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Financial markets

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Recovery and resolution of financial market infrastructures

Consultative report: Recovery and resolution of financial market infrastructures. The consultative report Recovery and resolution of financial market infrastructures has been published for public comment. Financial market infrastructures (FMIs) play an essential role in the global financial system. The disorderly failure of an FMI can lead to severe systemic disruption if it causes markets to [...]

A Long Road to Regulating Derivatives

If there is one lesson from the financial crisis that should be indelible, it is that unregulated derivatives are prone to catastrophic failure. And yet, nearly four years after the crash, and nearly two years since the passage of the Dodd-Frank law, the multitrillion-dollar derivatives market is still dominated by a handful of big banks, [...]

The Economist Debate: High-frequency trading

This house believes that high-frequency trading contributes to the overall quality of markets.   Representing the sides Defending the motion Jim Overdahl: Vice-president, Securities and Finance Practice, National Economic Research Associates Opening: High-frequency trading has improved the overall quality of markets. Trading costs are lower, markets are deeper and more liquid, discrepancies in prices across [...]

Britain’s financial industry: Death by a thousand cuts

The City is one of Britain’s great export industries. Yet its continued success is far from certain. From high up in their towers some 90,000 bankers look down on the Thames as it meanders past what was, in living memory, the world’s busiest port. Six decades ago these shores saw a daily tide of vessels [...]

Why the City of London is European

Why the City of London is European: David Cameron must persuade the French and other EU members that London’s financial centre is their asset too. Next month’s Franco-British collôque will provide much-needed group therapy for a relationship in crisis. The easy part will be where UK delegates reiterate their commitment to an open and competitive [...]

PWC: Capital markets in 2025

Capital markets in 2025: The future of equity capital markets. Is the focus of capital markets finance moving eastward? Will emerging market exchanges have the sophistication and infrastructure to challenge the IPO services offered by incumbent exchanges in the West? Where will the companies looking to list come from? What are the drivers behind the [...]

Building resilient financial systems

31 May. BoE: Building resilient financial systems: macroprudential regimes and securities market regulation. Speaking at the International Council of Securities Associations Annual General Meeting, Paul Tucker – Deputy Governor for Financial Stability – considers how the regulation of securities markets fits into the development of macroprudential regimes.  Bank and securities markets were once distinct, but [...]

E-learning: Involving markets and the public in financial regulation

We provide an adaptation, in presentation form, of the recent speech by by US Federal Reserve Governor Daniel K Tarullo at the Council of Institutional Investors Meeting. (Washington, DC, April 2010). The Federal Reserve and other financial regulators have, under existing statutory authority, already implemented some changes to prudential rules and to supervisory oversight processes. [...]

The future of financial regulation?

The annual Geneva Conference organised together with CEPR by the International Centre for Monetary and Banking Studies looked this year at financial market regulation. The latest title in the Geneva Reports on the World Economy series, “The Fundamental Principles of Financial Regulation”, has been prepared by Markus Brunnermeier (Princeton and CEPR), Andrew Crockett (JPMorgan), Charles [...]

Do we need a Tobin tax?

Recently, the G-20 leaders asked the International Monetary Fund to review a financial sector tax that could be used to pay for shutting down battered megabanks and other financial institutions whose failure could threaten, once again, the global economy. In a speech on Monday the IMF’s deputy managing director, John Lipsky, said he was open [...]

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