Securities Law Commons^™

The Emergence Of The Actively Managed Etf, Kevin S. Haeberle

Faculty Publications

Since the first exchange-traded fund began trading in 1993, the ETF form has attracted enormous investment flows. However, this triumph of the ETF has been overwhelmingly limited to the world of passive investment. Due to a mix of recent market innovation and regulatory change, this state of affairs is changing today. As I explain in this Article, there is much reason to believe that the actively managed ETF is now set to emerge as a significant feature of the investment landscape. And this emergence has important implications for, among others, the main parties that play key roles in protecting investors …

Collateral Damage: The Legal And Regulatory Protections For Customer Margin In The U.S. Derivatives Markets, Christian Chamorro-Courtland

William & Mary Business Law Review

This Article provides a detailed analysis ofthe laws and regulations that apply to margin posted by customers entering into futures and cleared swaps contracts in the United States. It describes the types ofmargin accounts used by Futures Commission Merchants (“FCM”) and Central Counterparties (“CCPs”). It analyzes the rights of customers upon the insolvency of their FCM.

First, this Article explains why futures customers currently receive a lower level of protection under the Commodity Exchange Act than that received by cleared swaps customers under the Dodd-Frank Act. On the one hand, futures customers currently share risk as co-owners for margin that …

Insider Trading, Informed Trading, And Market Making: Liquidity Of Securities Markets In The Zero-Sum Game, Stanislav Dolgopolov

William & Mary Business Law Review

This Article reexamines the nexus of relationships among informed transactions, information asymmetry, and liquidity of securities markets in the context of public policy debates about insider trading and its regulation.The Article analyzes this nexus, with the emphasis on recent empirical studies and developments in the securities industry, from a variety of perspectives and considers the validity of the alleged link between insider trading—as opposed to other forms of informed trading—and market liquidity as a justification for the existence of regulation.

From Horse Trading To Insider Trading: The Historical Antecedents Of The Insider Trading Debate, Paula J. Dalley

William & Mary Law Review

No abstract provided.