The UK has embarked upon a programme of reform that will result in the Financial Services Authority (FSA) being split into two separate authorities, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). A new BoE committee, the Financial Policy Committee (FPC),...

The announcement by the Reserve Primary Fund, in September 2008, that it was “breaking the buck,” triggered a widespread withdrawal of assets from other money market funds and led the U.S. Government to adopt emergency measures to maintain the stability of the short term credit markets. In...

In this paper we explain the evolving demutualisation process of stock exchanges, in particular the affect of demutualisation on the role of stock exchanges as self-regulatory organizations (SROs). We reveal specific conflicts of interests that arise in a demutualised stock exchange,...

This study compares the performance of sell-side equity analysts with and without a Chartered Financial Analyst (CFA) designation. Using a large sample of forecasts, our tests indicate that CFA charterholders issue forecasts that are timelier than those of non-charterholders. The results for...

The UK is redesigning the institutional architecture of financial services supervision. The Financial Conduct Authority is meant to play a central role in the reformed system by delivering a new policy approach to the supervision of financial services conduct, which places considerable emphasis...

Indian banking sector is passing through another crucial phase in its evolution with the Reserve Bank of India proposing the formation of holding companies in banking groups. This paper offers an analytical discussion about the proposed financial holding company (FHC) or banking holding company...

This paper proposes and evaluates several market-based measures for US and eurozone individual bank tail risk and banking system risk. We apply statistical extreme value analysis to the tails of bank equity prices to estimate the likelihood of individual institutions financial distress as well...

Each week the ranks swell of those who believe that the U.S. economy is on the road to recovery. However, even amid the growing optimism, it is generally agreed that the greatest obstacle to robust recovery is the still-crippled housing market. The public dialogue about "solutions" has focused...

This editorial examines global efforts to regulate the shadow banking system, in particular the green paper released by the European Commission in March 2012. It suggests that the financial market landscape in Europe is currently in flux and large swings in market activity — either through...

The widespread failures in the financial sector during the Global Financial Crisis prompted many governments worldwide to re-intervene in a market that had become increasingly state-free over the years. The re-intervention, however, has re-ignited a global debate on the role of the state in...