Following widespread criticism of financial market (self-)regulation, there is a shift in regulatory mood, explored here with reference to evolving conceptions of conflict of interest. The pre-crisis distinction between conflict of interest (normal, manageable) and its exploitation...

What is the relationship between corporate security, its services to private sector companies or to public sectors agencies, and criminality‘ On the basis of interviews carried out primarily in the Netherlands with senior figures in corporate security and with public prosecutors, the reasons...

This paper asks what Capital Markets Union (CMU) means for the future of financial market regulation in the European Union and suggests an answer: the merging of public and private regulation. In the pre-crisis period, public regulation and private regulation of financial markets were separate...

This chapter is concerned with the relations between public and private regulation in respect of hedge funds, which in their own ways govern and re-shape markets, making moral, fairness and efficiency claims and drawing in regulatory resources where they can. Three hedge fund strategies are...

Taking as its point of departure the financial market crises from 2007 onwards and the misconduct revealed, this chapter proposes that a conceptual and governance shift is needed: from regulation, which is past- and present-focused and concerned with means, to policy, which is future-orientated...

It is widely agreed that failures of financial market regulation contributed to systemic instability and the credit crunch of 2007-9. However the reasons for such failures are matters of debate. Three levels of analysis are explored here: descriptive, explanatory and historical. First, and at a...

Regulators attempt to understand financial markets and their risks in terms of categories of knowledge and datasets that are defined and produced by the markets. However, regulators cannot adequately interpret or utilise such knowledge, for reasons including their social distance from the sites...

This chapter calls for democratic accountability and steering of financial market regulation, supporting national/regional diversity in regulatory institutions, frameworks and rules. It argues that the form taken by the systemic market crisis of 2006 onwards – contagion between market sectors...

The consequences of banks and other financial firms being regarded as being ‘Too Connected To Fail' (TCTF) and of bailing out their senior bondholders include austerity, political dissent and a deepening of moral hazard – bondholders are effectively invited to back further risk-taking at...

Many observers blame regulatory failure for the financial crisis, arguing for closer international coordination of national regulation. This column argues for the opposite. Regulatory convergence creates instability. Instead, regulatory diversity is needed to reduce market herding and the...