Purpose – The purpose of this paper is to investigate the state of integration of securities market infrastructure in Europe. Design/methodology/approach – Given the lack of quantitative and price-based measures, this paper adopts a rather qualitative approach to evaluating the degree and...

Purpose – The FSA Financial Crime Sector Leader, Philip Robinson, outlined the FSA's new policy on fraud within the regulated sector in his October 2004 speech. The FSA subsequently undertook a review of 16 regulated firms and how to prevent and detect fraud. This paper considers the findings...

Purpose – To discuss the FSA's enforcement action against the Royal Dutch/Shell group, which had been found to have made false or misleading announcements regarding its proved hydrocarbon reserves and reserves placement ratio's 1998-2003. Design/methodology/approach – Presents the facts...

Purpose – The purpose of this paper is to describe how the Financial Services and Markets Tribunal turned down a costs application from a broker it had earlier found not to have engaged in market abuse. Design/methodology/approach – The paper outlines the facts surrounding the decision....

Purpose – To consider the recommendations made by the Financial Services Authority (FSA) enforcement process review (the review). Design/methodology/approach – This paper has considered the concerns raised by the Financial Services and Markets Tribunal in the Legal & General case, the...

Purpose – Previous studies have established that the failure of the hedge fund, long-term capital management (LTCM), was associated with significant negative abnormal returns for many US banks, especially around September 2, 1998, when LTCM announced its failure. This study attempts to examine...

Purpose – Bodies with responsibilities for paying pensions to individuals face a mortality risk in that the pensioners may prove longer lived than expected. The significant scale and uncertainity of this risk is becoming increasingly clear. Various measures are available to control this risk...

Purpose – Seeks to present the personal viewpoint of the chairman of the Committee of European Banking Supervision (CEBS) on the opportunities for convergence afforded by the BASEL II capital framework. Design/methodology/approach – Highlights some of the initiatives under way in CEBS that...

Purpose – Since, the early 1990s, emerging markets have started to play an important role in the trading of derivatives products. Despite the fact that these markets are characterized in general as illiquid, segmented, politically unstable, with lack of regulations and historical financial...

Purpose – The purpose of this paper is to provide professionals in the global financial services industry with a useful summary of the proposed rules set out in April 2006 by two US regulatory agencies – the Commodity Futures Trading Commission and the Securities and Exchange Commission....