Research output per year
Research output per year
PhD, PROF
Accepting PhD Students
PhD projects
Financial technology and market structure and transformation
financial stability
bank resolution
sustainable finance
Global financial governance
Professor Emilios Avgouleas holds the (statutory) International Banking Law and Finance Chair at the University of Edinburgh and is the founding director of the Edinburgh LLM in International Banking Law and Finance. He currently serves as a member of the European Securities and Markets Group, the Stakeholder Group of the European Securities and Markets Authority (ESMA). Emilios is a senior research fellow at Edinburgh University's blockchain lab and currently serves as a regular visiting Professor at the School of European Political Economy, Luiss Guido Carli. He is a fellow member of the academic board of the European Banking Institute (EBI) and research member/fellow of the renown European Corporate Governance Institute (ECGI) and a member (invited observer until membership confirmation) of the Monetary Comittee of the International Law Association (MOCOMILA), the leading committee of central bank chief counsel and world experts in International monetary and financial law. He is currently engaged World Economic Forum(WEF)/Davos to conduct research on Systemic Risk, Innovation, and Technology in the context of the Great Reset. He is also acting as a consultant for the European Parliament for the general area of EU financial stability, Bank Resolution, and post-Covid 19 NPLs.
Emilios is a leading international expert on financial reform, fintech policy and regulation, banking theory and regulation, capital markets regulation, law and finance, and global economic governance. He is currently involved in major research projects on Blockchain Technology, Money and Finance; Decentralised Finance and Capital Markets; and Sustainable Finance and world Economic Governance. He was previously a member of the Stakeholder Group of the European Banking Authority (EBA) (2015-2020), elected in the so-called 'top-ranking' academics section.
Emilios served in the Eurogroup Select Panel for the Hellenic Financial Stability Fund (HFSF) for 2 periods (2016-2020). He was a distinguished vis. Research Professor at the Faculty of Law, University of Hong Kong (HKU) between 2017 and 2020. He has served, at different times, as a distinguished visiting professor, visiting professor, visiting professorial fellow and senior research scholar at Yale Law School, Harvard Law School, Tsinghua University, National University of Singapore, and the Hong Kong University-Duke Law Summer School. He is also Emilios a member of the sovereign debt group of the Financial Markets Law Committee (FMLC) operating under the auspices of the Bank of England and a fellow member of the Royal Economic Society (RES).
Emilios has published extensively in the wider field of law and finance, bank regulation and financial stability, International political economy, fintech architecture regulation and governance, behavioral finance and capital markets. He is the author of a large number of peer- review journal articles published by leading Journals around the world including the Journal of Financial Stability, JCLS, Stanford Journal of Law, Business and Finance, Law and Contemporary Problems, EBOR, ECFLR, Singapore Journal of Legal Studies, Columbia Journal of European Law, etc. He is also the author of acclaimed research monographs: Governance of Global Financial Markets: The Law, the Economics, the Politics (Cambridge University Press, 2012), The Mechanics and Regulation of Market Abuse: A Legal and Economic Analysis (Oxford University Press, 2005). He co-authored the Principles of Banking Law (Oxford University Press, 3rd ed., 2018). He has also co- edited a number of books: Reconceptualizing Global Finance and its Regulation(Cambridge University Press, 2016), Capital Markets Union in Europe (Oxford University Press, 2018), The Political Economy of Financial Regulation (Cambridge University Press, 2019), Systemic Risk in the Financial Sector – Ten Years after the Great Crash (McGill University Press, 2019). He was the Guest co-editor of the Special Issue of the EBOLR (2019(20)) on Law, Finance and Technology and he is the Guest editor of the forthcoming Special Issue of the ECFLR (3/2021) on Digital Finance and EU Capital Markets.
Emilios was educated at the University of Athens (LLB) and the London School of Economics (LSE) from where he obtained his LLM and PhD in law and finance (1999). Before joining Edinburgh in 2012 Emilios was the Professor of International Financial Markets and Financial Law at the University of Manchester.
Emilios teaches strongly inter-disciplinary courses on banking law and finance, financial regulation, capital markets law, and the law and economics of corporate finance both at the PG and the UG level and supervises a number of gifted PhD students. He has at various periods acted as Director of the Edinburgh Commercial LawCentre and head of subject area.
