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The Great Re-evaluation: Reaching for an End

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The Social Licence for Financial Markets

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Abstract

The finance-society relationship remains fractured, just when finance is most needed to address increasingly pressing sustainability challenges. Popular narratives of financial sector greed capture the strain, echoing assumptions in key economic models such as ‘economic man’, shareholder value and the idea of an ‘invisible hand’. But these models only capture half the truth. Although they are being re-evaluated to reflect people’s other-regardingness, we still lack coordinates for navigating the challenges before us. Current work on banking culture and sustainable finance is promising, but struggles to break free from similar assumptions. Reform has achieved much, but the usual regulatory tools have not yet healed the fracture. Can the observation that financial markets operate under a social licence help in tackling the current challenges?

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Notes

  1. 1.

    Milton Friedman, Capitalism and Freedom (40th anniversary edition, University of Chicago Press 2002), 133.

  2. 2.

    Adair Turner, Between Debt and the Devil – Money, Credit and Fixing Global Finance (Princeton University Press 2016), 20.

  3. 3.

    Alan Beattie and James Politi, ‘‘I made a mistake,’ admits Greenspan’, Financial Times, London, 23 October 2008.

  4. 4.

    See, for example, IMF Performance in the Run-up to the Financial and Economic Crisis: IMF Surveillance in 2004–2007, International Monetary Fund Independent Evaluation Office, 2011; The Turner Review: A Regulatory Response to the Global Financial Crisis, Financial Services Authority, 2009.

  5. 5.

    George Parker, ‘Veteran of Treasury Battles tots up a decade’s wins and losses’, Financial Times, London, 14 April 2016.

  6. 6.

    For example, see 2019 Edelman Trust Barometer, financial services (Edelman 2019), and research by Edelman over many years at https://www.edelman.com/research/edelman-trust-barometer-archive (accessed 14 October 2019); GlobeScan Radar 2016: Finance eBrief (GlobeScan 2016) available at: https://globescan.com/wp-content/uploads/2017/07/GlobeScan_Radar_2016-Finance_eBrief.pdf (accessed 14 October 2019); John Authers, ‘Finance, the media and a catastrophic breakdown in trust’, FT Magazine, London, 4 October 2018. Trust levels may have improved as compared with just after the financial crisis, but they remain low.

  7. 7.

    Changing Banking for Good, Report of the Parliamentary Commission on Banking Standards, First Report of Session 2013–2014, Volume I: Summary, and Conclusions and Recommendations, HL Paper 27-I, HC 175-I, June 2013.

  8. 8.

    See video of Open Forum Breakout Session 1, Panel 2: https://www.youtube.com/watch?v=dUE_opd01lA (accessed 21 November 2019).

  9. 9.

    Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Final Report, Commonwealth of Australia, 2019, 1.

  10. 10.

    Challenges for financial markets, speech by John Cunliffe, Deputy Governor Financial Stability, Bank of England, 3 November 2016.

  11. 11.

    For example, according to the 2019 Edelman Trust Barometer global report, only one in five of those asked believed that the system is working for them.

  12. 12.

    John Kay, Other People’s Money: Masters of the Universe or Servants of the People? (Profile Books 2015), 306. See also Martin Wolf, ‘The Price of Populism’, Financial Times, London, 24 October 2018.

  13. 13.

    Conservative Party Manifesto (2017) 9, https://s3.eu-west-2.amazonaws.com/conservative-party-manifestos/Forward+Together+-+Our+Plan+for+a+Stronger+Britain+and+a+More+Prosperous....pdf (accessed 14 October 2019).

  14. 14.

    The current re-evaluation is much broader than this. However, the fracture between the financial world and society has played a significant role.

  15. 15.

    For example, in August 2019, the US Business Roundtable published a statement on the purpose of a corporation setting out ‘commitments’ to a range of stakeholders in the interests of ‘inclusive capitalism’: https://opportunity.businessroundtable.org/ourcommitment/ (accessed 14 October 2019). See also the World Economic Forum Global Risks Report 2019 (World Economic Forum 2019), 13–14, and the 2019 annual letter from the CEO of BlackRock, Larry Fink, to the CEOs of companies in which BlackRock invests client funds, https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter (accessed 5 November 2019).

