Emilios Avgouleas has published extensively in the wider field of International and European finance law and economics. As it is evidenced by citations of his work in leading International and national policy and regulatory reports he is an acknowledged expert on regulatory reform and the global financial crisis and the law and economics of market abuse. He also has developing expertise in a number of related areas such as political theory and global financial governance, law and finance, sovereign debt and monetary unions.

 A graduate of the LSE (LLM in Banking and Finance Law (1995)) and PhD in Law and Economics (1999)), Emilios was before joining Edinburgh the Professor of International Financial Markets and Financial Law at the University of Manchester.

Emilios has practised extensively in the broader field of International financial law and structured finance. He worked as an Associate at the Derivatives and Financial Institutions Group of Clifford Chance LLP and as a Managing Associate at the Financial Markets Group of Linklaters. From 2003 to 2007 he was a senior equity partner at a big Athens based Law Firm.

In the AY 2008-2009 Emilios was the Global Capital Markets Center Fellow at Duke University's Law School. In the Autumn of 2009 he was a visiting Professor of Capital Markets Law at the China-Europe School of Law, China University of Political Science and Law, Beijing. Emilios sits on the editorial board of several prestigious journals in the field of International Economic  and Banking and Finance Law. He also holds the following academic memberships:

Co-convenor of the International Financial and Monetary Law Network.

Member of the Royal Economic Society (RES).

Associate, Centre for International Business & Management, Judge Business School, University of Cambridge.

Member, International Securities Regulation Committee of the International Law Association (ILA).

Research interests

Emilios' main research interests are in the fields of Global Financial Governance and Development; International Financial Regulation; Behavioural Finance and Financial Regulation; EC Securities Regulation; and the Law of International Finance. He is currently reading and thinking about three areas of scholarly singificance: The changing paradigm of credit intermediation and its impact on the structure and regulation of the global banking industry and a number of other fields where financial regulation meets public policy, such as sovereign debt restructuring and the CDS markets, and the strong link bettween governance failures and sovereign overindebtedness.

Authored Books

The Governance of Global Financial Markets: The Law, the Economics, the Politics (Cambridge: Cambridge University Press, 2012), pp. xxii+ 476.

The Mechanics and Regulation of Market Abuse: A Legal and Economic Analysis (Oxford: Oxford University Press, 2005), pp. xvi+ 608.

Edited Books
The Regulation of Investment Services in Europe under MiFID: Implementation and Practice (London: Tottel Publishing, 2008).

Select Journal Articles

Emilios Avgouleas, Charles Goodhart, and Dirk Schoenmaker, 'Bank Resolution Plans as a Catalyst for Global Financial Reform' (2012) 7 Journal of Financial Stability (in press).

'A New Framework for the Global Regulation of Short Sales, Why Prohibition is Inefficient and Disclosure Insufficient' 15(2) Stanford Journal of Law, Business and Finance 376-425 (2010).

'The Global Financial Crisis and the Disclosure Paradigm in European Financial Regulation: The Case for Reform' (2009) 6 (4) European Company and Financial Law Review 440-475.

'The Global Financial Crisis, Behavioural Finance and Financial Regulation: In Search of a new Orthodoxy' (2009) 9 Journal of Corporate Law Studies121-157.

'Banking supervision and the special resolution regime of the Banking Act 2009: the unfinished reform' (2009) 4(2) Capital Markets Law Journal 201-35.

'International Financial Regulation, Access to Finance, Systemic Stability, and Development' [2008] LAWASIA Journal 62-76, March 2009.

'Trade Transparency and Trading Volume: The Impact of the Financial Instruments Markets Directive on the Trading Volume of EU Equity Markets' (2009) 1 International Journal of Financial Markets and Derivatives 96-123, co-authored with S. Degiannakis.

'Access to Finance, Microfinance, and International Banking egulation: A New Approach to Development' (2007) 4 Manchester Journal of International Economic Law 3-51.

'EC Securities Regulation, A Single Regime for an Integrated Securities Market: Harmonized We Stand, Harmonized We Fail' Parts 1 & 2, (2007) 22 Journal of International Banking Law and Regulation 79-87 & 153-164.

'A Synopsis of the Law and Economics of Financial Derivatives' (2007) Journal of Commercial and Company Law, pp. 1150-1160, with P. Maris (in Greek). Issue in memoriam of Professor L. Georgakopoulos.

'Critical Evaluation of the New EC Financial Market Regulation: Peaks and Troughs in the Road Ahead' (2005) 18 The Transnational Lawyer 179-228.

'The New EC Financial Markets Legislation and the Emerging Regime for Capital Markets', Yearbook of European Law 2004 (Oxford: Oxford University Press, 2005), pp. 321 -361.

'The Harmonisation of Rules of Conduct in EU Financial Markets: Economic Analysis, Subsidiarity and Investor Protection', (2000) 6 European Law Journal 72-92.

'Financial Market Regulation and the New Market Landscape: In Search of A New Regulatory Framework for Market Abuse', (2000) 2 International and Comparative Corporate Law Journal, 9-118.

