Background The Directive subjects hedge funds and other types of alternative investment
funds to prescriptive regulation. It does so by requiring those who manage these funds to be …

Few doubt that the loss of investor confidence in ratings is inked to the recent mistakes
made by credit rating agencies (CRA) when rating structured finance investments. A wave of …

The role of credit default swaps (CDS) in the financial crisis has been hotly debated among
regulators, market participants and academics since early 2008. The purpose of this article is:…

I develop a model where the sovereign debt capacity depends on the capitalization of domestic
banks. Low-capital banks optimally tilt their government bond portfolio toward domestic …

The design of lender-of-last-resort interventions can exacerbate the bank-sovereign nexus.
During sovereign crises, central bank provision of long-term liquidity incentivizes banks to …

A fter months of debate, the European Parliament's comprehensive regulation on credit rating
agencies (CRAs) and their rating activities is about to come into force. It is hard to see how …

Rcgulation also include an ovcrhaul of the registration and supcrvision regimes for Gras In
addition to raising significant implementation issues for issuers and arranging banks, many …

In recent years the internet has been increasingly used to promote and deliver financial
services. This has been extended to the promotion and offering of securities. The practical …

Nick Shiren is a partner and Marco Crosignani an associate in the Financial Services Group
at Cadwalader, Wickersham & Taft LLP Resident in the firm's London office, the authors may …

I develop a model where the sovereign debt capacity depends on the capitalization of domestic
banks. Low-capital banks optimally tilt their government bond portfolio toward domestic …