This Article argues that the emergence of algorithmic trading raises a new challenge for the law and policy of insider trading. It shows that securities markets comprise a cohort of algorithmic “structural insiders” that – by virtue of speed and physical proximity to exchanges –...

This Article argues that the liability framework governing securities trading is unable to effectively deter and compensate harms in algorithmic markets. Theory underscores the significance of robust laws to safeguard information flows and the trading process. Without this assurance, investors...

This Article argues that the rise of algorithmic trading undermines efficient capital allocation in securities markets. It is a bedrock assumption in theory that securities prices reveal how effectively public companies utilize capital. This conventional wisdom rests on the straightforward...

Scholars assume that lenders that protect themselves using credit derivatives like credit default swaps (CDS) have limited interest in debt governance. However, they overlook the role of financial firms that sell this credit protection and thereby assume economic risk on the underlying borrower....

This Article outlines a possible cure to the “empty creditor” problem in sovereign debt markets: a market for sovereign creditor control. Scholars and policymakers have long lamented the troubling influence of credit derivatives on sovereign debt. Lenders that use instruments like credit...

An increasingly common response by regulators to what they view as undesirable market trends or challenges has been a sharp turn towards litigation to introduce novel legal theories and frameworks that could have been the product or subject of legislative or administrative rulemaking. The...

The U.S. payments system has proven to be vibrant, adaptable, and innovative. And yet, it has also revealed areas in need of urgent improvement. Lower-income households and communities of color continue to struggle to access the full suite of benefits available within a rapidly digitizing...

Totaling in excess of $100 billion dollars in transactions annually, debt buybacks allow a company to repurchase bonds from investors, rewriting bargains and stripping away creditor control rights in the process. This Article shows that regulation systematically under-protects bondholders in the...