Wednesday, April 27, 2022
The IMF recently released its Global Financial Stability Report April 2022. The Executive Summary provides an informative overview of the financial risks facing markets in these turbulent times. I was particularly interested in Box 1.1 of the Report: Extreme Volatility in Commodities: The Nickel Trading Suspension. For those readers who might be unaware, the London Metal Exchange (LME) halted nickel trading "on March 8 after prices doubled over the course of a day to a record $100,000 (£76,200) a tonne" and cancelled all nickel transactions that day. Nickel is a key metal for electric car batteries. Not surprisingly, the LME’s actions proved controversial and are now the subject of several regulatory investigations. As the end of the Executive Summary highlights: “Recent measures taken in markets and exchanges in response to elevated volatility in commodity prices highlight the need for regulators to examine the broader implications, including exchange governance mechanisms, resiliency of trading systems, concentration of risk, margin setting, and trading transparency in exchange and over-the-counter markets” (p. xiv).
Wednesday, April 13, 2022
Professor Julie Hill recently posted Bank Access to Federal Reserve Accounts and Payment Systems. It's an excellent and important article. As I've blogged about (here) and written about (here), access to a master account at the Fed is an arcane, but highly important issue.
Here's the abstract for Professor Hill's article:
"Should the Federal Reserve process payments for a Colorado credit union established to serve the cannabis industry? Should the Federal Reserve provide an account for a Connecticut uninsured bank that plans to keep all its depositors’ money in that Federal Reserve account? Should the Federal Reserve provide payment services for an uninsured, government-owned bank in American Samoa? What about Wyoming cryptocurrency custody banks? Should they have access to Federal Reserve accounts and payment systems? Although the Federal Reserve has recently considered account and payment services applications from these novel banks, its process for evaluating the applications is not transparent.
This Article examines how the Federal Reserve decides which banks get access to its accounts and payment systems. It explores the sometimes-ambiguous statutory authority governing the Federal Reserve’s provision of accounts and payments and chronicles the Federal Reserve’s longtime policies limiting access for risky banks. Because the statutes, regulations, and Federal Reserve policies are largely silent about the process banks encounter when seeking accounts and payment services, the Article analyzes recent novel account applications. These applications reveal confusion. Most district Federal Reserve Banks do not explain how banks should apply for an account or what information they should provide. It is not clear who decides which banks are legally eligible to receive accounts. While the Federal Reserve Banks all evaluate risk associated with account and payments requests, the Reserve Banks may not have the same risk tolerances. There are no processes to encourage consistent decisionmaking across the twelve Federal Reserve Banks. Getting a decision takes years. These applications show that the Federal Reserve needs a transparent framework for evaluating access requests. Unfortunately, the Federal Reserve’s recently proposed guidelines, which consist primarily of a risk identification framework, do not go far enough."
Wednesday, April 6, 2022
Recent Wilkinson Family Speaker Series Event at OU Law - Avoiding Fraud in the ERA of NIL and Student Athletes
Recently, I had the pleasure of attending "Avoiding Fraud in the ERA of NIL and Student Athletes," the inaugural event of the Wilkinson Family Speaker Series at the University of Oklahoma College of Law. I learned so much and had a chance to meet several of the incredible speakers! I wanted to share with BLPB readers a summary from Laura Palk, the Assistant Dean of External Affairs, so that those interested in these topics will be on the lookout for future events in this series.
"OU Law Dean Katheleen Guzman in collaboration with VP for Intercollegiate Athletics, Joe Castiglione, hosted a two-day discussion regarding investor fraud and the student athlete in light of the new name image likeness rules, starting with a fireside chat with former NFL player, Leonard Davis, and his attorney, Graig Alvarez. They were joined by moderator, Lou Straney, to share their story of how athletes are frequently targeted by trusted friends and advisors and how to avoid becoming a target. The next day, Professor Megan Shaner, along with national experts Jeff Abrams, Lisa Braganca, Robert Cockburn, Richard Frankowski, Professor Nicole Iannarone, Jason Leonard, Robin Ringo and Professor Andrew Tuch, presented a symposium educating the OU community and alumni about various types of investment fraud, how to identify it, prevent it and litigate it."
