The Speculator of Financial Markets

“Are those speculating on the financial markets angels or devils? Daniele D’Alvia offers fascinating prospective on speculators and the effects of their transactions. This book is worth the risk!”

—Felix Steffek, Professor of Corporate Law, University of Cambridge, Newnham College 

“This book is an extensive and well-researched delve into history analogised to the financial markets, reflecting upon philosophical and sociological concerns.  The book is a good read, providing insights into financial markets speculation, including risk-taking, financial bubbles and short-selling.”  

—Bobby V. Reddy, Professor of Corporate Law and Governance, University of Cambridge, Churchill College


“This book provides a fascinating historical account of the financier framed as 'speculator'. Financial decisions and transactions ultimately boil down to exercises of individualism which can seem anti-social under certain circumstances.However, these conveniently labelled villains are inherently fundamental to the financial eco-system, and the book provides a nuanced and highly readable historical account of their framing. The book engages with history, philosophy, ethics and also ponders on the role of regulation. A richly informed book and resource for academics, researchers and practitioners in the financial industry.”


—Iris H. Chiu, Professor of Corporate Law and Financial Regulation, University College London (UCL), University of London 

The book illustrates financial markets from the point of view of their subjectivity, namely by analysing one of the most prominent figures among market operators: the speculator. Whereas many textbooks or monographs are strictly devoted to the analysis of financial law or history, this book tells a remarkable story based on markets’ boom-bust, expectations, banks’ fragilities, market sentiment, desires, and dreams. In light of this, D’Alvia provides unique financial knowledge and delivers a book that constitutes an outstanding introduction to the topic of the speculator through its historical account and its evolution till modern days. 

Daniele D’Alvia is a Lecturer in Banking and Finance Law at Queen Mary University of London, Centre for Commercial Law Studies (CCLS). He is an Associate Researcher at the European Banking Institute in Frankfurt.