  16. 16.

    See, for example, CEOs’ curbed confidence spells caution, 22nd Annual Global CEO survey (PWC 2019) available at https://www.pwc.com/ee/et/publications/CEOSurvey/22nd_Annual_Global_CEO_Survey_Report.pdf (accessed 29 July 2019); Philip Stephens, ‘Populism is the true legacy of the global financial crisis’, Financial Times, London, 30 August 2018.

  17. 17.

    Interview with an unnamed CEO of a company described as a ‘major corporate’, reported in Nik Gowing and Chris Langdon, Thinking the Unthinkable (John Catt Educational Ltd 2018).

  18. 18.

    Mark Wilson, then CEO of Aviva, speaking at the Saïd Business School, Oxford University, 1 February 2018, https://www.sbs.ox.ac.uk/news/mark-wilson-leading-legacy (accessed 14 October 2019).

  19. 19.

    Management expert Peter Drucker as reported by David Copperrider, ‘Sustainable Innovation’, BizEd, 1 July 2008, available at https://bized.aacsb.edu/articles/2008/07/sustainable-innovation (accessed 9 November 2019).

  20. 20.

    World Investment Report 2014 – Investing in the SDGs: An Action Plan, United Nations Conference on Trade and Development, 2014. See also Bertrand Badré, Can Finance Save the World (Berrett-Koehler Publishers, Inc. 2018); Rethinking Impact to Finance the SDGs, United Nations Environment Programme Finance Initiative, November 2018.

  21. 21.

    See for example, Sustainable Finance Progress Report, United Nations Environment Programme Inquiry into the Design of a Sustainable Finance System, March 2019; The State of Sustainable Business 2018, results of the 10th annual survey of sustainable business leaders (Globescan and The Business of a Better World, 2018) available at https://www.bsr.org/files/event-resources/BSR_Globescan_State_of_Sustainable_Business_2018.pdf (accessed 14 October 2019).

  22. 22.

    Sustainable Finance Progress Report, United Nations Environment Programme Inquiry into the Design of a Sustainable Finance System; Ben Caldecott, ‘Banks need to get ahead of climate change, or else’, Financial Times, London, 30 June 2019.

  23. 23.

    Banking culture: the path ahead, remarks by John C. Williams, President and Chief Executive Officer, Federal Reserve Bank of New York, 4 June 2019. See also Reform of culture in finance from multiple perspectives, remarks by Kevin J. Stiroh, Executive Vice President, Federal Reserve Bank of New York, 26 February 2019.

  24. 24.

    Realising the benefits of purposeful leadership, speech by Jonathon Davidson, Director of Supervision – Retail and Authorisations, Financial Conduct Authority, 1 November 2018; Senior Managers and Certification Regime Banking Stocktake Report, Financial Conduct Authority, 5 August 2019.

  25. 25.

    Dame Colette Bowe, Chairman of the Banking Standards Board, response to question 3, House of Commons Treasury Committee, Oral Evidence: The Work of the Banking Standards Board, HC 1715, 13 November 2018. Banking on Conduct and Culture: A Permanent Mindset Change, Group of Thirty, November 2018 conveys a similar message.

  26. 26.

    Robert D. Putnam, Bowling Alone: The Collapse and Revival of American Community (Simon & Schuster 2001), 134 et seq.; Francis Fukuyama, Trust: The Social Virtues and the Creation of Prosperity (Simon & Schuster 1995); Yann Algan and Pierre Cahuc, Inherited Trust and Growth, American Economic Review, 2010, Vol. 100(5), 2060–2092; Strengthening culture for the long term, remarks by William C. Dudley Former President and Chief Executive Officer Federal Reserve Bank of New York, 18 June 2018.

  27. 27.

    Luigi Guiso, Paola Sapienza and Luigi Zingales, ‘Civic Capital as the Missing Link’, in Handbook of Social Economics Vol. 1A, eds. Jess Benhabib, Alberto Bisin and Matthew O. Jackson (North-Holland 2011), 472–3; Karl V. Lins, Henri Servaes and Ane Tamayo, Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility During the Financial Crisis, Journal of Finance, 2017, Vol. 72(4), 1785–1824.

