International Financial Markets and Banking

Task A:

Are clearing houses a danger to the stability of the financial system? Discuss this issue by exclusively presenting arguments that this is indeed the case.

Task B:

Are clearing houses a danger to the stability of the financial system? Discuss this issue by exclusively presenting arguments that this is not the case.

Task C:

Should dark pools be prohibited? Discuss this statement by exclusively presenting arguments that this is indeed the case.

Task D:

Should dark pools be prohibited? Discuss this statement by exclusively presenting arguments that this is not the case.

 

For tasks A & B:

Boissel, C., Derrien, F., Ors, E., and Thesmar, D. (2015) Systemic Risk in Clearing Houses: Evidence from the European Repo Market, HEC Paris Research Paper No. FIN-2015-1112. Available at: https://ssrn.com/abstract=2506677 or http://dx.doi.org/10.2139/ssrn.2506677

Ferrarini, G., and Saguato, P. (2014) Regulating Financial Market Infrastructures, European Corporate Governance Institute (ECGI) – Law Working Paper No. 259/2014. Available at: https://ssrn.com/abstract=2450095 (accessed: 24 August 2017)

Kamtchueng, C., and Porcher, S. (2015) Nothing is Clear about Clearing!, Working paper London School of Economics & Political Science (LSE). Available at: https://ssrn.com/abstract=2587698 (accessed: 24 August 2017)

Ripatti, K. (2004) Central Counterparty Clearing: Constructing a Framework for Evaluation of Risks and Benefits, Bank of Finland Research Discussion Paper No. 30/2004. Available at: http://ssrn.com/abstract=787606 (accessed: 24 August 2017)

For tasks C & D:

Aquilina, M., Diaz-Rainey, I., Ibikunle, G., and Sun, Y. (2017) Aggregate Market Quality Implications of Dark Trading, FCA Occasional Paper No. 29. Available at: https://ssrn.com/abstract=2824352 or http://dx.doi.org/10.2139/ssrn.2824352 (accessed: 24 August 2017)

Davies, R. J. and Sirri, E.R. (2017) ‘The Economics and Regulation of Secondary Trading Markets’, Initiating Conference ‘New Special Study of the Securities Markets’ Columbia Law School New York City, New York, 23 – 24 March 2017. Available at: https://ssrn.com/abstract=3012536 (accessed 24 August 2017)

Pan, J. (2017) Does Dark Trading Affect the Link between Stock Prices and Fundamentals?, Working paper University of Utah – David Eccles School of Business. Available at: https://ssrn.com/abstract=2981499 (Accessed: 24 August 2017)

Petrescu, M., and Wedow, M. (2017) Dark Pools in European Equity Markets: Emergence, Competition and Implications, ECB Occasional Paper No. 193. Available at: https://ssrn.com/abstract=3008485 (accessed: 24 August 2017)

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