'Market Accountability and Pre- and Post-trade Transparency: The Case for the Reform of the EU Regulatory Framework: Parts 1 & 2' (1998) 19 Company Lawyer, 162-170 & 202-210.

Select Book chapters

'The Vexed Issue of Short Sales Regulation and the Global Financial Crisis' in Kern Alexander and Niamh Maloney (eds), Law Reform and Financial Markets (Elgar Publishing, 2011), Ch. 3, 71-110.

'Short Sales Regulation in Seasoned Equity Offerings, What Are the Issues' in Dan Prentice, & Arad Reinsberg (eds), Corporate Law and Finance in the UK and EU (Oxford: Oxford University Press, 2011), Ch.5, 117-138.

'Breaking Up Mega-Banks: A New Regulatory Model for the Separation of Commercial Banking from Investment Banking' in P. Delimatsis & Niels Helger (eds), Financial Services at the Crossroads - Implications for Supervision, Institutional Design and Trade (The Hague: Kluwer Law International, 2011), Ch. 8, 179-210.

'What Future for Disclosure as a Regulatory Technique Lessons from Behavioural Decision Theory and the Global Financial Crisis' in Iain MacNeil et al. (eds), The Future of Financial Regulation (Hart Publishing, 2010), Ch. 12, 211-231.

'The Behavioural Aspects of the Global Financial Crisis and Regulatory Reform' in Robert W. Kolb (ed.), Lessons from the Financial Crisis:Causes, Consequences, and Our Economic Future (Hoboken, NJ: John Wiley & Sons, Inc. 2010), Chapter 49.

'International Credit Markets: Players, Financing Techniques, Instruments, and Regulation', in The Handbook of Technology Management (John Wiley & Sons, Inc., 2009), Chapter 50, 675-692.

'Reforming Investor Protection Regulation: The Impact of Cognitive Biases', in M. Faure & F. Stephen (eds), Essays in the Law and Economics of Regulation in Honour of Anthony Ogus (Hague: Intersentia, 2008), 143-166.

'General Editor's Introduction: An Overview of the MiFID Regime for the Regulation of Financial Services and Markets', in Emilios Avgouleas (ed.), The Regulation of Investment Services in Europe under MiFID: Implementation and Practice (London: Tottel Publishing, 2008).

Select Papers in Recent Academic Conferences

‘Why Global Finance Needs and Institutional Bing Bang? How it Can be Achieved?’ in Adolf  Berle  Center,  4th International Symposium, ‘Rethinking Financial/Securities Markets’,  University College London Faculty of Laws and University of Seattle, 14-15 June 2012.

‘Systematic Governance Failures, Debt, and the Greek Crisis' in the ‘Debt, Sovereignty and Civil Society’ Conference of the Stavros Niarchos Foundation Center at Simon Fraser University and St Antony's College, University of Oxford, Vancouver, 25 April 2012.

'Is there a case for a more standardised approach to sovereign debt restructuring? What is the role for the CDS market?' Financial Markets Law Committee and Association Europeenne pour Le Droit Bancaire et Financier Sovereign Debt Conference, Bank of England, 6 February 2012.

'Bank Structure, Regulation and Competition', LSE, Financial Markets Group and the International Centre for Financial Regulation, LSE, 25 November 2011, conference co-organizer, moderator, and discussant.

'The Reform of the too big to fail bank', in 'Regulatory Responses to the Financial Crisis', 10th biennial conference, Deutsche Bundesbank, Frankfurt Am Main, 28-31 July 2010.

'A new regulatory model for the institutional separation of casino from utility banking', European Forecasting Research Association for Macro-economy (EUROFRAME) and University of Amsterdam, 7th EUROFRAME Conference on Economic Policy Issues in the European Union, Amsterdam, 11 June 2010.

'Living Wills as a Catalyst of Action', presented in International Financial and Monetary Law Conference, Benjamin Cardozo School of Law, New York, 3-4 June 2010.

'The Regulation of Short Sales and Seasoned Equity Offerings', in 'Corporate Finance Law: UK and EU Perspectives', UCL Centre for Commercial Law, 28-29 April 2010

'Bank Crisis Resolution - "Living Wills"', Duisenberg School of Finance, Amsterdam, 11 March 2010, Discussant.

'Why Mega-banks Should Break up: A New model of Banking Regulation' presented in the conference: 'New Directions and Challenges in the Regulation of Financial Services', World Trade Institute, University of Berne, Switzerland, 25-26 June 2009.

'The Vexed Issue of Short Sales Regulation: Why A Ban is Inefficient and Disclosure Insufficient?' W.G. Hart Legal Workshop 2009, 'Law Reform and Financial Markets: Institutions and Governance', Institute of Advanced Legal Studies, London, 21-23 June 2009.

'The Limits of Disclosure as a Regulatory Technique and European Financial Regulation', National Institute of Economic and Social Research (NIESR) and European Forecasting Research Association for Macro-economy (EUROFRAME), 6th EUROFRAME Conference on Economic Policy Issues in the European Union, British Academy, London, 12 June 2009.

'What Future for Disclosure as a Regulatory Technique? Lessons from the Global Financial Crisis and Beyond', ESRC World Economy and Finance Programme and the University of Glasgow Conference: The Future of Financial Regulation', Glasgow, 30-31 March 2009.

