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Insider Trading and Market Structure
(UCLA Law Review, 2016)
This Article argues that the emergence of algorithmic trading raises a new challenge for the law and policy of insider trading. It shows that securities markets comprise a cohort of algorithmic “structural insiders” that ...
The Specter of Sisyphus: Re-Making International Financial Regulation After the Global Financial Crisis
(Emory International Law Review, 2010)
The global financial crisis is forcing a thorough re-evaluation of the international regulatory architecture. The crisis has shown not only the cracks in regulatory oversight, but also a market operation that had long ...
Insider Trading in Derivatives Markets
(Georgetown Law Journal, 2015)
The prohibition against insider trading is becoming increasingly anachronistic in markets where derivatives like credit default swaps (CDS) operate. Lenders use these instruments to trade the credit risk of the loans they ...
The Case for a Market in Debt Governance
(Vanderbilt Law Review, 2014)
Scholars have long lamented that the growth of modern finance has given way to a decline in debt governance. According to current theory, the expansive use of derivatives that enable lenders to trade away the default risk ...
Too-Big-to-Fail Shareholders
(Minnesota Law Review, 2018)
To build resilience within the financial system, post-Crisis regulation relies heavily on banks to fund themselves more fully by issuing equity. This reserve of value should buttress failing banks by providing a mechanism ...
Insider Information and the Limits of Insider Trading
(Washington University Journal of Law & Policy, 2018)
This essay offers brief observations on the internal coherence of the rationales underlying the prohibition against insider trading, taking the opportunity offered by Newman and Salman to reflect on its central policy aims. ...
The Problematic Case of Clearinghouses in Complex Markets
(Georgetown Law Journal, 2013)
This Article challenges the academic and policy consensus that clearinghouses adequately mitigate the risks of trading credit derivatives. The Article advances two arguments. First, scholars have devoted little attention ...
Too-Big-to-Fail Shareholders
(2018)
In June 2017, Spain's Banco Popular, the country's fifth largest bank, failed in an orderly fashion-vindicating, it seemed, the rules put in place to manage such insolvencies following the 2008 Financial Crisis.' Weighed ...