Centre for Commercial Law Studies

Dr Costanza Russo


Senior Lecturer in International Banking Law and Business Ethics

Email: c.a.russo@qmul.ac.uk
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. She is also the Academic Director for the LLM in International Banking and Finance in Paris, France and the Co-Director of the Institute for Regulation and Ethics

Before moving to London she has held teaching and research positions at the Universities of Bologna and Trento, Italy; and Zurich, Switzerland.

With CCLS she lectures in the postgraduate modules in Banking Law, in EU Financial Law and in Ethics in Business and in Finance. Dr Russo is also module convenor for Legal Aspects of International Finance, Introduction to Insurance Regulation, Elements of Islamic Law and Islamic Finance and Commercial Law.

Dr Russo is also Visiting Lecturer at NYU Stern School of Business – London programme where she teaches in their Social Impact Core curriculum. She is also Visiting Fellow at the Centre for Commercial Law and Financial Regulation, University of Reading, UK. Until 2013, Dr Russo was visiting Lecturer at the University of Barcelona, Spain, where she taught Regulation of Financial Markets for their LLM programme.

She holds a Master Degree in Law and a PhD in Economics.  Before moving to Academia she was a qualified solicitor in Italy where she practiced in the areas of corporate and commercial law. Her main fields of expertise include cross border bank insolvency, international banking regulation and finance, company law, CSR and business ethics on which she has extensively presented and written on academic and practitioners journals.

Dr Russo is a member of the Institute of International Financial Law and the Insurance Law Institute at the Centre for Commercial Law Studies. 

Postgraduate Teaching

  • QLLM007 Banking Law
  • QLLM028 EU Financial Law
  • QLLM073 Legal Aspects of International Finance
  • QLLM136 Ethics in business and in Finance
  • QLLM156 Introduction to Insurance Regulation (half module)


Research Interests:

Her major research interests include regulation of bank resolution and insolvency, EU state aid in the financial sector, international banking, banking risks and CSR.


  • Russo C., The New Course of EU State Aid Rules During the 2007-2009 Financial Crisis, in Research Handbook of International Financial Regulation, eds by Alexander K., Elgar Pub. 2012
  • Russo C., Bank Nationalizations of the 1930s in Italy: the IRI formula, in Theoretical Inquiries in Law, vol 13 Issue 2, 2012
  • Russo C., The UK and proposed EU bank resolution and recovery regimes: clash of the Titans?, in Corporate rescue and insolvency, 2012
  • 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., 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, 2010
  • Russo C., The Legal Foundation of Free Markets, book review by Stephen Copp, in International and Comparative Law Quarterly, Issue 4, 2009
  • Russo C., The Uk Banking Act 2009 – new law, old problems, in Bulletin of International Legal Development, Issue 04, 2009
  • Russo C., The Alitalia Saga, in Bulletin of International Legal Developments, Issue 11, 2008
  • Russo C., Northern Rock: The Right Decision at the Right Time, in Bulletin of International Legal Developments, Issue 07, 2008
  • 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 Ombudsmann]
  • 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]

Public Engagement

  • 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 Authorites report by Dr Russo Download PDF Version

    Whereas the CSPL Commanding report can be found here:

    Download PDF Version. 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. Dowload 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? - More information click here

  • 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 available here
  • 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 ethcis 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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