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Centre for Commercial Law Studies

Dr Costanza Russo


Senior Lecturer in International Banking Law and Business Ethics and Deputy Dean for Research (PGR), Faculty of Humanities and Social Sciences

Telephone: +44 (0)20 7882 8102
Room Number: Lincoln's Inn Fields


Dr Costanza Russo is the Senior Lecturer in International Banking Law and Business Ethics at the Centre for Commercial Law Studies (CCLS), Queen Mary University of London where she teaches several post graduate modules in ethics and in banking and finance. She is also the Director of the CCLS Institute for Regulation and Ethics and the Director of the CCLS LLM in Banking and Finance in Paris.

In January 2021, she was appointed Deputy Dean for Research (PGR), Queen Mary Faculty of Humanities and Social Sciences. From January 2018-December 2020, she served as the CCLS Director of Graduate Studies, responsible for the PhD in Law programme.

Dr Russo sits on the expert panel on «Banking Union – Resolution of Banks» for the ECON Committee of the European Parliament (Framework Contract Ref: IP/A/ECON/BU/FWC/2015-057/LOT2/C1 (since March 2016), as well as on the expert panel on «Company Law» for the Citizens’ Rights and Constitutional Affairs DG of the same Parliament (Framework Contract Ref: IP/C/JURI/FWC/2015-002/LOT 3/C5 (since Jan 2016).

She is a member of the Editorial board of the Journal «Financial Regulation International» and a member of the Board of Directors of the «Seven Pillars Institute for Global Finance and Ethics», a research Institute based in Kansas, USA. Dr Russo is also a member of the Society of Business Ethics.

In 2015-16 she was special advisor for the Committee on Standards in Public Life (CSPL), a UK Cabinet Office Committee, to conduct a review of the ethics of UK banking and financial regulatory Authorities, as part of the CSPL broader review 'Ethics for Regulators.' She also sat on a steering committee of the UK Banking Standards Board (BSB) for a research project investigating the relationship between law, regulation and ethics in finance.

Dr Russo was a Visiting Professor at New York University in London and Visiting Fellow at the Centre for Commercial Law and Financial Regulation, University of Reading, UK. Prior moving to the UK, she worked for the University of Zurich, of Bologna and of Trento.

She holds a Master Degree in Law and a PhD in Economics. She is also a qualified solicitor in Italy where she practiced in the area of corporate and commercial law.


Research Interests:

Dr Russo's main areas of research include cross border bank insolvency, international banking regulation and supervision, corporate governance, CSR and ethics in finance.


