Reports
PIFS conducts research on policy issues impacting the global financial system. PIFS research has focused on issues such as US Treasury market liquidity, global equity market structure, the rise of cloud computing and, the regulation of crypto markets.
Inflation Op-Ed by Hal S. Scott
The Secure Act 2.0 that passed the House on March 29 by an overwhelming 414-5 bipartisan majority makes desirable changes in retirement plans by permitting automatic enrollment, increased contributions and later required minimum distributions. Given inflation at 7.9%,...
Central Clearing and U.S. Treasuries
In our third report in a series on enhancing the market structure for trading U.S. Treasuries and for repurchase agreements of U.S. Treasuries, we describe the Federal Reserve’s domestic standing Treasury repo facility (“SRF”). We conclude that expanding access to the SRF to allow any holder of Treasuries to borrow from the SRF would potentially further […]
The E.U.’s Digital Operational Resilience Act: Cloud Services & Financial Companies
In September 2020, the European Commission released a proposed regulation on digital operational resilience for the financial sector (“DORA”). DORA aims to establish a detailed and comprehensive framework on digital operational resilience for financial entities in the European Union (“EU”). DORA includes provisions governing the management of risks associated with financial institutions’ outsourcing of technology