Research Handbook on Law and Ethics in Banking and Finance
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Research Handbook on Law and Ethics in Banking and Finance

Edited by Costanza A. Russo, Rosa M. Lastra and William Blair

The global financial crisis evidenced the corrosive effects of unethical behaviour upon the banking industry. The recurrence of misbehaviour in the financial sector, including fraud and manipulations of market indices, suggests the need to establish a banking culture that conforms to the highest standards of ethical and professional behaviour. This Research Handbook on Law and Ethics in Banking and Finance focuses on the role that law should play and the effectiveness of newly introduced regulations and supervisory actions as a driver for ethical conduct so as to reconnect the interests of bankers and financiers with the interests of society.
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Chapter 11: Market timers, late traders and the ultimate insiders

Basil G. Zotiades


There is a family of trading malpractices whose natural habitat lies in dealing in funds. It came into prominence in 2003 with the eruption in the United States of what came to be known as the mutual funds scandal. Despite measures taken since then, variants of these malpractices persist unchallenged. This survey is a sketch of the landscape. It focuses on open-ended equity funds for retail investors and aims to shed light on these malpractices, on how they are perceived by regulators and on the regulatory response to them in the United Kingdom and France. It reflects, from the perspective of our ethical intuitions, on the adequacy of that response and on how well it accords with our treatment of other abusive practices involving informational advantages.

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