  • Russo C., Lastra R., Blair W. (eds) (2019), Research Handbook on Law and Ethics in Banking and Finance, Elgar Pubs
  • Russo C. (2019), Enforcement, ethics and transparency: problems and perspectives, Ch 17, in Russo et al (eds) “Research Handbook on Law and Ethics in Banking and Finance”, Elgar Pubs
  • Russo C. (2019), Resolution plans and resolution strategies: do they make G-SIBs resolvable and avoid ring fence?, in European Business Organization Law Review,
  • (jointly with R Lastra and M Bodellini) (2019), Stock take of the SRB’s activities over the past years: What to improve and focus on?, In depth analysis produced for the EU Parliament ECON Unit
  • (jointly with R Lastra)  (2018), The financing of bank resolution – who should provide the required liquidity?, In depth analysis produced for the EU Parliament ECON Unit
  • (jointly w R Olivares-Caminal) (2017), Precautionary recapitalisation: time for a review? In depth analysis produced for the EU Parliament ECON Unit
  • Russo C. (2017), Worthy of Trust? Law, Ethics and Culture in Banking, Blog Entry for the Banking Standards Board written in advance of the Bank of England conference on “Worthy of Trust? Law, Ethics and Culture in Banking”, held in London on 21 March 2017
  • (jointly with R Ayadi, R Lastra, R Olivares-Caminal) (2016), The Different Legal and Operational Structures of Banking Groups in the Euro Area, and their Impact on Banks’ Resolvability,  In depth analysis produced for the EU Parliament ECON Unit
  • Russo C. (2016), Bank recovery and resolution Directive and third country cooperation mechanisms: will they be effective? in Binder and Singh, “Bank recovery and resolution: the European perspective”, Oxford University Press,157-175 
  • Russo C. (2010), Bail out plans: do they really envision State exit and bank repayments? A view from a competitive assessment perspective, in European Business Law Review, Issue 4, 491-517
  • Russo C (2016), The Ethics of Banking and Financial Regulatory Authorities: a study of the Bank of England, the Prudential Regulation Authority, the Monetary Policy Committee and the Financial Conduct Authority, a report annexed to the CSPL Commanding report to the UK Parliament on 'Striking the Balance: Upholding the Seven Principles of Public Life in Regulation'
  • (jointly with P Rawlings and A Georgosouli), (2014), Regulation of Financial Services: Aims and methods, 1-64.
  • Russo C. (2014), UK banking supervision, in Encyclopaedia of Banking Law, Lexis Nexis eds, 1-23
  • Russo C. (2012), ‘Bank Nationalizations of the 1930s in Italy: the IRI formula’, in Theoretical Inquiries in Law, 13:2, 417-428
  • Russo C. (2012), The UK and proposed EU bank resolution and recovery regimes: clash of the Titans?, in Corporate rescue and insolvency, 5:3, 87-89
  • Russo C. (2012), The New Course of EU State Aid Rules During the 2007-2009 Financial Crisis, in Alexander (eds), “Research Handbook of International Financial Regulation”, Elgar Pubs, 171-92

Responses to public consultations

  • Russo C. (2019), Response to the PRA “Resolution assessment and public disclosure by firms. Consultation Paper” (CP 31/18) and “The Bank of England’s approach to assessing resolvability. A consultation paper”
  • Law and Ethics in Finance Project (2015), Response to the BoE, HMT, FCA, Fair and Effective Markers Review, available here
  • Law and Ethics in Finance Project (2014), Response to the Banking Standards Review Consultation Paper

Publications in Italian

  • Russo C. Dalla crisi del debito privato a quella del debito pubblico, in Italianieuropei, 8/2012 [From banking to sovereign debt crisis]
  • Russo C. Commento sub artt. 94 - 95bis, in Commentario al testo unico della Finanza a cura di F. Vella, Giappichelli, Torino, 2012 [Commentary on art. 94-95bis -implementing the Prospectus Directive]
  • Russo C., Cosa sono e a cosa servono le living wills: luci e ombre della futura regolamentazione, in Banca Impresa Societa’, 3/2011 [What are Living wills really for? Lights and shadow of future regulations]
  • Russo C., Le riforme della regolamentazione dei rischi bancari: un'analisi comparata del sistema statunitense e di quello europeo, in Analisi Giuridica dell'Economia, 2/2010, 561-585; [The regulation of banking risks: a comparative analysis of American and European reforms]
  • Guccione A.V., Russo C., L’arbitro Bancario e Finanziario, in Le nuove Leggi Civile Commentate, 3/2010, 475-521; [The Banking Ombudsman]
  • Russo C., Commissione europea, aiuti di stato alle banche e diritto societario: una difficile convivenza, in Banca, Impresa, Società, 3/2009, 381-420; [EU Commission, state aid and company law: a difficult co-existence]
  • Russo C., La crisi della Northern Rock: un recente esempio di regulatory failure, in Banca, Impresa, Società, 2/2009, 241-267; [The Northern Rock crisis: a recent example of regulatory failure]
  • Russo C., Paese per paese come si salvano le banche, in Il Mondo sull’orlo di una crisi di nervi: Origini, Sviluppo, Responsabilità del Terremoto, book edited by Pellizzon L., Castelvecchi, Roma, 2009, 125-137; [How to save banks: a cross country comparison, at The world on the verge of a nervous breakdown: origins, development, responsibility of the financial earthquake]
  • Russo C., Cosi l’Italia aiuta le banche, in Il Mondo sull’orlo di una crisi di nervi: Origini, Sviluppo, Responsabilità del Terremoto, book edited Pellizzon L., Castelvecchi, Roma, 2009, 138-143; [How Italy bails banks out, ibidem]
  • Russo C., Il caso Parmalat tra tutela risarcitoria e conflitto di interessi del lead manager, in Giurisprudenza Commerciale, 6/07, 1248-1265; [The Parmalat case between investors’ protection and lead manager’s conflict of interests]
  • Russo C., Salvataggio banche: Europa divisa, ogni paese va per la sua strada, in “La Repubblica-Affari e Finanza” (italian newspaper), 17.11.08; [Banks’ bail out: EU divided, each Country takes its own way]