An impactful scholar, Emilios' work is frequently cited and commented upon in major Parliamentary and public policy reports, including the UK Parliament's Enquiry on Banking Standards (which also adopted Emilios' conceptual definition of market abuse), EU Commission's Report on Short Selling, Australian Parliamentary Enquiry on Pensions, US Congress Inquiries, the House of Lords - EU Committee, the Irish Commission on Banking, as well as major think-tank and finance industry reports and submissions in major consultations on such diverse issues as banks and corporate disclosure regimes, long-term & sustainable equity markets, bank structural reform, and bank bail-ins. He is also often cited by the global media including the Financial Times, Reuters, Bloomberg and the Wall Street Journal.
Until 2008 Emilios practised in the broader field of International and European financial law and structured finance. He worked as an Associate at the Derivatives and Financial Institutions Group of Clifford Chance LLP, as a Managing Associate at the Financial Markets Group of Linklaters.
With a cosmopolitan background and focus Emilios has given keynote lectures, annual lectures, research seminars and conference papers in a plethora of academic institutions (Yale, Tsinghua, Oxford, Cambridge, HKU) and think-tanks (Carnegie, Chatham House, Bruegel, CIGI) and is often invited to speak to influential public policy organisations such as the Bank of England, the Basel Committee, the European Parliament, US Federal Reserve banks, and Singapore Monetary Authority.
He has also organised or co-organised both in Edinburgh and around the globe a series of very successful conferences High Level workshops and roundtables on systemic risk, bank resolution, and Financial technology with the latest examples being the Edinburgh High Level Financial Stability Roundtable on 26 March 2018 http://www.law.ed.ac.uk/other_areas_of_interest/news/all_news/edinburgh_law_schools_centre_for_commerical_law_hosts_high-profile_finance_events
The CIGI high level workshop on systemic risk on 24 May 2018 https://www.cigionline.org/events/public-panel-systemic-risk-financial-sector-ten-years-after-global-financial-crisis
and the UCL/Durham/Edinburgh financial technology conference selected by HM's Treasury to be part of the UK's Fintech week 2018 on 22 March 2018 https://www.ucl.ac.uk/laws/sites/laws/files/transformation_of_finance_and_investment_-_programme.pdf
CONFERENCES, SEMINARS, WORKSHOPS
Annual, Keynote, and Notable Lectures
HKU RAE Colloquium – Interdisciplinarity and Impact, from Sciences to Social Sciences: Artificial Intelligence, Reflection, Governance and Accountability, 22 May2019, University of Hog Kong (chaired by pro-Vice chancellor for Research Prof. Andy Hor).
The 16th AIIFL Distinguished Public Lecture: Law’s Great Embarrassment – The Idea of Money Before and After the 4th Industrial Revolution, Asian Institute of International Financial Law Faculty of Law, The University of Hong Kong, 21 May 2019 https://www.law.hku.hk/aiifl/laws-great-embarrassment-the-idea-of-money-before-and-after-the-4th-industrial-revolution-tue-21-may-1230-130-pm/
The Keynote lecture: "The Future of Cryptoassets: From Blowing Bubbles to Proprietary Payment Systems", Trinity College Dublin, Schoolof Law & European Banking Institute (EBI) conference: "Responsive Fintech Regulation", Dublin, 8 March 2019, https://ebi-europa.eu/wp-content/uploads/2018/10/Symposium-Programme-Responsive-FinTech-Regulation_8-March_Trinity-College-Dublin.pdf
"Trade Wars, currency manipulation and global financial stability" keynote address in "Trade Wars and Policy Reforms: A Turning Point for the Global Economy", Carnegie-Tsinghua Centre for Global Policy, High Level Policy workshop, 3 September 2018, Tsinghua, Beijing, PRC https://carnegietsinghua.org/2018/09/03/trade-wars-and-policy-reforms-turning-point-for-global-economy-event-6948
"The Transformation of Securities and Derviatives Markets Under Blockchain Technology: Challenges for Financial Exchange Organisation and Governance" Keynote address in Commercial Law in Times of Change, Durham Law School, 4 June 2018.
