17 November 2015 4pm-6pm
The Lloyd's crisis and its resolution: Legal aspects
Lloyd’s of London is a long-revered British Institution, dating from the 17th century and one the world’s largest insurance markets. It came very close to collapsing as a result of large-scale losses suffered in the 1980s and 1990s. Many lessons are to be learnt from the crisis experienced by Lloyd’s, both in economic and legal terms, as well as from Lloyd’s remarkable recovery and transformation, which demonstrates the institution’s resilience. This event aims to shed light on the legal aspects of the Lloyd’s Crisis and to tease out the lessons learnt.
Speakers:
Andrew Duguid (Author of On the Brink, How a Crisis Transformed Lloyd's of London, Palgrave 2014. Formerly, advisor to the Council of Lloyd’s)
Graham Nicholson (Former Chief Legal Advisor, Bank of England; previously with Freshfields Bruckhaus Deringer (advising Lloyd’s, in particular regarding Equitas))
Adam Ridley (Member of the Council of Lloyd’s and of the Lloyd’s Regulatory Board from 1997 to 1999, subsequently Chair of the independent "Names' Committee" set up by Lloyd's and Chair until 2014 of the Trustees of Equitas.)
Julian Burling (Barrister, Serle Court; Counsel to Lloyd’s 1995 to 2010. Author of Lloyd’s: Law and Practice. Informa 2013. )
Chair: Charles Goodhart (LSE)
Organisers: Miriam Goldby and Rosa Lastra (Insurance Law Institute, Centre for Commercial Law Studies, QMUL); Eva Micheler (Systemic Risk Centre and Law and Financial Markets Project, LSE)
20 May 2015 5.30pm-7.30pm
Market manipulation, HFT and algorithmic trading
See flyer for full details
Speaker: Jamie Symington (Director of Enforcement, Financial Conduct Authority)
12 March 2015 6.30pm-8pm
Law, finance and the abyss
Chair: Eva Micheler - Associate Professor (Reader) in Law at LSE
Speakers: Katharina Pistor (Michael I. Sovern Professor of Law, Columbia Law School); Julia Black (Professor of Law and Pro-Director for Research, LSE); Jon Danielson (Director Systemic Risk Centre, Reader in Finance); Charles Goodhart (Emeritus Professor, LSE)
In financial markets law and finance are intrinsically connected. Law underpins markets. Finance applies the tools provided for by the law but also continuously tests the boundaries set by law.
When markets collapse, however, legal rules are pushed into the background and other forces take over determining the way in which actors respond to systemic events.
25 February 2015 5pm-8pm
Responses to the G-20 derivatives reform agenda beyond Dodd-Frank and EMIR
Speaker: David Murphy ((Senior Policy Adviser, The Bank of England)
LSE Convenor: Dr Jo Braithwaite (LSE Law)
Information file [Moodle]
28 January 2015 6pm-7:30 pm
Going beyond the homo economicus in executive incentives
Speaker: Simon C.Y. Wong (Northwestern University & LSE)
FT article file [Moodle]
13 January 2015 6pm - 7:30 pm
Active shareholders and European takeover regulation
Speaker: Prof Martin Winner (Vienna University of Economics and Business & Austrian Takeover Commission)
Chair: Edmund-Philipp Schuster
19 November 2014 6pm-7:30 pm
Shareholder empowerment and bank bailouts
Speakers: Prof David Kershaw; Edmund-Philipp Schuster
Information file [Moodle]
5 November 2014 6pm-7:30 pm
Are EU banks safe?
Speaker: Dr Roel Theissen
Information file [Moodle]
22 October 2014 6pm-7.30pm
Fit for purpose? Does UK company law contribute to short termism in UK companies?
Chair: Sir Geoffrey Owen (LSE)
Speakers: Ian Gilham (Chairman, Horizon Discovery Plc); Professor David Kershaw (LSE); William Underhill (Partner at Slaughter & May, London)
Whether or not managers of UK companies are subject to short term pressures is one of the most important current policy debates. The mechanisms through which institutional investors invest in capital markets are thought to be subject to several pressures to invest with the short rather than the long term in mind. The remuneration structures and reporting requirement of fund managers provide one such example of such pressures. However as Professor Roe of the Harvard Law School has argued, in order for capital market short termism to be translated into business short termism there needs to be a transmission mechanism to transfer such pressures into the board room.
16 October 2014 9.30am-5.30pm
Perspectives on systemic risk
Click here for full programme
Organisers: Jon Danielsson (SRC) and Eva Micheler (Department of Law, LSE)
Systemic financial risk can be caused by many factors such as: financial decisions, legal and accounting rules, and politics. While all of these factors can on their own trigger systemic events, it is the interaction between them which is especially dangerous because it creates new avenues for vicious feedback loops. Unfortunately, these channels for systemic risk are usually studied within disciplinary silos, giving us a rather fragmented understanding of how systemic risk is created. The aim of the conference is to bring together speakers from accounting, economics, finance, law and political science to break down these silos and present a more complete analysis of the nature of systemic risk
14 October 2014 6pm-7:30 pm
Minilateralism: How trade alliances, soft law and financial engineering are redefining economic statecraft
Speaker: Prof Chris Brummer (Georgetown)
Chair: Prof Niamh Moloney
Information file [Moodle]
24 March 2014
Intermediated securities and investor rights
On 24 March 2014, Dr. Eva Micheler organised a conference entitled 'Intermediated Securities and Investor Rights'. The event was funded by the Law and Financial Markets Project and the Systemic Risk Centre. The aim of the conference was to determine whether the law is able to ensure that securities continue to be negotiable. The main question was whether it is possible to conclude that holding and lending chains have become too complex and inter-connected that investors are systemically compromised in their ability to exercise rights against the issuers.
The event was oversubscribed and attended by regulators, practitioners as well as academics. The contributions made by participants showed that the event raised questions of fundamental importance to the current debate on stewardship, investor rights, corporate governance and also on systemic risk in financial markets. It added a new perspective on both the discussion on intermediated securities and the discussion on stewardship and corporate governance.
The program, a conference report and selected slides can be found here:
Programme & Conference Report
David Herzell ; Eva Micheler ; Klaus Loeber ; Pablo Iglesias-Rodriguez
Pierre Beck ; John Kay ; Sarah Paterson
22 January 2014 6.00-7.30pm
Modern issues in international commercial law: Can we hold a legal dialogue across the Channel?
Speaker: Jean-François Riffard (University of Auvergne, School of Law)
Chair: Eva Micheler (LSE, Law Department)