More widespread central clearing could enhance dealers’ ability to intermediate financial markets by increasing the netting of buy and sell trades, thereby reducing the impact of trading on balance sheets and capital ratios. Drawing on trade‑level regulatory data, we study the netting...

On 20 July 2022, the Chancellor of the Exchequer introduced a new Financial Services and Markets Bill to the House of Commons. This Bill had been much anticipated and was presaged by a prior consultation on the post-Brexit regulatory framework for the UK.There are a number of notable features of...