This Article argues that the emergence of algorithmic trading raises a new challenge for the law and policy of insider trading. It shows that securities markets comprise a cohort of algorithmic “structural insiders” that – by virtue of speed and physical proximity to exchanges –...

This Article argues that the liability framework governing securities trading is unable to effectively deter and compensate harms in algorithmic markets. Theory underscores the significance of robust laws to safeguard information flows and the trading process. Without this assurance, investors...

This Article argues that the rise of algorithmic trading undermines efficient capital allocation in securities markets. It is a bedrock assumption in theory that securities prices reveal how effectively public companies utilize capital. This conventional wisdom rests on the straightforward...

The prohibition against insider trading is becoming increasingly anachronistic in markets where derivatives like credit default swaps (CDS) operate. Lenders use these instruments to trade the credit risk of the loans they extend. By design, CDS appear to subvert insider trading laws, insofar as...

Scholars assume that lenders that protect themselves using credit derivatives like credit default swaps (CDS) have limited interest in debt governance. However, they overlook the role of financial firms that sell this credit protection and thereby assume economic risk on the underlying borrower....

To build resilience within the financial system, post-Crisis regulation relies heavily on banks to fund themselves more fully by issuing equity. This reserve of value should buttress failing banks by providing a mechanism to pay off creditors and depositors and preserve the health of financial...

Trading the preeminent risk-free security, the $21 trillion U.S. Treasury market supports the country’s borrowing needs, financial stability, and investor appetite for a safe asset. Straddling the nexus between a securities market and a systemically essential institution, the Treasury market...

We present an introductory regulatory and empirical analysis of executive compensation in listed companies in India.Our descriptive overview of levels and trends leads to several interesting conclusions. First, executive pay in the echelon representing the largest firms is several times greater...

This Article outlines a possible cure to the “empty creditor” problem in sovereign debt markets: a market for sovereign creditor control. Scholars and policymakers have long lamented the troubling influence of credit derivatives on sovereign debt. Lenders that use instruments like credit...