  28. 28.

    How Fair and Effective are the Fixed Income, Foreign Exchange and Commodities Markets, Fair and Effective Markets Review, Consultation Document, HM Treasury, Bank of England and Financial Conduct Authority, October 2014, 6. The Appendix provides more detail on why these markets matter.

  29. 29.

    Globalisation: real and financial, speech by Hyun Song Shin, Economic Adviser and Head of Research of the BIS, BIS 87th Annual General Meeting, quoted by Adam Tooze, Crashed: How a Decade of Financial Crises Changed the World (Allen Lane 2018).

  30. 30.

    Committee Democrats call on Facebook to halt cryptocurrency plans, US House Committee on Financial Services, 2 July 2019, available at https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=404009 (accessed 26 July 2019); Dirk A. Zetzsche, Ross P. Buckley and Douglas W. Arner, Regulating Libra: the Transformative Potential of Facebook’s Cryptocurrency and Possible Regulatory Responses, University of New South Wales Law Research Series [2019] UNSW Law Research Paper No. 47.

  31. 31.

    Jason G. Allen and Rosa M. Lastra, Border Problems II: Mapping the Third Border, 1 January 2018, UNSW Law Research Paper No. 18–88; Saule T. Omarova, New Tech v. New Deal: Fintech as a Systemic Phenomenon, Yale Journal on Regulation, 2019, Vol. 36(2), 735–793.

  32. 32.

    Karla Hoff and Joseph E. Stiglitz, Striving for Balance in Economics: Towards a Theory of the Social Determination of Behavior, Journal of Economic Behavior and Organization, 2016, Vol. 126, 25–57. Different disciplines distinguish between concepts, such as models, narratives, stories, world views, scripts and schemas. Distinctions are important, and some are picked up in subsequent chapters. However, the word ‘narrative’ is used broadly in what follows to describe ways of explaining how various events and facts are connected, usually involving a sense of movement from a beginning towards an end.

  33. 33.

    Bernie Sanders quoted by Barney Henderson, ‘Bernie Sanders causes searches for ‘socialism’ to spike on Merriam-Webster’, The Telegraph, London, 14 October 2015.

  34. 34.

    Donald J. Trump, Remarks on trade, 28 June 2016, quoted by Amy Skonieczny, Emotions and Political Narratives: Populism, Trump and Trade, Politics and Governance, 2018, Vol. 6(4), 62–72.

  35. 35.

    Jeremy Corbyn, quoted by Jim Pickard, ‘Corbyn lashes out at financial sector “speculators and gamblers”’, Financial Times, London, 1 December 2017.

  36. 36.

    See, for example, ‘Runaway bankers: the sequel’, Private Eye no. 1501, London, 26 July–8 August 2019.

  37. 37.

    The Wolf of Wall Street (Paramount Pictures 2013). A film about greed and corruption surrounding the rise and fall of stockbroker Jordon Belfort.

  38. 38.

    While they are models, they can also be seen as a form of story about the way people and companies engage in markets and how markets work. See, for example, Frank Pasquale, Two Narratives of Platform Capitalism, Yale Law and Policy Review, 2016, Vol. 35(1), 309–318.

  39. 39.

    Skonieczny, Emotions and Political Narratives.

  40. 40.

    Hoff and Stiglitz, Striving for Balance in Economics. See further in Chap. 6.

  41. 41.

    Jean Tirole, Economics for the Common Good (Princeton University Press 2017), 122. See also The complexity of culture reform in finance, remarks by Kevin J. Stiroh, Executive Vice President, Federal Reserve Bank of New York, 4 October 2018.

  42. 42.

    Simon Blackburn, Ruling Passions (Oxford University Press 1998), 144; John Gowdy and Irmi Seidl, Economic Man and Selfish Genes: The Implications of Group Selection for Economic Valuation and Policy, The Journal of Socio Economics, 2004, Vol. 33, 343–358.

  43. 43.

    Chapter 3 returns to how both self-interest and, probably, altruism can motivate behaviour that addresses others’ needs. References in this book to ‘other-regarding’ aspirations and behaviours should be read in that light.

  44. 44.

