Using a novel dataset where all traders are identifiable, we examine trading in the shares of a major company on the London Stock Exchange before 1920. Our main finding is that bid-ask spreads increased in the presence of informed trades. However, we also find that spreads narrowed during...

On 19th March 2009, several national newspapers in Austria reported on a “turbo scandal” that had been suspected on the Vienna Stock Exchange for several years. Concerned investors argued that the issuers of turbo certificates tried to raid the underlying prices of these down-and-out call...

The purpose of this paper is to explain the similarities and differences between regulated markets (RMs), alternative trading venues (i.e. multilateral trading facilities / MTFs and organised trading facilities / OTFs), and systematic internalisers (SIs) in Europe. The structure of the paper is...

Securities settlement in Europe is still said to be highly inefficient for crossborder transactions. One reason can be seen in the technical barriers of the different settlement systems. This paper evaluates different models for the integration of European securities settlement. The central...

Participants in the U.S. capital markets can be sued for securities fraud by a mishmash of enforcers, including the SEC, class action plaintiffs, and state regulators. Does this multi-enforcer approach make sense from a deterrence perspective? This Article suggests that the answer is probably...