Public Panel on Systemic Risk in the Financial Sector: Ten Years after the Global Financial Crisis, Toronto Stock Exchange, 24 May 2018 https://www.cigionline.org/events/public-panel-systemic-risk-financial-sector-ten-years-after-global-financial-crisis
"Is Liberalism Dead? Long-live Liberalism and the corrosive effect of neoliberal elites and short-termist markets" Public Lecture, Athens Concert Hall, Cycle: Theory, Philosophy, History, 11 January 2018. Other MegaronPlus speakers have included global political leaders, famous authors and artists, and famous philosophers and historians. http://www.blod.gr/lectures/Pages/viewlecture.aspx?LectureID=3906 http://www.ert.gr/eidiseis/politismos/ekdiloseis/telos-tou-fileleftherismou-dialexi-tou-emiliou-avgoulea/ https://diavlos.grnet.gr/event/e997
"Financial Innovation and a vision for the Future", Keynote address, 17th PRC Commercial Law Forum, "Financing Innovation", Tsinghua Law School, Beijing, 28 October 2017 http://www.tsinghua.edu.cn/publish/law/3567/2017/20171101161826011711053/20171101161826011711053_.html
"Belt and Road: A Vision for Long-Term Finance and Global Economic Governace", keynote address, Belt and Road Center, Department of Politics and International Relations and Department of Economics. Tsinghua Univeristy, 27 October 2017 (chaired by Faculty dean and Tsinghua political leader Prof. Shi Zhiqin, Executive Dean of the One Belt-One Road Strategy Institute).
“From speculative to sustainable finance - can markets do good?” University of Cambridge, Capitalism on Edge Lecture Series, 19 January 2017 (public lecture) https://www.murrayedwards.cam.ac.uk/about/capitalism-edge https://www.murrayedwards.cam.ac.uk/sites/default/files/files/Emilios%20Avgouleas%20summary.pdf
“’Bad’, ‘Mad’, ‘Rotten’, But Can the EMU Be fixed?” To the Greek Parliament Special Session – the European Parliament committee on Economic and monetary Affairs “Workshop on the Future of Europe”, Athens, 8 June 2017.
“The Financial Regulation Conundrum – Why We Should Discriminate in Favour of Long- Term Finance”, Wasserman Workshop in Law and Finance, Yale Law School, 19 October 2016. http://ccl.yale.edu/emilios-avgouleas-chair-international-banking-law-and-finance-university- edinburgh-financial
“Central Banks, Financial Stability and Legal Liability – The Central Banking Contract” keynote address to the Banking and Financial Law Section (invited), Annual Conference of the Society of Legal Scholars, Oxford University, 6 September 2016.
“Monetary Policy, Financial Stability and the 'Holly' Grail of International Monetary Coordination - An Incomplete Framework or Chimaera?", keynote address to the Chinese University of Hong Kong conference: "The Political Economy of Financial Regulation", HK, 2- 4 June 2016. http://webapp1.law.cuhk.edu.hk/2016conference/10th/conf/participants.php
"The Complex Status of the European Securities and Markets Authority (ESMA) and its Promising Future under the Capital Markets Union" in the Bocconi University & Consob conference: "Il Sistema di Vigilanza Europeo Prospettive e problemi del ruolo", Bocconi, Milan, 30 May 2016
“From Speculative to Sustainable Finance – When Markets Do Good?”, Our Changing World, University of Edinburgh, annual lecture series, 17 November 2015. http://www.law.ed.ac.uk/other_areas_of_interest/events/all_events/from_speculative_finance _to_sustainable_finance_when_markets_can_do_good
“Regulating financial Innovation: multifaceted Challenge for Contemporary Economic and Regulatory Policy” in ‘Financial product governance in post-financial crisis Europe’, School of Law, 4-5 June 2015, European University Institute, Florence (framing lecture).
Van Ryn Annual Lecture, ‘Towards a Global Financial Law’, Brussels Global Law Week, The Perelman Centre, HEC Paris and the Centre Emile Bernheim of the Solvay Brussels School of Economics and Management, 22 May 2015. http://www.philodroit.be/IMG/pdf/call_-_yse_- _global_law_week_-_final_version_-_3.pdf
“Potential Systemic Risks in Asian Banking Sectors’ in ‘The Future of Banking and Financial Services Regulation& Implications for Asia”, Singapore Management University, School of Law, 27 February 2015 (keynote).