'International Financial Regulation, Access to Finance, Systemic Stability, and Development', Society of International Economic Law (SIEL), Conference, Geneva, July 15-17, 2008.

Public Lectures and Academic Seminars

'The Impact of Shadow Banking on the Regulation and Structure of the Banking Industry: Time for a Radical Rethink' presentation to the meeting of 'the elite group of finance, financial law and international trade law experts convened by Prof. Lastra and Prof. John Jackson to discuss the international monetary and financial system, from the perspective of its relationship with the international trade system, QMW, CCLS, London, 18 May 2012.

Panel discussion on the Greek and European crises with the Portuguese minister of the Economy broadcast by the Canadian TV, Vancouver 28 April 2012 in the context of the conference on sovereign Debt, organized by the Stavros Niarchos Center at SFU and the University of Oxford  http://www.sfu.ca/tlcvan/clients/hellenic_studies/2012-04-28_Hellenic_Studies_European_Debt_Crisis_18878/

'Regulating Global Financial Institutions: The Unresolved Challenge',  Law & Finance Seminar Series, University of Oxford, Law Faculty, 3 November 2011 http://www.law.ox.ac.uk/event=11313

Chairman’s Concluding Remarks, ‘Greening Humanity: Science, innovation, ethics and sustainable development’, The University of Manchester Institute for Science, Ethics, and Innovation &  the Eugenides Foundation, Athens, 14-16 October, 2010.

http://www.youtube.com/watch?v=2M-60q-VUFs

http://www.youtube.com/watch?v=ZbAuG3KTrCA

FOCOFIMA Lecture: 'Global Financial Governance at Crossroads: Reasons to Despair, Reasons to Have Hope', University of Copenhagen, Faculty of Law, 10 June 2010.

'A Critical Evaluation of International Financial Regulation Reform in the Aftermath of the Global Financial Crisis', Bank Negara (Central Bank of Malaysia), Kuala Lumpur, 3 November 2009.

'The State of Financial Regulation after the London and G20 Summits and US and EU Regulatory Reform Proposals', Securities and Futures Commission, Hong Kong, 6 October 2009.

'A New Global Framework for the Regulation of Short Sales', Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong, 5 October 2009.

'International Financial Regulation After the London G20: New Challenges and Policy Directions', Public Lecture, Law School, Duke University, 7 April 2009.

'Reform of the Global Financial Architecture' in the Workshop on the Global Financial Crisis, Stiglitz Commission for a Social-Democratic Response to the Global financial Crisis, New York, 31 March 2009.

'After the Global financial Storm: Incorporating Development Objectives into International Financial Regulation', Advocates for International Development (A4ID), Weil Gotshal & Manges, London, 19 February 2009.

'International Financial Regulation and the Governance of Global Financial Markets: Meeting the Challenges', 3CL (Centre for Corporate and Commercial Law), Faculty of Law, University of Cambridge, 17 February 2009.

'The Global Credit Crisis and International Financial Regulation', Oxford University Law Faculty, Financial Law Discussion Group, 15 May 2008.

Media

Emilios is frequently cited by the media as an expert on the Eurozone debt crisis. E.g.,

Reuters: http://uk.reuters.com/article/2012/02/16/uk-greece-debt-experts-idUKTRE81F10720120216 reproduced in the guardian  http://www.guardian.co.uk/business/2012/feb/16/greece-bailout-eurozone-crisis-live

The Financial Times: http://www.ft.com/cms/s/0/221e2e00-5662-11e1-b548-00144feabdc0.html#axzz1nmTYVPvm

My views on the Greek crisis may be found in lengthy TV & press interviews:

http://www.capital.gr/news.asp?id=1363489

http://www.megatv.com/erevna/default.asp?catid=25774&subid=2&pubid=28169283#toppage

http://www.athensnews.gr/issue/13435/39312

http://www.grreporter.info/en/chances_returning_capital_markets_under_these_conditions_are_zero/4759

Industry Conferences

‘European crisis-management and resolution framework: A legal perspective’ in the conference ‘Recovery and Resolution Plans’, London 6-7 February 2012.

‘What Greece means for the eurozone, and vice-versa'. A CSFI round-table discussion on Greece With Emilios Avgouleas, George Handjinicolaou, and Richard Segal’. Center for the Study of Financial Innovation, London, Watermen’s Hall, December 14, 2011.

'Developments in the EU Law of market abuse and the ban on short sales', in the conference ‘Market Abuse in the Financial Sector', London, 22-23 January 2009. Also the conference's sole chair.

Professional Journal Papers

'A European Framework for Short Sales' in (2010) CESifo DICE Report - Journal for Institutional Comparisons, Issue 1, February 2010?(Approx. 4,000 wds).

'Financial Innovation versus Systemic Stability The Unresolved Dilemma of Derivatives Regulation?' (2009) 1(11) Lombard Street. Also the issue's guest editor.

'Lost in Disclosure: The Limits of Disclosure as a Regulatory Technique in Financial Markets' (2009) 1(5) Lombard Street.