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Expanding Access to the Standing Repo Facility for U.S. Treasuries
View ResearchIn 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 […]
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Enhancing Post-Trade Transparency for U.S. Treasuries
View ResearchIn this report, we describe the extent of pre- and post-trade transparency in cash Treasury markets, evaluate the academic literature on the effects of mandatory real-time post-trade transparency, and conclude that U.S. policymakers should mandate the public dissemination of real-time transaction-level data in cash Treasury markets.
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Inflation Op-Ed by Hal S. Scott
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Central Clearing and U.S. Treasuries
View ResearchIn this report, we review clearing arrangements in U.S. Treasury markets and conclude that policymakers should consider mandating central clearing of cash Treasuries and Treasury repos, because doing so is likely to enhance the liquidity and stability of Treasury markets during periods of volatility.
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The E.U.’s Digital Operational Resilience Act: Cloud Services & Financial Companies
View ResearchIn 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 […]
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Regulation of Governance & Risk Management: The Intersection of Banking & Technology
View ResearchIn this paper, we evaluate the regulatory structure for risk management at U.S. banking institutions as compared to technology companies. We also evaluate the appropriate regulatory structure for cloud service providers to U.S. banking institutions, as banking institutions are increasing their reliance on cloud service providers for their data needs and effective risk management regulation […]
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International Review of Equity Market Structure Regulation: Phase III (2021)
View ResearchIn Phase III of our review of equity market structure regulation, which covers the five equity markets that represent roughly 90% of global trading volume, we identify regulatory best practices. We then address policy issues such as competition among trading venues, dark trading (as a complement to lit trading) and algorithmic trading strategies.
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International Review of Equity Market Structure Regulation: Phase II (2020)
View ResearchIn Phase II of our review of equity market structure regulation, we analyze the five equity markets that represent roughly 90% of global trading volume. First, we present summary statistics on trading volume in each market. Then, we assess the cost performance of these markets for institutional investors.
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For Health and Climate: Retiring Coal-Fired Electricity and Promoting Sustainable Energy Transition in Developing Countries
View ResearchThis paper, authored by Donald P. Kanak, Chairman of Eastspring Investments, proposes a public mechanism for acquiring and replacing coal-fired electricity on an accelerated scale and recycling funds into renewable energy. This mechanism could create millions of jobs, make huge contributions to public health, and arrest climate change.
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Developing Balanced Financial Systems to Fund the Growing and the Greying with Sustainability and Stability (2019)
View ResearchAuthor: Donald P. Kanak, Chairman, Eastspring Investments From Vietnam Ministry of Finance’s “Viet Nam Finance Forum 2019: Fiscal and Financial Policy Reforms as Drivers for Renewing the Growth Model and Restructuring the Economy in Vietnam”, pp.517-534. Mr. Kanak is a Senior Fellow of the Program on International Financial Systems.