“Financing long-term growth and international financial centres: What role for institutions?” in the Shanghai Jiao Tong University, National University of Singapore, Hong Kong University conference: 'Asian Financial Centres’, Development and Regulation-- Comparative Study, Shanghai Jiao Tong University, 11-13 November 2014 (keynote). http://law.sjtu.edu.cn/Detail16894.aspx
Durham Castle Lecture: “How Can We Control the Forces of Doom Looming Over the Global Economy”, Durham Castle Lecture Series, University of Durham, 2013-4, 4 December 2013, Great Hall, Durham Castle. https://www.dur.ac.uk/multimedia/video/lectures/castle/
“Why Global Finance Needs an Institutional Big Bang? How it Can be Achieved?” presented at Adolf Berle Center, 4th International Symposium, 'Rethinking Financial/Securities Markets', University College London, Faculty of Laws and University of Seattle, June 2012 (framing lecture).
Select Academic and Public Policy Conference Presentations/Papers and Guest Seminars (invited and peer review)
"Securities and Derivatives Trading and Clearing in the Era of blockchain: A glass Half-full!" invited seminar at Asian Institute for International Financial Law, Faculty of Law, Hong Kong University, 3 May 2018. http://www.law.hku.hk/conferencesphoto2018/may/20180503%20-%20AIIFL%20seminar%20by%20Professor%20Emilios%20Avgouleas/index.html
"The future of Eurozone's architecture on banking and sovereign debt crisis management", School of European Political Economy, LUISS, Rome, 10 April 2018 http://sep.luiss.it/event/2018/04/10/e-avgouleas-future-ez-architecture-banking-and-sovereign-debt-crisis-management
"Blockchain and market trading & clearing: The end of speculation as we know
it?" in The Transformation of Finance and Investment: Information and Technology Revolutions, UCL, 22 March 2018. Also conference co-organiser and co-chair.
"An AMC structure to Resolve Europe's legacy Bank Debts" in Bruegel workshop: Is there a Way out of Non-performing loans in europe@, Bruegel, Brussels, 6 July 2017, discussant Martin Hellwig. https://www.youtube.com/watch?v=ZpA_0lVfXmQ
“The Central Bank as a Lender of Last Resort – A 21st Century Restatement”, Public lecture, School of Law, University of Manchester, 6 May 2017.
“The Optimum Allocative and Distributive Role of Financial Regulation and the Disruptive Force of Innovation” in the International conference, Toward a Progressive Politics of Financial Regulation, Allard Law School, University of British Columbia, Vancouver, 23 February 2017.
“The new role of ESMA as a capital markets regulator in the European Capital Markets Union” in International conference on the European Capital Markets Union held on 26-28 January at Clifford Chance Amsterdam co-organised by Professors E. Avgouleas, D. Busch (Nijmegen), Guido Ferrarini (ECGI).
“Converting Debt to Equity as a Means to Address TBTF” The Fourth Symposium on Ending Too Big to Fail, Minneapolis Federal Reserve Bank, USA, 26 September 2016, https://www.minneapolisfed.org/publications/special-studies/endingtbtf/symposiums/ending- too-big-to-fail-symposium-iv
“The Unexpected Financial Stability Consequences of Extra-Ordinary Monetary Measures and Quantitative Easing”, CEO panel, European Asset Management CEO Summit, the European Institute and the Institutional Investor Magazine, Cap Ferrat, France, 5 October 2016.
“The Many Facets of the Too-Big-to-Fail (TBTFS) Institution and the Challenge of Regulating TBTFs” Monetary Authority of Singapore (Central Bank, prudential and Capital Markets regulator of Singapore), General Counsel, Financial Stability, and Supervision Divisions, 11 August 2016.
“The Vexed Question of Effective Bank Resolution and the Challenge Posed by Bail-in Regimes”, Faculty of Law, National University of Singapore, 23 August 2016 http://law.nus.edu.sg/pdfs/cbfl/events/avgouleas_vqebrcpbr.pdf
“2016金融法系列讲座之十:The Lender of Last Resort and 21st Century Past and Future Crises”, Koguan Law School, Shanghai Jiao Tong University, 6 June 2016. http://law.sjtu.edu.cn/International/Detail18172.aspx
"Financial Product Governance and Liability under MiFID II", University of Niemegen Conference on MIFID II, 26 January 2016, Amsterdam.