Dr Russo welcomes proposals in the field of international bank insolvency, corporate governance in finance and ethics in banking and finance.

Public Engagement

  • 8 October 2019, Dr Russo to speak at the Conference on “Ethical Finance 2019” organised by the Global Ethical Finance Initiative (GEFI) which oversees, organises and coordinates a series of programmes to promote finance for positive change. GEFI annually hosts in Edinburgh the premier platform that convenes the world’s foremost business, political, civic and social leaders of society to network, share, co-develop and shape a fairer, more sustainable financial system. Dr Russo will discuss the relationship between Law, Ethics and Culture in Banking. 

  • Dr Russo chairs an event in Paris on Preventing and Resolving International Financial Crisis.

  • 15 September 2016, Dr Russo report for the Committee on Standards in Public Life (CSPL), a Cabinet Office Committee, has been published.

    Dr Russo extensive research investigated how the Bank of England, the PRA, the FCA and the Monetary Policy Committee perform against the 7 Principles of Public Life. Her research findings have been included in the final CSPL Commanding Report to the UK Parliament. The report concluded the CSPL  ‘Ethics for Regulators’ review, which was announced in the Committee’s 2015-16 business plan, and explored how effectively regulatory bodies are embracing and promoting the Seven Principles of Public Life.

    Ethics of Banking and Financial Regulatory Authorities report by Dr Russo.

    Whereas the CSPL Commanding report can be found on the Government website. The summary of Dr Russo’s findings are at page 63.

  • 5 December 2016, Dr Russo to give an oral presentation at the European Parliament ahead of the hearing of Mrs Koening, Chair of the Single Resolution Board, which will take place thereafter. Dr Russo’s presentation will focus on the main findings and recommendations included in the paper on “The different legal and operation structures of EU banking groups” that she wrote jointly with other EU Parliament resolution experts. Download the PDF version of the paper.
  • 7 July 2016, Dr Russo to present at the New Voices in Commercial Law Research Seminar that takes place at Singapore Management University on the Ethics of Banking and Financial Regulatory Authorities

  • 1 July 2016, Dr Russo presented her recent work on the Ethics of Banking and Financial Regulatory Authorities to a well-attended internal Prudential Regulation Authority and Bank of England joint seminar. FCA members of staff participated as well. The event sparked a lively discussion and the relevant feedback will be incorporated in Dr Russo’s final academic paper.
  • 24 May 2016,  Dr Russo invited to give a talk to the Charles Russell Speechlys Event “Is the Financial Services sector at the point of cultural risk?”. The event sparked a lively debate on what is meant by “culture”, on regulating behaviour, on cultural risk and innovation and on recruitment and retention. A white paper has been published with the key themes which emerged from the event.

  • 20 May 2016, Dr Russo chaired a panel at the Conference on Professional and Ethical Standards in Banking by Loughborough University, East Midlands, UK.

