The commodity market structure has changed at an incredible pace in the last 20 years and is now subject to intense scrutiny by academics and policy-makers. Taking a long-term view of price formation, empirical findings show that international trade and finance, mostly driven by emerging markets...

While it has often been said that trading is like dancing, exchanges have certainly been dancing with one another for some time, following the need to diversify and cope with the results of a challenging liberalisation process. The proposed merger between NYSE Euronext and Deutsche Börse would...

Over the last ten years the European unification project seemed to rely overwhelmingly on progress in economic terms. The most prominent achievements - the Single Market, the harmonisation of market regulation, the euro - were all driven by an economic rationale. However, attempts to rescue...