Wednesday, March 23, 2022
Dear BLPB Readers:
"The American Business Law Journal invites ALSB members who are interested in serving on the Editorial Board of the American Business Law Journal to apply for the position of Articles Editor. The incoming Articles Editor will begin to serve on the Board in August 2022. Board members commit to serve for four years: three years as Articles Editor and one year as Senior Articles Editor. After that, the option is to continue to serve two more years—one as Managing Editor and another as Editor-in-Chief. The ABLJ is widely regarded, nationally and internationally, as a premier peer-reviewed journal and the position provides the opportunity to serve the Academy of Legal Studies in Business and broader academic discipline at the highest levels of service.
Articles Editors supervise the review of articles that have been submitted to the ABLJ to determine which manuscripts to recommend for publication. In the case of manuscripts that are accepted, the Articles Editor is responsible for working with the author to oversee changes in both style and substance. In the case of manuscripts that are believed to be publishable but in need of further work, the Articles Editor outlines specific revisions and further lines of research that should be pursued. The Articles Editor’s recommendations for works-in-process are perhaps the most important and creative aspect of the job because they provide the guidance necessary for works to blossom into publishable manuscripts.
An applicant for the position of Articles Editor should have an established track record of publications and should have published at least one article with the ABLJ. Experience serving as a Reviewer for the ABLJ or as a Staff Editor is helpful. Please send a resume and letter of interest to Susan Park, ABLJ Managing Editor, at firstname.lastname@example.org by May 31, 2022, for full consideration."
Wednesday, March 2, 2022
Professor Lev Menand has written another must read article on the Fed, The Logic and Limits of the Federal Reserve Act. It's a timely and incredibly important piece that I recommend to all BLPB readers. Here's the abstract:
"Over the past fourteen years, the U.S. Federal Reserve has rescued overleveraged financial companies, purchased trillions of dollars of mortgage-backed securities, and created novel facilities to support ordinary businesses, nonprofits, and local governments. While some argue that the Fed has gone too far, others believe that it should expand its ambit further still to address issues such as climate change, racial injustice, and crumbling infrastructure. This Article seeks to clarify the nature and stakes of this debate by recovering the logic and limits of the Federal Reserve Act. It argues that to understand the Fed it is necessary first to understand the U.S. system of money and banking. That system uses publicly chartered, investor-owned banks to issue most of the money supply. Congress designed the Fed for a limited purpose: to administer the banking system. And Congress equipped the Fed with an integrated set of tools to achieve a specific objective: ensure that the banking system creates enough money to keep economic resources productively employed nationwide. The rise of shadow banks—firms that issue money instruments without a bank charter—has impaired the Fed’s tools. As the Fed has scrambled to adapt, it has taken on tasks it was never designed to handle. This has prompted calls for it to do more and pleas for it to do less. These conflicting demands reflect rival visions about how to divide responsibility for creating money between politicians, technocrats, and private interests. These visions are often untethered from the considerations that animate existing law, sidelining politicians and elevating technocrats and investors. Only by reexamining the Fed’s statutory framework can we appreciate the fault lines in the present debate and evaluate the Fed’s capacity in the future."
Wednesday, February 23, 2022
Dear BLPB Readers,
Great news!!! A Symposium on The Changing Faces of Business Law and Sustainability is being held this Friday and Saturday!!! This Symposium is being hosted by the Business and Human Rights Initiative at the University of Connecticut, the Center for the Business of Sustainability, Smeal College of Business, Penn State University, the College of Business at Oregon State University, and the American Business Law Journal. All are welcome! I encourage interested readers to register and attend all or part of the event. The Symposium schedule is here. I'm grateful to be an invited participant and am really looking forward to the event and to discussing Derivatives and ESG! Hope to (virtually) see many of you there!
Sunday, February 20, 2022
Wednesday, February 16, 2022
Dear BLPB Readers:
"Vice Chancellor Travis Laster of the Delaware Court of Chancery will be at the University of Iowa College of Law to deliver the James Fraser Smith Lecture on Thursday, February 17, at 2:00PM (central time). He will be speaking on “Big Law Ethics.” The Zoom link is below. The event is free and open to the public."
You are invited to a Zoom webinar.