    Dr Russo has been invited to act as a chair of the panel on «Promoting Better Standards of Behaviour». Alison Cottrell, Banking Standards Board, Stephen Pegge, Lloyds Banking Group and  Roger McCormick, CCP Research Foundation were among the panellists. The panel discussion reverted among the following questions: How can better standards of behaviour be promoted? Can/Should they be measured? Should we apply the same thinking behind financial performance to culture and ethics? How can adherence to better standards of behaviour be monitored? How can they be communicated? Should metrics of culture and ethics be included in financial and business reporting?

  • 19 May 2016, Dr Russo took part to a closed expert roundtable on Banking and the Rule of Law.

    The roundtable organised by the BIICL Bingham Centre for the Rule of Law, took place at Allen&Overy and saw Senior Judges, Regulators and Practitioners debating several issues pertaining to the Rule of Law in banking. Dr Russo gave a presentation on Ethical Standards in Banking and the Rule of Law. A full agenda is available.
  • 8 December 2015, Dr Russo participated in an event on 'Incentives or Sanctions: What is the Most Effective Way to Create a Better Culture in Financial Services?' organised by the Institute for Regulation and Ethics
  • 24 November 2015, Dr Russo participated in an event on 'Committee on Standards in Public Life's Regulators Seminar' organised by the Institute for Regulation and Ethics
  • November 2015, Dr Russo appointed among the members of the Banking Union (Resolution) Expert Panel of the European Parliament (Framework Contract Ref: IP/A/ECON/BU/FWC/2015-057/LOT2/C1). The role will involve the provision of written and oral expertise on pressing issues in the field of banking resolution to the Committee on Economic and Monetary affairs

    Since 2015, Dr Russo is also a member of the experts panel on Company Law of the DG for Internal Policies of the Union Directorate C – Citizens’ Rights and Constitutional Affairs, Policy Department C, (Framework Contract Ref: IP/C/JURI/FWC/2015-002/LOT 3/C5)

  • On 1 July 2014, Dr Russo co-organised together with other members of the "Law and Ethics in Finance Project" a colloquium that brought together senior members of the judiciary, leaders from the Bank of England, the Chartered Banker Institute, the Equality and Human Rights Commission, the Financial Markets Law Committee, the Legal Education Foundation, General Counsels and equivalent from major financial institutions and markets, specialist lawyers in private practice and other leading academics in the field of ethics and finance. The colloquium was by invitation only and was held under Chatham House Rules. Participants discussed the following themes:

    • The place of finance in society,
    • The role of ethics in finance, and collective action supporting regulation,
    • The business case for a culture of ethics, an
    • Mechanisms to achieve that culture of ethics.
  • Dr Russo presented her paper 'Single Supervisory Mechanism: Where to; where from?' at the 3rd CCLS Roundtable on Financial Regulation on "Financial Markets: impossible to govern?" on 26 June 2014
  • On 19 June 2014 Dr Russo, Professor Rodrigo Olivares Caminal, Dr Goldby and Dr Georgosouli met with a delegation of scholars from The China Institute of Contemporary International Relations (CICIR) to discuss:
    • developments in offshore RMB centers, especially those in Europe
    • RMB internationalization, its benefits and costs, and its prospects
    • trends in reshaping the international financial order in the post-crisis era
  • On 21 May 2014 Dr Russo held a Post graduate seminar at the Law faculty, Warwick University, on the efficacy of cooperation mechanisms in  the Banking Union
  • On 8 April 2014 Dr Russo and Professor Spyros Maniatis participated to the International Bar Association Law Firm's management committee academics roundtable. The roundtable was an invitation-only, interactive discussion concerning the impact of globalisation on the law, the legal profession and law firms. During this event, participants explored the implications of these developments for universities and other academic institutions and consider the potential for increased collaboration between such institutions and the IBA.
  • Dr Russo spoke at the New Voices in Commercial Law seminar series on 6 March 2014
  • Dr Costanza Russo to chair the CCLS Rapid Response Briefing in Paris: Regulatory Developments in the Financial Sector on 9 July 2013
  • Dr Russo to speak at the Faculty of Law, Tel Aviv University, Israel

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