Volume 4.1
Winter
2025

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Volume 4.1
Horizons of Risk: Climate Stress and the Federal Reserve
David A. Wishnick
Associate Professor of Law, Georgetown University Law Center.

Thanks to Nakita Cuttino, Anna Gelpern, David Hyman, Don Langevoort, Adam Levitin, Morgan Ricks, Hillary Sale, Bob Thompson, Jon Zytnick, and workshop participants at Georgetown, Rutgers, Vanderbilt, and the AALS Financial Regulation Midyear Meeting for helpful comments and engaging discussions. For their skilled research assistance, I thank Maddie Bowen, Matteo Crow, and Amelia Lucas.

Contemporary financial supervision depends on knowledge about risk. Threats to bank soundness and financial stability abound, but they present themselves in amorphous ways. How should supervisors assess their significance? This Article examines a process being employed by the Federal Reserve (Fed) to assess threats posed by climate change.

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Volume 4.1
A Commitment Rule for Insolvency Forum
Anthony J. Casey
Donald M. Ephraim Professor of Law and Economics and Faculty Director of the Center on Law and Finance at The University of Chicago Law School. Email: ajcasey@uchicago.edu.

This research is funded by the Becker Friedman Institute at the University of Chicago. The Richard Weil Faculty Research Fund and the Paul H. Leffmann Fund also provided generous support. I thank Carrie Boone, Taerin Kim, and Emma Xu for their excellent research assistance. A preliminary version of this article was presented at Singapore Management University during my stay as SGRI Visiting Professor in September 2023.

Aurelio Gurrea-Martínez
Associate Professor of Law and Head of the Singapore Global Restructuring Initiative at Singapore Management University. Email: aureliogm@smu.edu.sg.

For excellent research assistance, I would like to thank Linus Koh.

Robert K. Rasmussen
Professor of Law and J. Thomas McCarthy Trustee Chair in Law and Political Science at USC Gould School of Law. Email: rrasmussen@law.usc.edu.

In this Article, we propose a new rule for determining the proper forum for insolvency proceedings. Currently, the Model Law on Cross-Border Insolvency (Model Law)—promulgated by the United Nations Commission on International Trade Law (UNCITRAL)—looks to a debtor’s center of main interest (COMI) to determine the proper forum for a foreign main insolvency proceeding. This rule is flawed.

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Volume 4.1
Event Contracts Are a Step Too Far for Derivatives Regulation
Ilya Beylin
Associate Professor, Seton Hall Law School, B.A.S. Stanford University, J.D. University of Chicago Law School. 

Devin Droll and Najma Hassan provided valuable research assistance. I am grateful for feedback from Tom W. Bell, Onnig H. Dombalagian, Gary E. Kalbaugh, Stephen Lubben, Gideon Mark, Fabio Mattos, Todd Phillips, Andrew Verstein, Adam Wells and participants at the Seton Hall Law School summer scholarship seminar, inaugural Metropolitan Junior Scholars workshop and the AALS Financial Institutions Regulation mid-year meeting at The Wharton School. All errors are my own.

This Article develops two branches of history towards understanding derivatives markets and their regulation. First, using a comprehensive database of derivatives products that the Commodity Futures Trading Commission (CFTC) has authorized, this Article traces stages in the development of derivatives products.

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Volume 4.1
Captured Innovation: Technology Monopoly Response to Transformational Development
Reed Showalter
Reed Showalter is an Attorney Advisor at the Department of Justice Antitrust Division. He was a Senior Policy Advisor at the White House National Economic Council until January 20, 2025. The views expressed do not necessarily reflect those of the United States Department of Justice or the White House.
Laura Edelson
Laura Edelson is an Assistant Professor at Northeastern University.

This Article examines how monopoly power warps incentives to innovate within the largest tech companies across history.

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Comment
Volume 4.1
The “Co-Conspirator Exception” to Illinois Brick: Mandatory Joinder of Direct Purchaser Co-Conspirators
Nikki Chavez Brown
B.S. 2021, University of Alabama; M.B.A. 2022, University of Alabama; J.D. Candidate 2025, University of Chicago Law School.

Many thanks to the University of Chicago Business Law Review staff for their edits and feedback. I especially thank Professor Eric Posner for his suggestions and guidance.

Illinois Brick was intended to be a bright-line rule prohibiting indirect purchasers from recovering damages against an upstream antitrust violator under § 4 of the Clayton Act for overcharges passed-on by direct purchasers.

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Comment
Volume 4.1
Resolving American Semiconductor Challenges through Making the ITC a Preferred Forum
Emma Donnelly
B.A. 2022, Rice University; J.D. Candidate 2025, University of Chicago Law School.

Many thanks to the University of Chicago Business Law Review staff for their helpful edits and feedback. I would like to also thank Professor Randal C. Picker and Professor Jonathan S. Masur for their topic guidance. Lastly, thank you especially to my family; your support has been essential at each turn of my law school career.

This Comment demonstrates the need in United States’ semiconductor policy for the United States to establish itself as a preferred IP litigation forum. The paper notes three obstacles to be solved in current semiconductor IP policy: IP Theft, Semiconductor Counterfeiting, and Balanced Licensing.

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