Research
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, most recently, the regulation of crypto markets.

Cryptoasset Market Structure and Regulation in the U.S.
This is the first in a series of reports by the Program on International Financial Systems dedicated to cryptoassets (also referred to as “digital assets”).

Expanding Access to the Standing Repo Facility for 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”).

Enhancing Post-Trade Transparency for U.S. Treasuries
In 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.