This paper is based on the author's comments before the Group of 15 (G15) Conference "Cooperation among G15 Stock Market Exchanges - G15 Capital Markets: Challenges & Opportunities in the New World". The conference was hosted by the Ministry of Foreign Affairs in Egypt, and sponsored and...

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...

This paper examines the relationship between banks' observed credit default swap (CDS) spreads and possible measures of systemic importance. We use five-year CDS spreads from Markit with an international sample of 71 banks to investigate whether market participants are giving them a discount on...

The financial crisis was a systemic run. Hence, the central regulatory response should be to eliminate run-prone securities from the financial system. By contrast, current regulation guarantees run-prone bank liabilities and instead tries to regulate bank assets and their values. I survey how a...

The reform program outlined by regulators and supervisors after the financial crisis implicitly aims to create a new model for banks, one where they are small(er), simple(r) and separable. The drive toward “separability” threatens to diminish the scale and scope economies that global banks...

The global financial crisis triggered a vast number of new laws and regulations at international level, including initiatives that can be classified as "soft law". The legitimacy and efficacy of these new norms are subject to intensive academic and political debates. At the same time, soft law...

In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the last 12 years. Spillovers to the real economy and moral hazard behaviour of carpetbaggers resulted in enormous pressure on worldwide political institutions to approve a more...

This article explains the roots of financial crises in one of the oldest and most fundamental problems of commercial law: hidden leverage. Common law courts wrestled with this problem for centuries and developed a time – tested solution: the doctrine of secret liens. If the debtor becomes...

“Control fraud” drove the crisis. Control fraud occurs when those that control a seemingly legitimate entity use it as a “weapon” to defraud. In finance, accounting is the “weapon of choice.” Regulators, criminologists, and criminologists have documented the pervasive role of control...

Federal and state laws allow U.S. financial conglomerates to own securities, insurance and depository institutions through a holding company structure. Before the recent crisis, the federal or state agency responsible for regulating a financial conglomerate as a whole was determined by what...