“An Evaluation of ECB’s Role in the Eurozone and Challenges Ahead” in “ECB – Europe’s Unelected Government”, European Parliament conference, 14 January 2016, Brussels. http://www.guengl.eu/uploads/news-documents/ECB_Presentation1.pdf
“Liquidity vs Insolvency: False or Real Dichotomy”, panel discussion with Martin Hellwig, in the conference “Finance between Liquidity and Insolvency”, House of Finance (SAFE), Goethe University , 11 – 12 December 2015, Frankfurt am Main. http://safe- frankfurt.de/fileadmin/user_upload/editor_common/Events/2015_Haar/GLawFiN_SAFE_FRA _final_22_Nov-Logos.pdf
‘The Future of Fractional Reserve Banking: Is Jimmy Stewart Dead?’, Faculty of Law, University of Cambridge, 28 April, 2015. http://www.law.cam.ac.uk/press/events/2015/04/3cl- seminar-the-future-of-fractional-reserve-banking-in-light-of-recent-reforms-is-jimmy-steward- dead/2866
“Bank Resolution”, Seminar leader & presenter, (with Charles Goodhart) Bank of England, Financial Stability Directorate & bank Resolution Policy Unit, 11 February 2015, seminar organized by the BoE director of financial stability Sam Woods (now Head of the PRA 7 Deputy Governor of the BoE).
“Critical Reflections on Bank Bail-ins” in the biannual conference of the Basel Committee on Banking Supervision, ‘Banking and regulation: the next frontier’, Bank of International Settlements, 22-23 January 2015. http://www.bis.org/bcbs/events/bartnf/programme.pdf
‘A Critique of the NML Capital Ltd v Republic of Argentina and the Ensuing Saga regarding the Ambit of Pari Passu’, Financial Markets Law Committee, ‘Roundtable on Sovereign Debt’, Bank of England, 12 November 2014, chaired by Mr Justice Knowles.
“Free Movement of Capital in an Imperfect Monetary Union: Any Remedies?” In ‘Europe at the Crossroads: A Union of Austerity or Growth Convergence?’, Levy Economics Institute, Economia Civile, Ford Foundation, the Friedrich-Ebert-Stiftung, 21-22 November 2014. http://www.levyinstitute.org/conferences/athens2014/
‘The EU Movement of Capital Freedom and the Unity of Free Movement’, in the European Law Network, ‘The Constitutional Implications of Free Movement’, Department of Private Law, University of Oslo, 6-8 November 2014. http://www.jus.uio.no/english/research/networks/european-law-network/events/other- events/programme-6-8.nov.2014-final.pdf
'Governance Costs of Bank Leverage and the Boom in UK Housing Markets', in National Institute for Economic and Social Research(NIESR)/Economic and Social Research Council (ESRC)/Centre for Macroeconomics (CFM) ,Third Annual Finance conference "The Future of Housing Finance", Bank of England, 12 Sept.2014. http://www.centreformacroeconomics.ac.uk/pdf/Event-201409-NIESRHousing-
'How to Promote Transatlantic Regulatory Convergence' in EU-US Financial Regulation Dialogue, Brussels, 9 July 2014, http://www.qedcommunication.eu/eu-usfrd
'Bank Capital, Leverage Ratios, and Financial Stability' in the conference on European Banking Regulation of the Centre for Advanced Studies of the Ludwig Maximilians Universitat Munchen, 3-4 July 2014.
'The ECB beyond the Banking Union: the case for and the legality of a Euro-TARP' in conferencia Internacional 'European Banking Union: the new Regime" the Royal Institute (Elcano) and Universidad San Pablo, Madrid 28-29 April 2014.
'A Critical Evaluation of the Systemic and other Consequences of Bail-in centred bank recapitalisations' in the Wharton Business School and European University Institute Department of Economics conference 'Bearing the Losses from Bank and Sovereign Default in the Eurozone', Florence, 24 April 2014.
'Towards a New Perception of Systemic Risk', in the European University Institute Conference: 'Changing Paradigms after the Crisis: Social and Economic Perspectives' Robert Schuman Centre for Advanced Studies, The Global Governance Programme, Florence, 21 March, 2014.
'Costs and Benefits of the European Banking Union' Roundtable: A Banking Union for Europe, organized by the EABH and the Frankfurt School of Finance & Management, with the participation of ECB and Basel Directors and leading academics Frankfurt Am Main, 17 January 2014.
Closing Speaker in Law Commission for England and Wales, Scottish Law Commission, and Edinburgh Commercial Law Centre workshop: 'The Law Commission's Paper on Fiduciary Duties for Financial Intermediaries', 15 January 2014.
