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Report
Information and Market Power in DeFi Intermediation
The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides theoretical and empirical evidence for private information as a key determinant of intermediation rents. We propose a repeated bargaining model that predicts that profit share of Ethereum market participants is positively correlated with their private information, and employ a novel instrumental variable ...
Speech
Toward a new paradigm for resiliency and security: remarks at SIFMA's 43rd Annual Operations Conference, Miami Beach, Florida, May 2016
Remarks at SIFMA's 43rd Annual Operations Conference, Miami Beach, Florida.
Discussion Paper
Quantifying Cyber Risk in the Financial Services Industry
The Consumer Finance Institute hosted a workshop in February 2017 featuring James Fox, partner and principal at PricewaterhouseCoopers (PwC) and a leading authority on cybersecurity in the financial services industry. He discussed the importance of measuring cyber risk, highlighted some challenges that financial institutions face in measuring cyber risk, and assessed several leading cyber-risk management methodologies. Fox also provided some recommendations for bank exams and insights into how federal agencies might begin to quantify systemic cyber risk. This paper summarizes Fox?s ...
Speech
Perspectives on Cybersecurity, the Financial System, and the Federal Reserve; 04.04.19 Ohio Bankers Day, Ohio Division of Financial Institutions, Columbus, OH
I thank the Ohio Division of Financial Institutions for inviting me to be a part of the 2019 Ohio Bankers Day. Bankers have a unique perspective from which to gather information on the health of the economy. I appreciate the insights I gain from speaking with bankers throughout the Cleveland Fed?s District, including those who serve on our Board of Directors and our Community Depository Institutions Advisory Council, and I am looking forward to hearing your questions and comments after my prepared remarks.
Speech
Coming together to address systemic risks: examples of collaboration: remarks at Risk USA 2017 Conference, New York City
Remarks at Risk USA 2017 Conference, New York City.
Speech
Keynote Address at the Institute for International Bankers Annual Seminar on Risk Management and Regulatory Examination/Compliance Issues
Keynote Address at the Institute for International Bankers Annual Seminar on Risk Management and Regulatory Examination/Compliance Issues.
Speech
Introductory remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City
Remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City.
Speech
Remarks at the University of International Business and Economics, Beijing, China
Remarks at the University of International Business and Economics, Beijing, China.
Speech
Cybersecurity and the Federal Reserve
It is hard to get through a week without hearing about a new cybersecurity event that has affected an organization and its customers. These events impose costs and affect operations at institutions of all sizes. Efforts to disrupt an institution’s operations; to steal, corrupt, or destroy data and intellectual property; or to divert funds have become more prevalent. According to Boston Consulting Group, financial services firms are 300 times as likely as other types of companies to be targeted by a cyber attack.1 Just as the financial system is constantly evolving, so, too, are the ...
Speech
Opening Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York
Remarks at the Federal Reserve Bank of New York | GARP Global Risk Forum.