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Showing results 1 to 10 of approximately 28.
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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 ...
Speech
Regulatory reform of the global financial system
Remarks hosted by the Institute of Regulation & Risk North Asia, Tokyo, Japan.
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.
Speech
Supervisory reform for global banks
Remarks at the Center for Transnational Legal Studies Seminar on the Impact of U.S. Regulatory Reform on Global Banks, New York City.
Report
The shadow banking system: implications for financial regulation
The current financial crisis has highlighted the growing importance of the "shadow banking system," which grew out of the securitization of assets and the integration of banking with capital market developments. This trend has been most pronounced in the United States, but it has had a profound influence on the global financial system. In a market-based financial system, banking and capital market developments are inseparable: Funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Growth in the balance sheets of these intermediaries ...
Speech
Reforming the OTC derivatives market
Remarks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century, Armonk, New York.
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 ...
Journal Article
Financial regulatory reform: a progress report
The 2007-09 financial and economic crisis was the result of a lack of effective regulation. The author addresses the problems with regulations in effect at the time of the crisis and offers proposals for regulation reform to address future crises. He notes that reforms should be based on solid principles, including reduction of system risk and contagion and increased transparency to promote investor protection. Any new financial regulatory structure must be able to achieve these goals, while acknowledging and managing trade-offs between enhancing accountability and mitigating systemic risk ...
Conference Paper
The financial crisis and regulatory reform