“Why and How Banks Became Too-big-to-Fail: Transactional Banking, Leverage and Financial Innovation” in the Hong Kong University, University of New South Wales, Edinburgh University Conference 'Reconceptualizing Global Finance', Hong Kong University, 13-14 December 2013. http://www.law.hku.hk/aiifl/documents/GlobalFinance-Flyerdd20Nov2013.pdf
“Beyond the Banking Union: The Possible and Desirable Role of the ECB in Resolving the Banking Crisis”, in the Levy Institute and Ford Foundation Conference: 'The Eurozone Crisis, Greece, and the Experience of Austerity', November 8-9, 2013, Athens International Conference Center.
“Cross-border Bank Restructuring and Resolution”, Joint Session of Banking Law and Insolvency Law Sections, International Bar Association, Annual Conference, Boston, 7-12 October 2013.
“State Intervention and Anglo-American Bank Regulation”, Opening Speech in 34th Annual Congress of Geselschaft fur Rechtsvergleichung (German Comparative Law Society), University of Marburg, 12 September 2013.
'Regional Financial Arrangements: Lessons from the Eurozone Crisis for East Asian Financial Institutions and Infrastructure', Annual Financial Stability conference, Asian Development Bank and Korean Financial Supervisory Service, 2 July 2013, Seoul, South Korea. Acting also as session chair and discussant.
'European Banking the Bumpy Road to Recovery', in the Business Leaders' symposium: 'Whither Europe?, 21 June 2013, Cambridge Judge Business School, University of Cambridge.
'The European Banking Union as a Fellowship of Ifs', in the symposium, 'Evolution in Monetary Law and Policy', Tercentenary of the Regius Chair, University of Glasgow, 14 June 2013.
'Contours of the European Banking Union and Some Doubts!', Bank of England and Prudential Regulation Authority, QMUL, Georgetown, 'Workshop of a distinguished group of experts on financial stability and the WTO', Bank of England, 17 May 2013.
'Financial Stability and Trade', 13th Annual WTO Conference, British Institute of International and Comparative Law, London, 16 May 2013.
'Unresolved Riddles of Financial Stability Reforms' in 22nd Hyman Minsky Annual Conference, 'Building a Financial Structure for a More Stable and Equitable Economy', Levy Economics Institute & Ford Foundation, NYC, 17-19 April 2013.
'The Leverage cycle and Bank Executive Compensation', International Financial Regulation Workshop, Boalt Hall (Berkeley) School of Law, University of California, Berkeley, 19-20 April 2013.
'The Global Regulation of the International Insurance Industry', in Geneva Association, 29th PROGRES Seminar on Insurance Regulation and Supervision, Geneva, 11-12 April 2013.
Conference Chair. 'Reshaping European Banking'. European Law Academy, Trier, 28 February -1 March 2013. Also Presenting a paper on 'Shadow Banking and Risk Migration'
Workshop Chair, 'Workshop on the Financial Sustainability of Banks', R. McCormick (LSE), UCL, Centre for Ethics and Law, 6 February 2013.
'Libor's Legacy: Too-big-to-fail, Too-big-to-regulate, and now Too-unethical-to-control, but is there an Alternative to the Mega-bank Model?' in the Allen & Overy, and Universities of New South Wales and Leeds conference, 'My Word is My Bond: Regulating for Integrity in the City', 15 January 2013, Allen & Overy LLP, London.
'Market Discipline and Corporate Governance in the EU Banking Sector: Intellectual Fallacies, Cognitive Boundaries, and Groupthink' with J. Cullen, in Law and Society Research Workshop: 'Post-crisis Trajectories of European Corporate Governance: Dealing with the Present and Shaping the Future', QMUL and the Leeds University Center for Business Law, September 2012.
'Systematic Governance Failures, Debt, and the Greek Crisis' presented at Debt, Sovereignty and Civil Society, Stavros Niarchos Foundation Center at Simon Fraser University and St Antony's College, University of Oxford, Vancouver, 25 April 2012.
'The Impact of Shadow Banking on the Regulation and Structure of the Banking Industry: Time for a Radical Rethink', meeting of the finance, financial law and international trade law experts, QMW, CCLS, London, 18 May 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, held at the Bank of England, 6 February 2012.
‘Do Fractional Reserve Banks Have Any Future in Light of Recent Reforms?’, MBA Seminar, Athens University of Economics and Business, 20 October 2014, http://www.ode.aueb.gr/index.php/research/working-seminars
'Edges of Macroprudential Regulation and Some Scepticism', Credit Research Centre Seminar Series, School of Business, University of Edinburgh, 7 December 2012.
