Today
Bookmark and Share    
Full Text
Peer Reviewed
See detailStillborn Banking Union: Explaining Ineffective European Union Bank Resolution Rules
Howarth, David UL; Asimakopoulos, Ioannis

in Journal of Common Market Studies (2021)

Our contribution demonstrates and explains the ineffectiveness of European Union (EU) bank resolution rules, a core element of Banking Union. This inadequacy owes in large part to the limited access to ... [more ▼]

Our contribution demonstrates and explains the ineffectiveness of European Union (EU) bank resolution rules, a core element of Banking Union. This inadequacy owes in large part to the limited access to and insufficient availability of EU resolution funds and inadequate national deposit guarantee schemes in most EU member states, in conjunction with the relatively high minimum requirements for own funds and eligible liabilities (MREL) for many EU banks. In many cases, these requirements are unlikely ever to be met – particularly for retail banks most likely to require resolution in the euro periphery. We offer a liberal intergovernmentalist analysis to explain the inadequacy of the EU resolution regime by examining German and French government preferences on EU rules on bank capital requirements agreed earlier in 2013 and national deposit guarantee schemes agreed in 2014. These government preferences were shaped significantly by the preferences of national banks and bank associations. [less ▲]

Detailed reference viewed: 77 (5 UL)
Full Text
Peer Reviewed
See detailFrontrunner Jones and the Raiders of the Dark Forest: An Empirical Study of Frontrunning on the Ethereum Blockchain
Ferreira Torres, Christof UL; Camino, Ramiro; State, Radu UL

in USENIX Security Symposium, Virtual 11-13 August 2021 (2021)

Ethereum prospered the inception of a plethora of smart contract applications, ranging from gambling games to decentralized finance. However, Ethereum is also considered a highly adversarial environment ... [more ▼]

Ethereum prospered the inception of a plethora of smart contract applications, ranging from gambling games to decentralized finance. However, Ethereum is also considered a highly adversarial environment, where vulnerable smart contracts will eventually be exploited. Recently, Ethereum's pool of pending transaction has become a far more aggressive environment. In the hope of making some profit, attackers continuously monitor the transaction pool and try to frontrun their victims' transactions by either displacing or suppressing them, or strategically inserting their transactions. This paper aims to shed some light into what is known as a dark forest and uncover these predators' actions. We present a methodology to efficiently measure the three types of frontrunning: displacement, insertion, and suppression. We perform a large-scale analysis on more than 11M blocks and identify almost 200K attacks with an accumulated profit of 18.41M USD for the attackers, providing evidence that frontrunning is both, lucrative and a prevalent issue. [less ▲]

Detailed reference viewed: 136 (2 UL)