Dan Awrey, Professor of Financial Regulation, and Kristin van Zwieten, Clifford Chance Associate Professor of Law and Finance, have been awarded a €20,000 grant from the SWIFT Institute to fund the second stage of their research into the shadow payment system, building on their recently published work in this area.

In this stage, non-bank payment systems, platforms and exchanges will be identified and analysed with a view to identifying the risks of illiquidity and/or loss of value to customers, and a customer risk scoring tool developed for the assessment of new entrants in the shadow payment system. Professors Awrey and van Zwieten are currently recruiting for research assistants in connection with the grant.