'Global Governance of Financial Markets', School of Law Seminar Series, University of Glasgow, 21 November 2012.
'Regulating Global Financial Institutions: The Unresolved Challenge', Law & Finance Seminar Series, University of Oxford, 3 November 2011.
FOCOFIMA Lecture: 'Global Financial Governance at Crossroads: Reasons to Despair, Reasons to Have Hope', University of Copenhagen, Faculty of Law, 10 June 2010.Conference and Workshop Organizer.
Conference and workshop organisation
“A Capital Markets Union for Europe”, 26-27 January 2017, Clifford Chance LLP, Amsterdam, (an inter-disciplinary Conference) co-organized with Prof. Danny Busch and Prof. Guido Ferrarini.
“The PRA in the UK’s Regulatory System” keynote speaker: Sam Woods, chairman of the Prudential Regulation Authority and Deputy Governor, Bank of England, Edinburgh, 5 December 2016.
“Mapping the Sources of Systemic Risk” Centre of Commercial Law and Europe Institute Workshop, Edinburgh University 6 October 2015, (keynote Franklin Allen).
‘Redrawing Macroprudential and Financial Stability Policy in the Eurozone’ Edinburgh School of law, 12 March 2015 (keynote Martin Hellwig) (with the Scottish Institute for Research in Economics)
'Sovereign Debt and the Poverty of Nations' Global Justice Academy, University of Edinburgh, 22 May 2014, Organizer and Chair, (keynote Lee Buchheit)
Organizer and discussant, 'The Trajectory of Financial Law in the 21st Century' Centre of Commercial Law, University of Edinburgh, 21 May 2014.
Hong Kong University, University of New South Wales, Edinburgh University Conference 'Reconceptualizing Global Finance', Hong Kong University, 13-14 December 2013. Also conference co-organizer and co-chair. http://www.law.hku.hk/aiifl/documents/GlobalFinance-Flyerdd20Nov2013.pdf
Edinburgh High Level Workshop, 'The Future of the Financial Services Industry in the European Banking', Edinburgh University Law School, 27 September 2013, co-organized with the Chief Economist of the Scottish Government.
'Bank Structure, Regulation and Competition' presented at Financial Markets Group and the International Centre for Financial Regulation (25 Nov), LSE, 2011 (co-organized with Rosa Lastra & Charles Goodhart).
Emilios holds an LLM in Banking and Finance Law and a PhD in Law and Economics both from the LSE, where he received a teaching scholarship. He completed his undergraduate studies at the University of Athens Law School, where he was the recipient of state scholarships, and spent time as ERASMUS LLB student in an English law school.
I have an active interest in public policy and financial reform. I currently conduct research on Long-term finance, public policy and sustainable markets, financial (blockchain) technology and market transformation, and systemic risk. I tend to focus on foundational and transformational research projects. Some of my current research explains the short-comings of the neo-liberal view of financial markets, which today have become loci and engines for the perpetuation of unfettered speculation. It also doubts the utility of complex and suffocating politically-driven regulation as well as the anticapitalist view of markets as re-distributive meachanisms. This is a position that can easily lead a researcher into "splendid isolation". I have already presented parts of this research in presitigious US institutions inc. the Wasserman Law & Finance workshop @ Yale Law School, the JFK School, and Levy institute, and Cambridge. I have been greatly encouraged by the very active engagement of and interaction with students during those talks. This has extended beyond the events themselves and I'm very grateful for theirs (and colleagues') extensive and passionate feedback notes and humbled by their insights.
Concurrently I conduct research on financial stability, bank bail-ins, and optimal ways to tackle bank NPLs both within the eurozone and the wider framework including Asian banking markets.
Earlier research on bank leverage, bank bail-ins, and financial stability has led to a number of recent scholarly outputs of which some have received extensive media attention. http://www.ft.com/cms/s/0/a9a41d96-c3e1-11e3-a8e0-00144feabdc0.html#axzz324aKH15v; die Welt
I also supervise a number of very talented students who conduct promising research in the above or related areas. Last one, a Scottish lawyer and mum, impressed her examiners & passed with no corrections, some achievement for a law thesis that had a significant empirical component.
I'm always willing to supervise for a PhD outstanding and innovative students who are willng to work very hard. Believers in the value of holidays before you reach PhD submission (or your 40th birthday) need not apply.
