Hedge funds and private equity offer unique investing opportunities, including the possibility for diversified and excess returns. Yet, current federal securities regulation effectively prohibits the public offer and purchase in the United States of these hedge fund and private equity...

A core part of the transition process in the former socialist countries is the creation of economic institutions that are required for a functioning market economy. The experience of the past years as well as a paradigm shift in the economic literature have brought the role of law in shaping...

In this Chapter, we examine the new rules concerning the internalisation of trading orders by investment intermediaries included in the Directive on Markets in Financial Instruments (MiFID). We analyse, first of all, the interplay amongst different interest groups in the legislative process that...

This paper explores how organization and contract design has evolved to address regulatory challenges in risk management. In the early part of the century, futures exchanges responded to credit risks by developing clearing houses that act as guarantors. The liability structure of the clearing...

Financial regulation is a much debated topic for some time. The history of financial instruments started at a time when people started giving value to physical objects over and above its inherent utility. Right from the very beginning of their existence, it has been acknowledged that financial...