arbitrage that we now know was a race to the bottom. We propose to turn the tables on the banks by allowing regulators …, specifically, bank examiners, to choose the banks they regulate. We call this “reverse regulatory arbitrage,” and we think it can … auction among examiners. Examiner bidding would generate information about examiners' skills, experience and preferences, as …

We investigate the relationship between latency arbitrage and trading via frequent batch auctions (FBA). We show that … increases in single and cross-market latency arbitrage opportunities (LAOs) are linked to an economically meaningful increase in …

financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term …