Indicative Grants: Arts and Humanities Research Council (AHRC) (2008-2009): Governance of global financial markets; award grade A+
Australian Research Council (2013-2016): for joint research with Professors Buckley(PI) and Arner on the study of systemic risk transmission channels.
Asian Development Bank/HKU (2013) (jointly with HKU academics) for research on the lessons the European Banking Union holds for East Asian Economic Integration.
Emilios has given annual & keynote lectures, lectures, and seminars and has chaired workshops in a number of leading UK and International Universities, such as Oxford, Cambridge, Berkeley, LSE, Duke, Hong Kong University, University of Copenhagen, UCL, etc. and has held a number of visiting posts. Longer term visiting posts have been: Yale Law School, Senior Visiting Scholar (Spring 2016), Visting Professor, National University of Singapore (August/September 2016), Harvard University Law School (Winter, 2016), Visiting Professorial Fellow, Global Capital Markets Center Prof. Fellow at Duke University's Law School and Fuqua School of Business (AY 2008-9); Professor of Capital Markets Law at the China-Europe School of Law, China University of Political Science and Law, Beijing (2009); Dennis J. Block Center Fellow, Brooklyn Law School (New York, 2007).
emilios is often cited by the global media including the Financial Times, Reuters,
Bloomberg and the Wall Street Journal and his public statements to Reuters etc. on 8.11.2017 were instrumental in unravelling the global securities fraud perpetrated by Steinhoff
https://derstandard.at/2000067441335/KikaLeiner-Mutter-verschwieg-Aktionaeren-grosse-Transaktionen
https://www.netwerk24.com/Sake/Maatskappye/mark-looi-steinhoff-na-berig-oor-transaksies-20171108
BBC Radio 5
http://www.bbc.co.uk/programmes/b060xx44
Wall Street Journal (on European bank competition): http://www.wsj.com/articles/european-banks-reciprocity-draws-scrutiny-1425217599
Handelsblatt (on EU-US TTIP): https://global.handelsblatt.com/edition/135/ressort/finance/article/bankers-to-politicians-regulate-us
Icelandic Radio
Financial Times (on the Greek Crisis) : http://www.ft.com/cms/s/0/7c9cef2c-24db-11e2-86fb-00144feabdc0.html#axzz2Jn74C8Sc
Risk Magazine (on macroprudential regulation): http://www.risk.net/risk-magazine/feature/2239270/macroprudential-supervision-the-case-against
TIME Magazine (on Libor): http://world.time.com/2012/07/04/ex-barclays-chief-bob-diamond-grilled-over-rate-fixing-scandal/
Reuters (on the Eurozone debt crisis):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
Financial Times: http://www.ft.com/cms/s/0/221e2e00-5662-11e1-b548-00144feabdc0.html#axzz1nmTYVPvm
Law & Economics, Doctor of Laws, The Law & Economics of Market Abuse, London School of Economics
… → Nov 1999
Award Date: 12 Nov 1999
Member of the Stakeholder Group - Top-Ranking Academics section, European Banking Authority
1 Jul 2015 → …
Research output: Contribution to journal › Article › peer-review
Research output: Chapter in Book/Report/Conference proceeding › Chapter
Research output: Book/Report › Book
Research output: Contribution to journal › Article › peer-review
Research output: Contribution to journal › Article › peer-review
Emilios Avgouleas (Keynote speaker)
Activity: Academic talk or presentation types › Invited talk
Emilios Avgouleas (Editor) & David Donald (Editor)
Activity: Publication peer-review and editorial work types › Editorial activity
Emilios Avgouleas (Keynote speaker)
Activity: Academic talk or presentation types › Invited talk
Emilios Avgouleas (Keynote speaker)
Activity: Academic talk or presentation types › Invited talk
Emilios Avgouleas (Guest editor), Iris Chiu (Guest editor) & Pierre Schammo (Guest editor)
Activity: Publication peer-review and editorial work types › Editorial activity
15/06/13 → 8/09/13
2 Media contributions
Press/Media: Expert Comment
6/07/15
4 items of Media coverage
Press/Media: Expert Comment
7/01/16
1 item of Media coverage
Press/Media: Expert Comment
7/10/16
2 items of Media coverage
Press/Media: Expert Comment
7/07/15
2 items of Media coverage
Press/Media: Expert Comment