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Speech
The new era of supervision: progress to date and the road ahead
Dahlgren, Sarah J. (2014-10-29)
Remarks at the New York Bankers Association's Annual Meeting, New York City.
Speech , Paper 149

Working Paper
Technology Providers and Financial Stability: Overview of Risks and Regulatory Frameworks
Garza, Lorenzo; Chmielewski, Rebecca; Schulhofer-Wohl, Sam; Cowperthwait, Patricia K.; Cho, Meeoak; Amromin, Gene; Solimine, Brett; Anadu, Kenechukwu E.; Sanders, Siobhan; Chapel, Amy; Weiss, Emma; Hull, Cindy E.; Bräuning, Falk (2025-06-23)
Technology-focused Third-Party Service Providers (TPSPs) have become important players in the operations of financial institutions and the financial markets. This paper summarizes micro- and macro-prudential regulatory frameworks in place to address risks that TPSPs pose to the financial system. The key takeaways are as follows: First, in the U.S., TPSPs operate under limited comprehensive prudential regulatory oversight, aimed primarily at ensuring that their products are safe and resilient on an ongoing basis. Second, while banks rely on multiple TPSPs and hundreds of their services daily ...
Working Paper Series , Paper WP 2025-08

Report
Taking orders and taking notes: dealer information sharing in financial markets
Boyarchenko, Nina; Lucca, David O.; Veldkamp, Laura (2015-04-01)
The use of order flow information by financial firms has come to the forefront of the regulatory debate. Central to this discussion is whether a dealer who acquires information by taking client orders can share that information. We explore how information sharing affects dealers, clients, and issuer revenues in U.S. Treasury auctions. Because one cannot observe alternative information regimes, we build a model, calibrate it to auction results data, and use it to quantify counterfactuals. We estimate that yearly auction revenues with full information sharing (with clients and between dealers) ...
Staff Reports , Paper 726

Report
The Netting Efficiencies of Marketwide Central Clearing
Keane, Frank M.; Fleming, Michael J. (2021-04-01)
Market disruptions in response to the COVID pandemic spurred calls for the consideration of marketwide central clearing of Treasury securities, which might better enable dealers to intermediate large customer trading flows. We assess the netting efficiencies of increased central clearing using nonpublic Treasury TRACE transactions data. We find that central clearing of all outright trades would have lowered dealers’ daily gross settlement obligations by roughly $330 billion (60 percent) in the weeks preceding and following the market disruptions of March 2020, but nearly $800 billion (70 ...
Staff Reports , Paper 964

Working Paper
Measuring the Implementation of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions in the European Union
Coleman, Nicholas; Rice, Tara N.; Georgosouli, Andromachi (2018-11)
There are lingering concerns about the health of European banks and extensive market commentary about whether post-crisis regulatory reforms in Europe have adequately addressed these concerns. In June 2012, European policymakers released the broad outlines of a proposal for a "European banking union" to strengthen the banking sector and help assuage concerns of investors and depositors, however, uncertainty remains regarding how the new EU bank resolution regime, the Bank Recovery and Resolution Directive (BRRD), will work in practice. This paper addresses whether the BRRD has fulfilled the ...
International Finance Discussion Papers , Paper 1238

Working Paper
Agency and incentives: vertical integration in the mortgage foreclosure industry
Lambie-Hanson, Lauren; Lambie-Hanson, Timothy (2015-10-17)
In many U.S. states, the law firms that represent lenders in foreclosure proceedings must hire auctioneers to carry out the foreclosure auctions. The authors empirically test whether processing times differ for law firms that integrate the mortgage foreclosure auction process compared with law firms that contract with independent auction companies. They find that independent firms are able to initially schedule auctions more quickly, but when postponements occur, they are no faster to adapt. Since firms schedule the initial auction before contracting, independent auction companies have an ...
Working Papers , Paper 15-38

Working Paper
The costs and benefits of liquidity regulations: Lessons from an idle monetary policy tool
Curfman, Christopher; Kandrac, John (2019-05-28)
We investigate how liquidity regulations affect banks by examining a dormant monetary policy tool that functions as a liquidity regulation. Our identification strategy uses a regression kink design that relies on the variation in a marginal high-quality liquid asset (HQLA) requirement around an exogenous threshold. We show that mandated increases in HQLA cause banks to reduce credit supply. Liquidity requirements also depress banks' profitability, though some of the regulatory costs are passed on to liability holders. We document a prudential benefit of liquidity requirements by showing that ...
Finance and Economics Discussion Series , Paper 2019-041

Working Paper
Bank Capital Regulations Around the World : What Explains the Differences?
Kara, Gazi I. (2016-07)
Despite the extensive attention that the Basel capital adequacy standards have received internationally, significant variation exists in the implementation of these standards across countries. Furthermore, a significant number of countries increase or decrease the stringency of capital regulations over time. The paper investigates the empirical determinants of the variation in the data based on the theories of bank capital regulation. The results show that countries with high average returns to investment and a high ratio of government ownership of banks choose less stringent capital ...
Finance and Economics Discussion Series , Paper 2016-057

Working Paper
Balancing Before and After: Treasury Market Reform Proposals and the Connections Between Ex-Ante and Ex-Post Liquidity Tools
Clouse, James A. (2022-02-10)
This paper develops a simple framework that helps to draw out some of the potential connections between ex-ante liquidity risk management tools such as liquidity requirements or mandatory fees and ex-post liquidity tools such as a lender of last resort. A central message of this analysis is that policy actions that expand the lender of last resort function so as to better address periods of financial distress are likely to be most effective when accompanied by regulations or other mechanisms that encourage socially-responsible ex-ante liquidity risk management on the part of financial firms. ...
Finance and Economics Discussion Series , Paper 2022-004

Working Paper
The Theory of Financial Stability Meets Reality
Boyarchenko, Nina; Hachem, Kinda; Kleymenova, Anya V. (2025-08-04)
A large literature at the intersection of economics and finance offers prescriptions for regulating banks to increase financial stability. This literature abstracts from the discretion that accounting standards give banks over financial reporting, creating a gap between the information assumed to be available to regulators in models of optimal regulation and the information available to regulators in reality. We bridge insights from the economics, finance, and accounting literatures to synthesize knowledge about the design and implementation of bank regulation and identify areas where more ...
Finance and Economics Discussion Series , Paper 2025-054

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