When: Feb 17, 2022 02:00 PM Central Time (US and Canada)
Topic: Chancellor Laster's Fraser Smith Lecture
Please click the link below to join the webinar:
Or One tap mobile :
US: +13017158592,,98641034913# or +13126266799,,98641034913#
Dial(for higher quality, dial a number based on your current location):
US: +1 301 715 8592 or +1 312 626 6799 or +1 646 876 9923 or +1 253 215 8782 or +1 346 248 7799 or +1 669 900 6833
Webinar ID: 986 4103 4913
International numbers available: https://uiowa.zoom.us/u/
Thursday, January 27, 2022
Dear BLPB Readers:
"The Wharton School of the University of Pennsylvania will host its annual Wharton Financial Regulation Conference on Friday April 1, 2022, in-person.
We are issuing a call for papers to any scholars from any discipline—law, economics, political science, history, business, and beyond—to submit papers concerning the following topics (along with related topics):
- Governance of Monetary & Fiscal Policy
- Market Infrastructure & Bank Regulation
- The Community Reinvestment Act at 45
- Agency Structures & Personnel
To submit a paper for consideration, please provide an abstract not to exceed one page and CV to Brian Feinstein and Christina Parajon Skinner by February 15. Selected presenters will be notified by February 21. Presenters will receive an honorarium to defray travel costs."
The complete call for papers is here: Download 2022 Wharton Fin Reg Conference - CFP
Wednesday, January 26, 2022
Dear BLPB Readers:
"The Legal Studies Department in Drexel University’s LeBow College of Business invites applications for an Assistant Clinical Professor of Legal Studies to begin September 1, 2022. This is a full-time, non-tenure track position. The successful candidate will teach undergraduate and graduate level Legal Studies courses in person at the Drexel University LeBow Main Campus, the Malvern Campus and online. A successful candidate will be expected to teach courses in various areas of business law, such as Entrepreneurial Law, Corporate Governance, Contract Law and International Business. The standard teaching load for an Assistant Clinical Professor is 3 courses each for 4 quarters per year.
Candidates should possess a J.D. or LLM from an ABA-Accredited law school and demonstrate a high level of teaching competence. Candidates must provide evidence of successful experience in teaching. Experience with and commitment to working with diverse student populations and commitment to equity in education at all levels is required. Experience and/or commitment to the use of technology as an instructional tool is desirable, as are strong collegial and collaborative skills.
The Assistant Clinical Professor of Legal Studies will also engage in appropriate research/scholarly activities to maintain AQ status in discipline. Scholarly work may include conference presentations, law review publications, pedagogical scholarship and other scholarly works. The Assistant Clinical Professor in Legal Studies will also participate in service activities on campus and in the community."
The complete job posting is here.
Friday, January 21, 2022
We just finished our first week of class for the spring semester! It was a busy several days (as I would imagine the first week of the semester tends to be for all!). As I returned to teaching mode, I thought of some teaching materials I’d like to share (and somewhat reshare) with BLPB readers.
First, several years ago, I blogged about Professor Richard Shell’s Springboard: Launching Your Personal Search for Success (here and here). I mentioned his Six Lives Exercise, but I didn’t explain much about it. Not only do I think it’s a great personal reflection exercise, but it generally generates a significant amount of classroom discussion and interest. As I’ve used it several times now and it tends to generate a lot of student discussion, I thought I’d reshare about it! Although I recommend buying the book, it’s not necessary to do the exercise, which is available here. Shell provides vignettes of six lives: a teacher, wealthy investor, tennis pro, stone mason, and non-profit executive. After reading their stories, students (or the reader) is invited to rank the lives in the order of “most successful” to “least successful” from their perspective. Shell argues that success has an inner (internal happiness and satisfaction) and an outer dimension (social achievement, fame etc.). The class (or reader) can then reflect upon how success is being defined in each of these lives, how they personally define success, the extent to which their ranking reflects their definition, and small steps to minimize any misalignment.
Second, if you teach contracts and you don’t know about Leonard v Pepsico (I didn’t until Professor Kimberly Houser told me about it. Thanks, Kim!), you should! It’s a really fun and students love it! Professor Jeremy Telman has blogged about it (here) with links to videos of the Pepsi commercial at issue. In a nutshell, Pepsi made a commercial about various items that could be purchased with different amounts of Pepsi Points. At the end of the commercial, a Harrier Fighter Jet appeared with the words “7,000,000 Pepsi Points.” Needless to say, Pepsi wasn’t offering fighter jets to customers in exchange for their Pepsi Points. However, one customer did amass all of these points and then sought to claim a jet!
