This paper reviews post-crisis financial regulatory reforms, examines how they fit together
and identifies open issues. Specifically, it takes stock of the salient new features of bank and …

The buzz surrounding Bitcoin has reached a fever pitch. Yet in academic legal discussions,
disproportionate emphasis is placed on bitcoins (that is, virtual currency), and little mention …

Limit order books (LOBs) match buyers and sellers in more than half of the world's financial
markets. This survey highlights the insights that have emerged from the wealth of empirical …

Exchange rates affect output and employment, inflation through the cost of imports and
commodity prices and international capital flows through the risks and returns of different …

What are liquidity crises? And what can be done to address them? This short article brings
together some personal reflections on this issue, largely based on previous work. In the …

Daily average foreign exchange market turnover reached $4 trillion in April 2010, 20%
higher than in 2007. Growth owed largely to the increased trading activity of “other financial …

Systemically important banks and central counterparties (CCPs) interact in highly
concentrated over-the-counter (OTC) derivatives markets. We outline the CCP-bank nexus …

Regulatory reaction to the 2008-2009 financial crisis focused on complex financial
instruments that deepened the crisis. A consensus emerged that these risky financial …

Das Buch führt umfassend und anwendungsorientiert in die breite Palette der derivativen
Finanzmarktinstrumente ein. Die Charakteristika von Optionen und Futures werden …

Central clearing of standardised financial instruments, as promoted by the G20 Leaders,
addresses some of the financial stability risks that materialised during the Great Financial …