This paper discusses the design of the legal and regulatory framework for using artificial
intelligence (AI) in the financial services markets to enhance access to finance (financial …

We assess the consequences for market quality and welfare of different entry regimes and
exchange pricing policies. To do so, we integrate a microstructure model with a free-entry …

Financial Stability Paper No. 23 — August 2013 Page 1 Financial Stability Paper No. 23 –
August 2013 The Fractal Market Hypothesis and its implications for the stability of financial …

The Bank of England and the Government Debt recounts the surprising history of the Bank of
England's activities in the government securities market in the mid-twentieth century. The …

THE maker-taker pricing model (" MTPM"), which draws the line between" makers" and"
takers" of liquidity with a maze of fees and rebates thrown in, seems to have taken the world …

The market for liquidity, as any other market, is governed by the forces of supply and
demand, and the business of providing liquidity by specialized entities known as market …

The last few decades has seen an ever-increasing growth in the way activities are
productized and associated with a financial cost. This phenomenon, termed financialization …

Investment banks play a key role in capital markets and contribute to the efficient functioning
of financial markets. As demonstrated in the recent financial crisis, however, investment …

The majority of bond trading around the world takes place in over-the-counter (OTC) markets
where liquidity is provided by a relatively small number of financial institutions (dealers) …

Financial exchanges provide incentives for limit order book (LOB) liquidity provision to
certain market participants, termed designated market makers or designated sponsors …