Wednesday, January 12, 2022
Dear BLPB Readers:
"GEORGIA STATE UNIVERSITY invites applications for a non-tenure-track appointment in Legal Studies, effective fall 2022 in the Department of Risk Management and Insurance at the J. Mack Robinson College of Business. Rank is open, but we expect to hire at the level of Clinical Assistant Professor (non-tenure track) or Clinical Associate Professor (non-tenure track). The salary level and course load are competitive.
JOB QUALIFICATIONS: Candidates must have a J.D. degree from an ABA accredited law school, the capability to publish research in refereed pedagogical and/or professional journals, and demonstrated potential to be an outstanding teacher. Significant professional experience as a lawyer is also highly valued. While we welcome applications from candidates in all areas of business law, we would be especially interested to hear from applicants who have a background in insurance, innovation, or entrepreneurship, and those who could help advance the Robinson College of Business’s equity and inclusion initiatives and programs."
The full job posting is here: Download GSU Legal Studies Clinical Faculty Position
Wednesday, December 22, 2021
Amid exam grading and the hustle and bustle of the holiday season, don't overlook the FSOC's recently released 2021 Annual Report. Even if you don't have time for a thorough reading (I didn't!), its 10 page Executive Summary provides a really comprehensive overview.
Of course, I did read the section about clearing (pp. 116-119) and particularly appreciated its helpful graphs and discussion of intraday margin calls related to the trading of GameStop shares in January 2021 (see BLPB posts on this topic here and here). I also liked that the short section on clearing in the Executive Summary mentioned the possibility of both clearinghouse default and non-default losses. I hope the increasing focus on the latter issue continues, as much remains unsettled in this area. Were a clearinghouse to experience both types of losses, it is unlikely that it would be able to separate them out completely. This short section ends with the statement: “Finally, the Council encourages regulators to continue to advance recovery and resolution planning for systemically important FMUs [clearinghouses are FMUs] and to coordinate in designing and executing supervisory stress tests of multiple systemically important CCPs.” (p.14). As 2022 starts soon, I also want to encourage such action. It’s disappointing that over eleven years after Dodd-Frank’s passage, this area has yet to be finalized. I wrote about this issue in Incomplete Clearinghouse Mandates.
Stay tuned if you want more on clearing. A slightly delayed post, Part II: Turing’s Clearing and Settlement, is coming to the BLPB soon!
Wednesday, December 15, 2021
Yesterday in reading the minutes from the FOMC’s November 2021 meeting, I noticed that once again (see previous post), some participants expressed concern about “the risk of a sudden reduction in the liquidity of collateral used at central counterparty clearing and settlement systems.” (p.9) I’ve been wanting to read Dermot Turing’s Clearing and Settlement (3rd ed.) since receiving a review copy (for which I’m very grateful!). So, given comments about clearinghouses in recent FOMC meeting minutes, I thought this would be a great time to get started! Robust clearinghouses remain critical to global financial market stability.
Until 2014, Dermot Turing was a partner at Clifford Chance, specializing in “financial sector regulation, particularly the problems associated with failed banks, and financial market infrastructure.” He’s also the nephew of famed computer scientist Alan Turing and has written books about his uncle (here) and historical works about computing (for example, here ). I’ve read several of Turing’s articles related to financial market infrastructures (for example, here and here) and have always learned a lot. So, I’ve decided to start reading through Clearing and Settlement (the book) and to invite interested BLPB readers to come along with me! The book is divided into three parts. I’ll share some comments on Part I (Processes) today and Parts II (Regulation) and III (Risk and Operations) in subsequent posts.
Before arriving at Part I, the book provides a number of helpful tables, some examples include a Table of Cases, Table of Statutes, and a Table of Abbreviations. I had to chuckle in seeing this last one as I’m often asked to create a table of acronyms for my financial market infrastructure articles! As Turing states “Acronyms Abound.” As this sentence illustrates, Turing’s writing is concise, clear, and accessible. On the first page of Part I, he provides one of the best analogies for the clearing and settlement process that I’ve seen by using an example we’re all familiar with: online shopping. We know that these transactions are only complete when the package arrives (after postage and packaging, of course!) and “the payment is in the bank.” (p.3). He explains to the reader that “This book is about the ‘postage and packaging’ of financial transactions.” (p.3) Or as the Foreward to the book’s first edition explains “It is the first piece of work tackling all legal and regulatory aspects of post-trading and, as such, it represents a valuable contribution.”
