the most immediate concerns of domestic and … reform. It argues that the process of reforming financial regulation should begin with a comprehensive, granular study of …-containment with regulatory reform and may end up designing a retrospective framework for financial regulation. A comprehensive post …
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