The global financial crisis has exposed the many limits of disclosure as an effective regulatory tool in financial markets. First, the famed disciplining power of the market failed to constrain disastrous risk taking by banks. Second, most of the risks that led to the creation of the 2008...

The EC Directive on financial instruments markets 2004 (MiFID) has introduced a number of order and trade publication obligations imposed on organised exchanges, alternative trading systems (ATS), and the class of broker dealers that execute transactions in shares internally. This article...

High leverage levels can lead to virtually limitless expansion of bank asset size, which maximizes, in the short to medium term, banks' return on equity. In the absence of regulatory controls on leverage, all it takes to assume excessive risks, even for benign bankers, is to imitate competitor...

The evolving merger of payments technology with technology underpinning investment markets' infrastructure can have a great impact on the mode of supply of financial services, notwithstanding technical, legal and regulatory restrictions. One-stop-shop multi-purpose and multi-asset platforms will...

A wide range of approaches has been applied to address banking and other financial crises. The nature of the approach depends on the nature of the crisis, its origins, evolution and context. Systemic banking crises are among the most common and costly to address. The experiences of the three...

Fragility that periodically erupts into a full-blown financial crisis appears to be an integral feature of market-based financial systems in spite of the emergence of sophisticated risk management tools and regulatory systems. If anything, the increased frequency of modern crises underscores how...

The EC Directive on Financial Instruments Markets (MiFID) has introduced a number of order and trade publication obligations imposed on organized exchanges, Alternative Trading Systems (ATS), and the class of broker dealers that execute transactions in shares internally. This article...

International banking regulation comprises, inter alia, transnational quasi-legal standards concerning the capital adequacy of internationally active banks, though their usage is normally much wider. These standards originate from the Basle Committee on banking supervision. The main rationale...

Since 2010 most Group of Twenty (G20) jurisdictions have introduced new recovery and resolution regimes to deal with bank failures. The common objective of these regimes is, first, to facilitate the orderly failure of financial institutions and, second, to redirect the bulk of losses to the...

This article explores some of the changes that the 4th Industrial Revolution brings to our understanding of money. Our analysis does not suggest that the only valid form of money is that provided or backed by the state. We rather argue that it is unlikely that money-like means of payment will...