Turing’s profound interest in history is apparent from the beginning of Part I, entitled “Clearing and Settlement in Historical Perspective.” Indeed, one of my favorite things about the book so far is its deep historical perspective. For me, one of the most helpful aspects of Part I has been its painstaking attention in providing definitions of post-trade processes. As Turing notes, “ ‘Clearing’ is the most over-used and least-understood term in post-trade services.” (p.7) As we lawyers know, definitions are fundamental! Part I reviews the steps in the post-trade process (trade matching and confirmation, clearing, and settlement). Throughout Part I, Turing also uses helpful case studies, diagrams, and illustrative examples.
Another feature of the book that I really appreciate - and think isn’t adequately captured in its title - is its incredibly comprehensive coverage of the post-trade world. The depth with which Turing covers what I’ll call the “post-trade ecosystem” is astonishing. When I say “covers,” I mean that he provides an overview of the ecosystem, describing and explaining in detail various aspects, and discusses relevant legal considerations. Example aspects that he covers include: trading structures, portfolio compression services, all kinds of payment systems, central and commercial bank money, central securities depositories, trade repositories, ownership of cash, ownership of securities, securities as collateral, different types of securities accounts, finality of payments, rehypothecation, and even a bit on distributed ledger technology! Reading the book has significantly augmented my knowledge of this entire area! It has also broadened my familiarity with U.K and EU law in this area as Turing focuses on the relevant law in these jurisdictions.
We’ll have to wait until January 5, 2022, to see if the FOMC minutes from this week’s meeting again mention participant concerns about the liquidity risk of clearinghouse collateral. However, interested readers will only need to wait until next Wednesday for Part II of this post!
Wednesday, November 24, 2021
Dear BLPB Readers:
"The University of Surrey School of Law seeks to appoint a Financial Law expert with a specific focus on FinTech and financial regulation. The appointment may be made at Lecturer, Senior Lecturer or Reader Level.
Interested candidates should apply here: https://jobs.surrey.ac.uk/vacancy.aspx?ref=070521
Applicants are expected to have an excellent record of scholarship with published work of international significance and rigour. Candidates should have experience in applying for, and obtaining research income, or they should demonstrate the potential to do so. Those applying at Reader level should have an established record of generating research income, leading research projects, supervising research students, and providing administrative leadership. Applicants should be able to deliver outstanding teaching in law at undergraduate and postgraduate levels and must be able to teach on our FinTech & Policy MSc programme run with Surrey Business School. A qualifying law degree (LLB, JD or similar) is essential and a doctorate in law or a related field is strongly preferred. We are keen on candidates who combine theoretical understanding of the area with demonstrated practical experience or expertise."
The complete job posting is here.
Wednesday, November 10, 2021
Dear BLPB Readers:
"The University of Michigan Law School is pleased to invite junior scholars to attend the 8th Annual Junior Scholars Conference, which will take place in-person on April 22-23, 2022, in Ann Arbor, Michigan.
The Conference provides junior scholars with a platform to present and discuss their work with peers and receive feedback from prominent members of the Michigan Law faculty. The Conference aims to promote fruitful collaboration between participants and to encourage their integration into a community of legal scholars. The Junior Scholars Conference is intended for academics in both law and related disciplines. Applications from graduate students, SJD/PhD candidates, postdoctoral researchers, lecturers, teaching fellows, and assistant professors (pre-tenure) who have not held an academic position for more than four years, are welcomed."
The complete call for papers is here: Download CFP Michigan Law School 2022 Junior Scholars Conference
Tuesday, November 9, 2021
Since reading the Minutes of the Federal Open Market Committee July 27-28, 2021, I’ve wanted to learn more about the following statement: “Some participants cited various potential risks to financial stability including the risks associated with expanded use of crypotcurrencies or the risks associated with collateral liquidity at central counterparties [CCPs] during episodes of market stress.” (p.11) Today, I finally got my wish in reading about CCPs and collateral liquidity risks in the Federal Reserve’s recently released November 2021 Financial Stability Report (Report).
