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Discussion Paper
Dealer Balance Sheets and Corporate Bond Liquidity Provision
Adrian, Tobias; Boyarchenko, Nina; Shachar, Or (2017-05-24)
Regulatory reforms since the financial crisis have sought to make the financial system safer and severe financial crises less likely. But by limiting the ability of regulated institutions to increase their balance sheet size, reforms?such as the Dodd-Frank Act in the United States and the Basel Committee's Basel III bank regulations internationally?might reduce the total intermediation capacity of the financial system during normal times. Decreases in intermediation capacity may then lead to decreased liquidity in markets in which the regulated institutions intermediate significant trading ...
Liberty Street Economics , Paper 20170524

Discussion Paper
The Treasury Market Practices Group: A Consequential First Decade
Mithal, Radhika; Keane, Frank M.; Garbade, Kenneth D. (2017-09-26)
The Treasury Market Practices Group (TMPG) was formed in February 2007 in response to the appearance of some questionable trading practices in the secondary market for U.S. Treasury securities. (A history of the origins of the TMPG is available here.) Left unaddressed, the practices threatened to harm the efficiency and integrity of an essential global benchmark market. The Group responded by identifying and publicizing ?best practices? in trading Treasury securities?a statement of behavioral norms intended to maintain a level and competitive playing field for all market participants. The ...
Liberty Street Economics , Paper 20170926

Discussion Paper
Analyzing the Effects of CFPB Oversight
Vickery, James; Plosser, Matthew; Fuster, Andreas (2018-10-09)
The Consumer Financial Protection Bureau (CFPB), created in 2011, is a key element of post-crisis U.S. financial regulation, as well as the subject of intense debate. While some have praised the agency, citing the benefits of consumer financial protection, others argue that its activities involve high compliance costs, increase uncertainty and legal risk, and ultimately reduce the availability of financial services for consumers. We present new evidence on whether the CFPB?s supervisory and enforcement activities have significantly affected the supply of mortgage credit, or had other effects ...
Liberty Street Economics , Paper 20181009

Discussion Paper
What Happens When Regulatory Capital Is Marked to Market?
Vickery, James; Fuster, Andreas (2018-10-11)
Minimum equity capital requirements are a key part of bank regulation. But there is little agreement about the right way to measure regulatory capital. One of the key debates is the extent to which capital ratios should be based on current market values rather than historical ?accrual? values of assets and liabilities. In a new research paper, we investigate the effects of a recent regulatory change that ties regulatory capital directly to the market value of the securities portfolio for some banks.
Liberty Street Economics , Paper 20181011

Discussion Paper
Are New Repo Participants Gaining Ground?
Selig, Ira; Copeland, Adam; Tarascina, Anya (2019-04-03)
Following the 2007-09 financial crisis, regulations were introduced that increased the cost of entering into repurchase agreements (repo) for bank holding companies (BHC). As a consequence, banks and securities dealers associated with BHCs, a set of firms which dominates the repo market, were predicted to pull back from the market. In this blog post, we examine whether this changed environment allowed new participants, particularly those not subject to the new regulations, to emerge. We find that although new participants have come on the scene and made gains, they remain a small part of the ...
Liberty Street Economics , Paper 20190403

Discussion Paper
Insider Networks
Erol, Selman; Lee, Michael Junho (2020-06-25)
Modern-day financial systems are highly complex, with billions of exchanges in information, assets, and funds between individuals and institutions. Though daunting to operationalize, regulating these transmissions may be desirable in some instances. For example, securities regulators aim to protect investors by tracking and punishing insider trading. Recent evidence shows that insiders have formed sophisticated networksthat enable them to pursue activities outside the purview of regulatory oversight. In understanding the cat-and-mouse game between regulators and insiders, a key consideration ...
Liberty Street Economics , Paper 20200625

Speech
Compliance – some thoughts about reaching the next level
Baxter, Thomas C. (2015-02-09)
Remarks at the Fordham Journal of Corporate Counsel & Financial Law Symposium, Fordham Law School, New York City.
Speech , Paper 156

Report
International banking and liquidity risk transmission: lessons from across countries
Buch, Claudia M.; Goldberg, Linda S. (2014-05-01)
Activities of international banks have been at the core of discussions on the causes and effects of the international financial crisis. Yet we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through international banks, including the reasons for heterogeneity in transmission across banks. The International Banking Research Network, established in 2012, brings together researchers from around the world with access to micro-level data on individual banks to analyze issues pertaining to global banks. This paper summarizes the common methodology and ...
Staff Reports , Paper 675

Report
Does CFPB oversight crimp credit?
Fuster, Andreas; Plosser, Matthew; Vickery, James (2018-06-01)
We study the effects of regulatory oversight by the Consumer Financial Protection Bureau (CFPB) on credit supply as well as bank risk-taking, growth, and operating costs. We use a difference-in-differences approach, making use of the fact that banks below a $10 billion size cutoff are exempt from CFPB supervision and enforcement activities. We find little evidence that CFPB oversight significantly reduces the overall volume of mortgage lending. However, we find some evidence of changes in the composition of lending?CFPB-supervised banks originated fewer loans to risky borrowers, offset by an ...
Staff Reports , Paper 857

Report
The Market Events of Mid-September 2019
Copeland, Adam; Martin, Antoine; La Spada, Gabriele; Cipriani, Marco; Kovner, Anna; Afonso, Gara (2020-03-01)
This paper studies the mid-September 2019 stress in U.S. money markets: On September 16 and 17, unsecured and secured funding rates spiked up and, on September 17, the effective federal funds rate broke the ceiling of the Federal Open Market Committee (FOMC) target range. We highlight two factors that may have contributed to these events. First, reserves may have become scarce for at least some depository institutions, in the sense that these institutions’ reserve holdings may have been close to, or lower than, their desired level. Moreover, frictions in the interbank market may have ...
Staff Reports , Paper 918

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