The EC Directive on financial instruments markets 2004 (MiFID) has introduced a number of order and trade publication obligations imposed on organised exchanges, alternative trading systems (ATS), and the class of broker dealers that execute transactions in shares internally. This article...

Fragility that periodically erupts into a full-blown financial crisis appears to be an integral feature of market-based financial systems in spite of the emergence of sophisticated risk management tools and regulatory systems. If anything, the increased frequency of modern crises underscores how...

Banks have been a ubiquitous feature of economic life since at least the 18th century. Yet the transformation that banks have undergone in the past thirty years has made the struggle of making them safe ever harder and more challenging. Arguably, the notion of market discipline aiding financial...

The generalised pumping of central bank liquidity to the western financial systems in the post-2008 period has generated serious debate and controversy. For instance, should the central bank offer liquidity assistance to solvent financial undertakings facing serious liquidity difficulties even...

Many of the world's developed economies have introduced, or are planning to introduce, bank bail-in regimes. Both the planned EU resolution regime and the European Stability Mechanism Treaty involve the participation of bank creditors in bearing the costs of bank recapitalization via the bail-in...

The chapter reconceptualizes financial innovation. In this context, it discusses the risks of financial innovation and contemporary regulatory reforms addressing those risks. It provides a critique of contemporary reforms. Finally, it stresses the need for a new framework to regulate financial...

Turbulence in foreign exchange markets and currency dumping/manipulation cultivate further mistrust in international economic relations. At the same time, both phenomena could potentially prove to be a cause of systemic risk. For example, foreign currency exposures were a key vulnerability...

The pandemic crisis, which broke out in early 2020, is still affecting human lives and economic activity around the globe, causing unprecedented transformations which were not foreseen just before its onset. The European Union, its citizens and the financial and non-financial firms active...