    See, for example, Donald MacKenzie, An Engine, Not a Camera: How Financial Models Shape Markets (MIT Press 2006); Fabrizio Ferraro, Jeffrey Pfeffer and Robert I. Sutton, Economics Language and Assumptions: How Theories Can Become Self-fulfilling, Academy of Management Review, 2005, Vol. 30(1), 8–24; Dale T. Miller, The Norm of Self-interest, American Psychologist, 1999, Vol. 54(12), 1053–1060.

  45. 45.

    For example, in the competition objectives of the UK financial services regulators: sections 1B, 1E and 2H, Financial Services and Markets Act 2000.

  46. 46.

    Robert Baldwin, Martin Cave and Martin Lodge, Understanding Regulation: Theory, Strategy, and Practice (2nd edn, Oxford University Press 2012), 315; How we Analyse the Costs and Benefits of our Policies, Financial Conduct Authority, July 2018.

  47. 47.

    Tirole, Economics for the Common Good, 122.

  48. 48.

    Colin Mayer, Firm Commitment (Oxford University Press 2013).

  49. 49.

    Robert J. Rhee, A Legal Theory of Shareholder Primacy, Minnesota Law Review, 2018, Vol. 102, 1951–2017, 1980; Edward B. Rock, Adapting to the New Shareholder-Centric Reality, University of Pennsylvania Law Review, 2013, Vol. 161(7), 1907–1988, 1917; Alex Edmans, Xavier Gabaix and Dirk Jenter, Executive Compensation: A Survey of Theory and Evidence, European Corporate Governance Institute Finance Working Paper No. 514/2017, July 2017.

  50. 50.

    MacKenzie, An Engine, Not a Camera.

  51. 51.

    ‘Shareholder value – the enduring power of the biggest idea in business’, The Economist, London, 31 March 2016.

  52. 52.

    James Tobin, The Invisible Hand in Modern Macroeconomics, Cowles Foundation Discussion Paper No. 966, Cowles Foundation for Research in Economics at Yale University, January 1991.

  53. 53.

    Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (Liberty Fund edn, 1981), I.ii.2, 26–27.

  54. 54.

    Mary S. Morgan, Economic Man as Model Man: Ideal Types, Idealization and Caricatures, Journal of the History of Economic Thought, 2006, Vol. 28(1), 1–27, 3.

  55. 55.

    Adam Smith, The Theory of Moral Sentiments (Liberty Fund edn, 1982), I.i.I.1, 9.

  56. 56.

    Morgan, Economic Man as Model Man.

  57. 57.

    Morgan, Economic Man as Model Man; Amartya Sen, Rational Fools: A Critique of the Behavioral Foundations of Economic Theory, Philosophy & Public Affairs, 1977, Vol. 6(4), 317–344.

  58. 58.

    Amartya Sen op. cit., 322.

  59. 59.

    Tirole, Economics for the Common Good, 122 et seq.

  60. 60.

    Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness (Penguin Books 2009).

  61. 61.

    Samuel Bowles, The Moral Economy: Why Good Incentives Are no Substitute for Good Citizens (Yale University Press 2016), 43 and Appendix 2 summarises the sort of experiments that have been used.

  62. 62.

    See, for example, Hoff and Stiglitz, Striving for Balance in Economics; Samuel Bowles, Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions, Journal of Economic Literature, 1998, Vol. 36(1), 75–111; Samuel Bowles and Sandra Polanía-Reyes, Economic Incentives and Social Preferences: Substitutes or Complements? Journal of Economic Literature, 2012, Vol. 50(2), 368–425; George A. Akerlof and Rachel E. Kranton, Identity Economics: How Our Identities Shape Our Work, Wages, and Well-being (Princeton University Press 2010); Margit Osterloh and Bruno S. Frey, ‘Motivation Governance’, in Handbook of Economic Organization: Integrating Economic and Organization Theory ed. Anna Grandori (Edward Elgar 2013); Joseph Henrich, et al., Foundations of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-scale Societies (Oxford University Press 2004).

  63. 63.

