Market Manipulation and Insider Trading ― Regulatory Challenges in the United States of America, the European Union and the United Kingdom

One of the emerging trends in the debate surrounding the causes of the 2007/2008 financial crisis has been the identification of the contributory factors. A great deal of literature has concluded that there were many factors including, inter Ë?alia, weak banking regulation, weak regulation of the consumer credit markets, securitisation and the spectacular collapse of the United States sub-prime mortgage sector. However, there has been an increasing amount of recognition that white collar crime was a significant factor that influenced the most recent financial crisis. The early body of research on the link between white collar crime and the financial crisis identified mortgage fraud as being one of the most prominent causes. This monograph, however, goes further, identifying a new and emerging type of white collar crime: namely market manipulation. In the book specific reference is made to the manipulation of London Interbank Offered Rate (LIBOR) and the foreign exchange market (FOREX). The authors identify the association between the financial crisis and market manipulation and then critically consider the legislative, policy and enforcement responses in the United States of America, the United Kingdom and the European Union.

Ester Herlin-Karnell is Professor of EU Constitutional Law, VU University, Amsterdam.Nicholas Ryder is Professor of Law at the University of the West of England, Bristol.