Sky Blog
Kalshi and other prediction markets have been inundating the CFTC with self-certifications of binary options (i.e., prediction products or event contracts). The figure below shows total self-certifications to the CFTC and self-certifications from Kalshi since it began operating in 2021. …
The G-20 nations committed to reform swap markets following the great financial crisis of 2007-08. In the U.S., these reforms were enacted under the Dodd-Frank Act. The interventions began to take effect at the very end of 2012, and new …
On June 10, the CFTC released a proposed rulemaking to govern the listing of event contracts (i.e., prediction products) on a set of subjects Congress identified as deserving of special scrutiny.[1] These subjects are, as specified in Commodity Exchange …
Difficulties in valuing the assets and liabilities of the largest banking organizations aggravated the 2007-08 financial crisis. Regulation under the Dodd-Frank Act sought to increase transparency and reduce complexity among these institutions. With the benefit of significant hindsight, it is …
Derivatives lawyers are not known to be an excitable bunch. But a recent opinion from the U.S. District Court in the Northern District of Texas has derivatives lawyers excited, and not in a good way. The judge has vastly restricted …
There is a venerable history of interdependence between sovereign debt and the financial system. The national banking system in the U.S. arose as a solution to fiscal challenges the Union government faced in the Civil War. A key requirement for …
Two weeks ago, there was big news for “event contracts,” which provide for fixed payouts upon the occurrence of specified events and are sometimes referred to as “prediction” products. Kalshi – an exchange that has popularized event contracts on everything …
In derivatives markets, as in other financial markets, customers rely on intermediaries for access to products. When transacting, a customer faces a choice of whether to return to a prior provider or seek a new one. My post yesterday documented …
Derivatives are financial instruments used to shift risks, such as fluctuations in interest rates or foreign exchange rates or changes in the value of assets such as stocks, bonds, metals, or agricultural or energy products. At first glance, entering into …
Last Thursday’s split summary-judgment decision in the case that the Securities and Exchange Commission (SEC) brought against Ripple Labs, Inc. (Ripple) and certain of its senior leaders is bonkers. In partly holding for the defendants, the opinion ignores well established …
To some extent, this is another collection of words about an acronym that collects words, in the largely passive and meaningless manner of a lint roller. Elizabeth Pollman recently developed a deft history of the acronym ESG, which stands for …
Where jurisdictions differ in how they regulate an activity, migration allows private parties to choose between regulatory regimes. In the context of financial regulation, scholars assert that harmonization of regulation across jurisdictions is necessary to prevent institutions from opting into …
After the July 4th weekend, Reynolds Holding will be taking over as the fourth editor-at-large of the CLS Blue Sky Blog. It has been a remarkable year and a half, and I am confident our Blog will continue to grow …
| Rank | Name | School | Citations | Age in 2016 |
| 1 | John Coffee, Jr. | Columbia University | 1470 | 72 |
| 2 | Lucian Bebchuk | Harvard University | 1130 | 61 |
| 3 | Stephen Bainbridge | University of California, Los Angeles | 1010 | 58 |
| 4 | Reinier Kraakman | Harvard University | 820 | 67 |
| 5 |
Columbia Law School is looking for an Editor-at-Large to oversee and administer the Columbia Law School Blue Sky Blog. The Blog, now completing its third year, has grown rapidly and become one of the most read sources of current information …
Today, in addition to our usual offering, we present three student posts from the Columbia Business Law Review:
On December 10th, Columbia Law School’s Millstein Center on Global Markets and Corporate Ownership will be hosting its 10th annual Millstein Governance Forum.
For the past decade, the Forum has served as one of the premiere …
Today, we host two pieces debating the potential for firm disclosed insider trading to occur without harm to the company, its investors and other market participants. John P. Anderson, Associate Professor, Mississippi College School of Law, proposes that under some …
To the friends of the CLS Blue Sky Blog: The ABA journal is conducting a poll to identify the top 100 legal blogs. We would be honored by your nomination. In addition to reprinting commentary from practitioners and regulators on …
For those interested in the allegations against Navinder Singh Sarao and Nav Sarao Futures Limited PLC, which implicate them in extensive market manipulation and the “Flash Crash” of 2010, here are the complaints from the DOJ and CFTC as well …