    The relationship between humans and economic activity was a preoccupation of Émile Durkheim, Karl Marx and Max Weber, founding fathers of sociology. More recently, the development of economic sociology has highlighted the embeddedness of economic activity in social relations: Mark Granovetter, Economic Action and Social Structure: The Problem of Embeddedness, American Journal of Sociology, 1985, Vol. 19(3), 481–510; Alejandro Portes, Economic Sociology: A Systematic Enquiry (Princeton University Press 2010).

  64. 64.

    Portes, Economic Sociology, 14.

  65. 65.

    Milton Friedman, ‘The Social Responsibility of Business is to Increase its Profits’, New York Times Magazine, New York, 13 September 1970. The article said much the same as his 1962 book Capitalism and Freedom. The expression ‘shareholder value’ emerged some time later, and was developed by Alfred Rappaport, Creating Shareholder Value: The New Standard for Business Performance (The Free Press 1986). The idea was elaborated upon by Michael C. Jensen and William H. Meckling in an article that became highly influential in business management circles: Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 1976, Vol. 3(4), 305–360.

  66. 66.

    Friedman, The Social Responsibility of Business is to Increase its Profits.

  67. 67.

    Transforming culture in financial services, speech by Andrew Bailey while Chief Executive of the Financial Conduct Authority, 19 March 2018.

  68. 68.

    So much so that in 2012 the UK government launched a public consultation on the issue: The Kay Review of UK Equity Markets and Long-Term Decision Making, Final Report, July 2012.

  69. 69.

    See, for example, The Kay Review of UK Equity Markets and Long-Term Decision Making; Call for advice to the European Supervisory Authorities to collect evidence of undue short-term pressure from the financial sector on corporations, European Commission, 1 February 2019, https://ec.europa.eu/info/publications/190201-call-for-advice-to-esas-short-term-pressure_en (accessed 24 October 2019).

  70. 70.

    Kay, Other People’s Money; Mayer, Firm Commitment, 89 et seq.

  71. 71.

    For a US perspective, Edward B. Rock, Adapting to the New Shareholder-Centric Reality, 1917.

  72. 72.

    Peter Drucker, Management: Tasks, Responsibilities, Practices (Heinemann 1974).

  73. 73.

    R. Edward Freeman, Strategic Management: A Stakeholder Approach (Pitman 1984); Samuel F. Mansell, Capitalism, Corporations and the Social Contract: A Critique of Stakeholder Theory (Cambridge University Press 2013).

  74. 74.

    Section 172(1), Companies Act 2006.

  75. 75.

    Triple bottom line accounting emerged in the 1990s and seeks to provide a way of measuring a company’s social and environmental performance in addition to its financial performance.

  76. 76.

    Purpose & Profit, Larry Fink’s 2019 letter to CEOs, https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter (accessed 24 October 2019). See also, Andrew Edgecliffe-Johnson, ‘Beyond the bottom line: should business put purpose before profit?’, Financial Times, London, 4 January 2019.

  77. 77.

    Colin P. Mayer, Prosperity: Better Business Makes the Greater Good (Oxford University Press 2018), 6.

  78. 78.

    The UK Corporate Governance Code, Financial Reporting Council 2018.

  79. 79.

    Principles for Purposeful Business: How to Deliver the Framework for the Purpose of the Corporation (British Academy 2019).

  80. 80.

    Smith, An Inquiry into the Nature and Causes of The Wealth of Nations, IV.ii.9, 456.

  81. 81.

    Economists think of public goods as a commodity or service the benefits of which are not depleted if an additional user is introduced, and from which it is difficult to exclude people even if they are unwilling to pay for the good.

  82. 82.

    Externalities are not all bad. Economists also talk of positive externalities, such as the skills a person develops at work which can be deployed more widely in their community.

  83. 83.

    Warren J. Samuels, Erasing the Invisible Hand: Essays on an Elusive and Misused Concept in Economics (Cambridge University Press 2011); Gavin Kennedy, Adam Smith and the Invisible Hand: From Metaphor to Myth, Econ Journal Watch, 2009, Vol. 6(2), 239–263; Avner Offer, ‘Regard for Others’, in Capital Failure: Rebuilding Trust in Financial Services, eds. Nicholas Morris and David Vines (Oxford University Press 2014), 162; Kaushik Basu, Beyond the Invisible Hand: Groundwork for a New Economics (Princeton University Press 2011).

