Purpose – Haldane has suggested that modularity would add sustainability to the financial system. The purpose of this paper is to suggest a route by which such modularity might be achieved. Design/methodology/approach – The paper attempts to explore the micro-foundations of regulatory...

Elinor Ostrom's work on sustaining common-pool resources (CPRs) has had a profound impact on the management of natural resources. It has had very little impact on the regulation of the financial services industry. The purpose of this article, which focuses in particular on bonus payments, is to...