In 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.

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 […]

In 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 […]

In 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.

In 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.

This 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.

Author: 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.

Our review of equity market regulation focuses on key similarities and differences among regulatory regimes in five jurisdictions, representing roughly 90% of global stock trading. It covers several areas of market structure regulation, including regulation of alternative trading venues, lit and dark trading, and high frequency trading.

This report provides background on the use of cloud computing in the financial sector, reviews existing regulatory and supervisory frameworks for cloud use by financial institutions, and recommends improvements to those frameworks that could reduce obstacles to more widespread cloud adoption by financial institutions.

In connection with a special roundtable event that PIFS, in partnership with Harvard Law School, hosted on November 16, 2018, PIFS prepared a document to provide participants an overview of stress testing regimes in four jurisdictions – the United States, United Kingdom, European Union, and Japan. The overview focused on four major topics.