Views on improving the integrity of global capital markets

Systemic Risk

Will Asset Managers be the New SIFIs?

CFA Institutes urges additional research and analysis before reaching conclusions about whether asset managers pose systemic risk.

Regulators Finally Approve Volcker Rule Trading Ban: Lawyers Rejoice

Investors should be far less certain of celebration, for they have multiple interests at stake, not all of which align perfectly.

Prime Time? Dodd-Frank’s Central Clearinghouse Problem and Falling Standards

Central clearinghouses have proven their understanding of risk and financial instruments, but what happens these seasoned professionals will give way to a younger cadre of whiz kids who view risk differently?

D.C. Policy Update: Systemic Risk of Asset Managers, Mortgage Finance Reform (Podcast)

James Allen, CFA, head of Americas capital markets policy at CFA Institute, reports on Washington, D.C. financial policy issues, including a CFA Institute report on self-regulatory organizations, an Office of Financial Research report on the systemic risk of asset managers, and mortgage finance reform from an MBS investor's point of view.

Five Years after the Crisis: Money Market Fund Regulation in Spotlight

While regional regulators may emphasize different regulatory approaches to shoring up the money market industry, what remains clear is their agreement that money market funds, in their current form, continue to present systemic risks.

IOSCO Securities Markets Risk Outlook: Leverage, Collateral, CCPs, Emerging Market Capital Flows

The launch of IOSCO’s Risk Outlook report marks the first public foray into systemic risk monitoring by global securities markets supervisors.

Five Years after the Financial Crisis: Reexamining the “Deadly Sins” of Banking

It’s time to begin to rethink the way financial institutions are coddled and guarded from competition. The question is how to do it.

Poll: Should Mortgage-Backed Securities Have Explicit Guarantee from Government(s) to Function Properly?

CFA Institute Financial NewsBrief readers weigh in on whether the mortgage-backed securities market needs an explicit or implicit guarantee from the U.S. government to recover the investor interest that it lost in 2008.

Implementing Basel III in Europe: Issues and Concerns about the CRD IV Package

Does Europe’s CRD IV package strike the right balance of safeguarding the system for European banking investors and consumers while supporting economic growth?

U.S.-EU Cross-Border Derivatives Compromise: Who is the Real Winner?

On the surface, the derivatives deal appears like a win for the EU, but a closer look reveals that this “victory” is perhaps not quite what it seems.

Sense and Sensibility Prevail: UCITS Fund Manager Bonus Caps Not the Answer

Rejection of bonus limit is recognition that the investment business is not the same as a banking business and doesn’t pose the same systemic risk.

Former Fed Chair Volcker Takes on Most Daunting Challenge Yet: Reshaping Financial Regulation

Recognizing that the old way of regulating the financial industry is no longer working, the revered financial titan is charting a new course with the “Volcker Alliance.”

Volcker vs. Vickers (Part 2): Where Do Financial Reform Efforts Stand?

In the second part of a month-long series exploring key systemic risk issues from the perspective of Paul Volcker and Sir John Vickers, we take a closer look at their views on progress in fixing regulatory gaps.

Derivatives Reform Three Years after Dodd-Frank: One Step Forward, Two Steps Back

After months of delay, U.S. derivatives reform finally moved from back-burner status last week, when the Commodity Futures Trading Commission (CFTC) approved regulations aimed at forcing derivatives trading — and depending on the source, either a major culprit of or contributor to the financial crisis — out of the shadows. This means that many types of previously unregulated derivatives will now have to trade on open platforms.

Volcker vs. Vickers (Part 1) — Which Plan Is Best for Banks?

Between British economist Sir John Vickers and former Federal Reserve Chair Paul Volcker, few people are more synonymous with the current debate over structural reforms of banks and reining in systemic risk. How do their approaches to reform differ?

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