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.
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
Table of Contents Click to navigate to sectionExecutive SummaryPart I: Corporate Governance and Risk Management at U.S. Banks and U.S. BHCs a. Historical Background b. Legal and Regulatory Duties of Directors and Management at U.S. Banks and U.S. BHCs c. Supervision...
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.