The U.S. Securities and Exchange Commission adopted Regulation NMS, which will modernize the U.S. equity markets through the Trade-Through Rule, rules regarding market data, a rule on access to quotations, and the Sub-Penny Rule. The SEC settled the first enforcement action under Regulation FD...

This paper analyzes the bail-in tool under the BRRD and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory private sector involvement (PSI). From this analysis, the key features for an effective...

This paper presents an overview of the Japanese system to deal with the distress of banks, providing a classification of the regulation and remedies based on the level of systemic risk of the troubled entity. The paper differentiates between the types of actions available and analyses in detail...

For nearly half a century, the bundling of research services into commissions that paid for the execution of securities trades has been the focus of both policy discussion and academic debate. The practice whereby asset management firms make use of investor funds to cover the costs of research,...

Bank executives' compensation has been widely identified as a culprit in the Global Financial Crisis, and reform of banker pay is high on the public policy agenda. While Congress targeted its reforms primarily at bankers' equity-based pay incentives, empirical research fails to show any...

Archegos Capital Management, at its height, had $20 billion in assets. But in the spring of 2021, in part through its use of total return swaps, Archegos sparked a $30 billion dollar sell-off that left many of the world’s largest banks footing the bill. Mitsubishi UFJ Group estimated a loss of...

The present article contains a brief but comprehensive overview of the development of the Capital Markets Union (CMU) project in the EU to further deepen EU capital markets’ integration. After the Introduction, it first discusses the Commission’s 2015 CMU Action Plan and its follow-up,...

Conceived in the wake of the Global Financial Crisis, bail-in is the principal innovation of recent times in the area of bank crisis management. Bail-in enables a country’s banking authorities to force a failing bank’s immediate claimholders (specifically, its shareholders and certain, but...