Paying for Efficient and Effective Markets

Friday 22 - Saturday 23 March 2019
Stationers' Hall, Ave Maria Lane, London EC4M 7DD

Organisers: Jon Danielsson (SRC, LSE), Kevin James (FCA, SRC), Dimitri Vayanos (FMG, PWC, LSE)
Speakers: Matteo Aquilina (FCA), Rudi Fahlenbrach (Swiss Institute of Finance), Jill Fisch (U Penn), Mireia Giné (IESE), Kevin James (FCA, SRC), Robert MacKay (Warwick), Daniel Mittendorf (FCA), Emilio Osambela (FRB), Lasse Pedersen (Copenhagen), Robert Stambaugh (Wharton), Vladyslav Sushko (BIS), Dimitri Vayanos (FMG, PWC, LSE)

To perform at full potential, the economy requires efficient and effective financial markets that operate at minimum feasible social cost.

Actively managed funds play a crucial role in bringing about market efficiency and effectiveness, but only as a by-product of their costly efforts to out-perform the market. Passive investment funds compete for investors by offering low-cost investment options, but they do so in part by taking market efficiency and effectiveness as given. Consequently, it is unclear if market forces alone will lead to the optimal balance of efficiency, effectiveness, and cost.

For further details, visit the conference website.

The conference is co-hosted with the Financial Conduct Authority, Security and Exchange Board of India, Systemic Risk Centre and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality.



Twelfth Annual Conference

London, LSE

The Paul Woolley Centre holds a conference each year with the aim of bringing together researchers who focus on questions relevant to the Centre's research themes, disseminating their research, and stimulating the development of new ideas. The 12th Annual Conference will be held in collaboration with the Bank for International Settlements (BIS) on 6th-7th June 2019.

We are now calling for papers. The deadline for submission of papers is 15 March 2019.


Public lectures and seminars

  • Non-bank Financial Institutions and Financial Stability 
    28 September 2018, London, Bank of England

    Conference organised by Bank of England, Brevan Howard Centre for Financial Analysis - Imperial College London, Centre for Economic Policy Research and The Paul Woolley Centre for the Study of Capital Market Disfunctionality, London School of Economics

    Organisers: Franklin Allen, Sinem Hacioglu, Jumana Saleheen, Laura Silvestri, Jagdish Tripathy, Dimitri Vayanos and Kathy Yuan
    Sponsors: Imperial College Business School and London School of Economics
    Host: Bank of England

    Non-bank financial intermediation comprises almost half of the global financial sector. Since the crisis, UK private non-financial corporations have also substituted funding from banks for tradable securities.  Alongside these changes, the share of electronic trading in financial markets has increased substantially over the last decades.

    Therefore, the resilience of the non-bank financial sector and the evolving market infrastructure is crucial for the financial system to play its crucial role of providing funding to the real economy. Their resilience will also ensure that the financial system overall absorbs, rather than amplifies, stresses.

    In order to assess the financial stability implications of these recent developments, it is important for academics and policy makers to improve their understanding of risks arising from the behaviour of non-bank financial institutions and the evolution of the supporting market infrastructure, and how to deal with those risks.

    Please address any registration queries to Mandy Chan of CEPR at

  • Public Lecture: What I learned by Doing Capitalism by William Janeway, Dimitri Vayanos and Craig Calhoun
    11 October 2012
  • Public Lecture on The Future of Finance: The LSE Report by Charles Goodhart, Mark Schiertiz and Paul Woolley
    24 May 2011
  • Economic Sciences as Mostly a Procrustean Bed by Nassim Nichols Taleb
    7 December 2010
  • A Manifesto for Giant Funds - Public Lecture by Paul Woolley
    25 May 2010
  • Corporate Governance at LSE seminar by John Plender and Paul Woolley
    18 May 2010
  • Special Seminar by Jeremy Grantham (GMO, Grantham Research Institute)
    21 May 2008
  • Dr Paul Woolley Public Lecture
    31 October 2007