This essay was published as part of a law review symposium that evaluated my work on theregulation of large, complex financial institutions. Part I of my essay discusses the other articlespublished in the symposium issue and describes their relationship to my own work. Part IIanalyzes the global...

In a recent article, Professor Steven Schwarcz describes the concept of "ring-fencing" as a "potential regulatory solution to problems in banking, finance, public utilities, and insurance." Ring-fencing has gained particular prominence in recent years as a strategy for limiting the systemic risk...