A box on p.51 of the Report entitled, Liquidity Vulnerabilities from Noncash Collateral at Central Counterparties, provides background on CCPs and collateral posting practices, noting that CCPs might need to monetize quickly noncash collateral in a time of extreme financial market stress. Were a CCP unable to do this, it could lead to a clearing member’s failure and further stress in markets. CCPs have liquidity requirements, which encompass cash and tools to monetize noncash collateral. The Report states: “The designated CCPs generally rely on three types of tools to monetize noncash collateral: (1) committed tools, such as committed lines of credit or committed foreign exchange swap facilities; (2) rules-based tools, for which the CCP rule book requires nondefaulting clearing members to provide liquidity support to the CCP; and (3) uncommitted or best-efforts tools, such as repurchase agreement (repo) transactions executed under an uncommitted master repo agreement or market transactions that may include sales of noncash collateral for same-day settlement.” (p.54)
“Designated CCPs” are CCPs that the Financial Stability Oversight Council has designated as “systemically important.” Under Dodd-Frank’s Title VIII, designated CCPs can have accounts and services at the Federal Reserve and, in certain circumstances, access to its discount window. I’ve written extensively about this (for example, here and here).
In July, the Federal Reserve established a standing repo facility. After reading the Report, I couldn’t help but wonder if the Federal Reserve will eventually designate some CCPs as counterparties to this new facility and, were this to happen, what the benefits and costs of such an arrangement would be? The Federal Reserve has stated that “Counterparties for this [standing repo] facility will include primary dealers and will be expanded over time to include additional depository institutions.” And, maybe eventually, CCPs?
Wednesday, November 3, 2021
Professor Peari's New Article on An Assessment of the US Rules Which Determine the Relevant Law Applicable to Corporations: A Suggestion for Reform
Dear BLPB Readers:
Professor Peari has recently posted a new article on SSRN, An Assessment of the US Rules Which Determine the Relevant Law Applicable to Corporations: A Suggestion for Reform. It will be published in the Delaware Journal of Corporate Law.
Here's the abstract:
"The article addresses one of the basic legal questions of corporations: which law governs disputes involving corporations? The US scholarship has not provided yet a comprehensive answer to this question. Which law, for example, applies to adjudicate a dispute between a Delaware corporation and a Nevada corporation, considering both usually conduct business in New York, California, Montana and Canada, with respect to delivery of goods in California? Through analyzing the external (i.e. aspects that relate to interactions between corporations and people/other corporations/bodies) and internal aspects of corporation (i.e. aspects related to the structure of corporate governance in terms of the relationship between corporate shareholders, directors, and officers), the article justifies some facets of current practices and makes key suggestions for reform. At a time when COVID-19 has caused economic disruption, corporations are inherently present in almost every aspect of our lives, and the volume of online commerce is escalating, the article tackles one of the most pressing and relevant questions of contemporary social reality."
Thursday, October 28, 2021
Dear BLPB Readers:
"The Kelley School of Business at Indiana University seeks applications for a full-time, non-tenure-track lecturer position or positions in the Department of Business Law and Ethics, effective fall 2022. The candidate(s) selected will join a well-established department of 28 full-time faculty members who teach a variety of residential and online courses on legal topics, business ethics, and critical thinking at the undergraduate and graduate levels. Lecturers have teaching and service responsibilities but are not expected to engage in research activities.
To be qualified, a lecturer candidate must have a J.D. degree with an excellent academic record and must demonstrate the potential to be an outstanding teacher, as well as the ability to contribute positively to a multicultural campus. We welcome candidates with all levels of professional experience. We value applicants who have a broad and diverse range of interests and experience and a commitment to teaching classes in both the legal environment of business and practical/applied business ethics. We would be especially pleased to hear from applicants who would contribute to the diversity of our department and help advance the Kelley School’s equity and inclusion initiatives and programs, particularly those whose interests or experiences intersect with issues of racial, ethnic, and gender diversity and equity in corporate and work environments."
The full job posting is here.
Wednesday, October 27, 2021
Dear BLPB Readers:
The World Federation of Exchanges (WFE) has published a call for papers for its Clearing and Derivatives Conference 2022:
"The World Federation of Exchanges is organising its 39th Annual Clearing and Derivatives Conference, hosted by the Malta Stock Exchange, to be held in Valetta, Malta on April 27-29, 2022.
We invite the submission of theoretical, empirical, and policy research papers on issues related to the conference topics. Papers accepted will be considered for a special issue of the Journal of Financial Markets Infrastructures (JFMI)."
The complete call for papers is here: Download WFE 2022 Call for papers