The global crisis of 2008 associated with the failure of Lehman Brothers revealed the fragility of the financial system. In its aftermath, policy makers created many new rules to address the perceived causes of the crisis and to enhance financial stability. Nearly all of these rules have now...

A financial market benchmark is a measure of performance. Prominent examples include the settlement prices of widely used futures contracts and measures which abstract away from a group of transactions or other information from a cash market and produce a reference price or rate, such as...

This paper focuses on the EU regime for client clearing, including recent amendments to this regime introduced by 2019 regulatory reforms. It begins by providing the legal and regulatory context to clearing using central counterparties and the authorities’ interest in promoting it in the...