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Conference Paper
Restoring market discipline on large financial institution
Conference Paper
The future of the housing GSEs
Speech
Reducing financial fragility by ending too big to fail
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia. ; Eighth Annual Finance Conference Boston College Carroll School of Management, Boston, MA
Journal Article
Explaining the U.S. tri-party repo market
During the 2007-09 financial crisis, it became apparent that weaknesses existed in the design of the U.S. tri-party repo market that could rapidly elevate and propagate systemic risk. This article describes key mechanics of the market, focusing on two that have contributed to its weaknesses and impacted market reform efforts: the collateral allocation and ?unwind? processes. The authors explain that collateral allocation in the tri-party repo market involves considerable dealer intervention, which can slow settlement processing. The length of time required to allocate collateral has in fact ...
Report
An analysis of CDS transactions: implications for public reporting
Ongoing regulatory reform efforts aim to make the over-the-counter derivatives market more transparent by introducing public reporting of transaction-level information, including price and volume of trades. However, to date there has been a scarcity of data on the structure of trading in this market. This paper analyzes three months of global credit default swap (CDS) transactions and presents findings on the market composition, trading dynamics, and level of standardization. We find that trading activity in the CDS market is relatively low, with a majority of reference entities for ...
Conference Paper
Regulatory reforms to reduce financial fragility
Conference Paper
The financial crisis and credit markets
Speech
Regulatory reform of the global financial system
Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong
Speech
What does interconnectedness imply for macroeconomic and financial cooperation?
Remarks at the Swiss National Bank-International Monetary Fund Conference, Zurich, Switzerland.