  84. 84.

    Offer, Regard for others, 162.

  85. 85.

    See https://www.un.org/sustainabledevelopment/sustainable-development-goals/ (accessed 25 September 2019).

  86. 86.

    Our Common Future: Report of the World Commission on Environment and Development (Oxford University Press 1987).

  87. 87.

    Ibid., Foreword.

  88. 88.

    Ben Purvis, Yong Mao and Daren Robinson, Three Pillars of Sustainability: In Search of Conceptual Origins, Sustainability Science, 2019, Vol. 14(3), 681–695.

  89. 89.

    Global Warming of 1.5°C, Intergovernmental Panel on Climate Change, October 2018; Will Steffen et al., The Trajectory of the Anthropocene: The Great Acceleration, The Anthropocene Review, 2015, Vol. 2(1), 81–98.

  90. 90.

    Action Plan: Financing Sustainable Growth, Communication from the European Commission, COM(2018) 97 final.

  91. 91.

    ‘Plastic Bag Manufacturer goes bust “due to 5p charge”’, BBC News, 1 March 2016, https://www.bbc.co.uk/news/uk-england-manchester-35694164 (accessed 24 October 2019).

  92. 92.

    Action Plan: Financing Sustainable Growth, European Commission; Financing a Sustainable European Economy, Taxonomy Technical Report, EU Technical Group on Sustainable Finance, June 2019.

  93. 93.

    David Rouch, The Language of Sustainable Finance, Economics and Aspiration, 2019, available at SSRN: https://ssrn.com/abstract=3544781

  94. 94.

    Remarks given during the UN Secretary General’s Climate Action Summit 2019, speech by Mark Carney, Governor of the Bank of England, 23 September 2019.

  95. 95.

    Transforming our World: The 2030 Agenda for Sustainable Development, Resolution adopted by the General Assembly on 25 September 2015, preamble.

  96. 96.

    See, for example, ‘The 169 commandments’, The Economist, London, 26 March 2015.

  97. 97.

    Strengthening Governance Frameworks to Mitigate Misconduct Risk: A Toolkit for Firms and Supervisors, Financial Stability Board, 20 April 2018 (which is also concerned with wider systemic risks created by misconduct); Misconduct risk, culture and supervision, speech by Kevin J. Stiroh, Executive Vice President, Federal Reserve Bank of New York, 7 December 2017; The evolving first line of defense, speech by Michael Held, Executive Vice President and General Counsel, Federal Reserve Bank of New York, 17 April 2018. See also more generally, David Rouch, Economics and Aspiration in Language used by Regulators When Discussing Culture in Finance, 2019, available at SSRN: https://ssrn.com/abstract=3544778

  98. 98.

    Based on a review of speeches by senior US and UK regulators in the period to June 2019 on culture change in financial institutions (see Rouch, Economics and Aspiration in Language used by Regulators When Discussing Culture in Finance). See, for example, The importance of incentives in ensuring a resilient and robust financial system, remarks by William C. Dudley, President and Chief Executive Officer Federal Reserve Bank of New York, 26 March 2018.

  99. 99.

    Strengthening culture for the long term, Dudley.

  100. 100.

    Reform of culture in finance from multiple perspectives, Stiroh. See also Nava Ashraf and Oriana Bandiera, Altruistic Capital, American Economic Review, 2017, Vol. 107(5), 70–75.

  101. 101.

    See, for example, The importance of incentives in ensuring a resilient and robust financial system, Dudley.

  102. 102.

    Business Plan 2019/20, Financial Conduct Authority 2019.

  103. 103.

    Transforming culture in financial services, Bailey; The evolving first line of defense, Held; Observations on culture at financial institutions and the SEC, Jay Clayton Chairman of the SEC, 18 June 2018; Strengthening culture for the long term, Dudley; The future of financial conduct regulation, speech by Andrew Bailey while Chief Executive of the Financial Conduct Authority, 23 April 2019.

  104. 104.

    Transforming culture in financial services, Bailey.

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Rouch, D. (2020). The Great Re-evaluation: Reaching for an End. In: The Social Licence for Financial Markets. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-40220-4_1

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