Controversial OFR Report Yields Some Valuable Findings

What We Don’t Know is as Dangerous as What We Do

Tuesday, April 15, 2014

The September 2013 Office of Financial Research (OFR) report entitled “Asset Management and Financial Stability” attempts to present a critical analysis of how asset management firms and the activities in which they engage can introduce vulnerabilities that could pose, amplify, or transmit threats to financial stability.  The report’s assumptions and conclusions have provoked some very strong responses from members of the asset management industry, ...
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Anti-Trust Ruling a Setback for LIBOR Plaintiffs

Plaintiffs Seeking Remedies Under Anti-Trust Statutes May Have to Change Tactics

Monday, April 14, 2014

U.S. District Court Judge Naomi Reice Buchwald has ruled against a group of plaintiffs seeking to use the Sherman Antitrust Act to punish rate-setting banks for manipulating LIBOR. Although some of the defendant banks on the London Interbank Offered Rate panel have admitted colluding to fix the LIBOR rate, Judge Buchwald held that the harm caused by this collusion was not a result of activities prohibited by the Sherman Anti-Trust Act.

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Trends in Foreign Exchange and Money Markets

Speech by Mr Peter Zöllner, Head of the BIS Banking Department

Wednesday, April 09, 2014

Since the financial crisis, both FX and money markets have undergone significant changes, driven primarily by increased self-regulation and the introduction of broad-ranging regulatory changes on both sides of the Atlantic.  Peter Zöllner, the Head of the BIS Banking Department, has been keeping a close eye on these changes, and took the opportunity during the March 29, 2014 ACI Financial Markets World Congress 2014 in Berlin to update his audience on some of the major recent ...
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Virtual bookshelf of Bitcoin ebooks

Book Review: Guides to a moving target

Monday, April 07, 2014

In his latest article for the ABA Banking Journal, Virtual Bookshelf of Bitcoin ebooks, CSFME's Executive Director Ed Blount walks us through some of the more useful resources on the Bitcoin phenomenon, from books that look at the back-office aspects of the virtual currency, to more technical and systems oriented resources.  

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SEC Proposes Rules for Systemically Important and Security-Based Swap Clearing Agencies

Proposal Reserves Great Discretion for the SEC

Thursday, April 03, 2014

“Clearing agencies that have been designated as systemically important or that clear security-based swaps are a backbone of the U.S. financial markets. The enhanced regulatory regime proposed today reflects the importance of effective regulation of these entities.”  ---SEC Chairman Mary Jo White  The Securities and Exchange Commission voted on March 12 to propose new rules to enhance the oversight of clearing agencies that are deemed to be systemically important or ...
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ICI President Resolute that Asset Management is Not a Source of Financial Instability

Wednesday, March 26, 2014

strong defense of the stability and safety of the asset management industry, Investment Company Institute President and CEO Paul Schott Stevens told the Mutual Fund and Investment Management Conference that not only are asset managers and the funds that they offer not sources of risk to the overall financial system, but some misguided efforts to regulate them as such may do vastly more harm than good.  Mr. Stevens' remarks were a reaction to reports recently issued by the Office of ...
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CSFME Encourages Fordham Students to Let Their Voices Be Heard

March 13 Web Meeting Invites Fordham Business Students to Submit Comments to the FSB

Thursday, March 13, 2014

In a web based meeting today, CSFME's Executive Director Ed Blount and Senior Policy Analyst David Schwartz met with a group of Fordham University's graduate and undergraduate business students to invite them to participate in the real world of regulatory policy.  The focus of this meeting was the Financial Stability Board's recent proposal regarding the "Assessment Methodologies for Identifying Non-Bank Non-Insurer Global SIFIs."  After a brief discussion of some of the goals of ...
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Forex Becomes the Focus of Global Investigations

Who Knew? And When Did They Know it?

Sunday, March 09, 2014

Amid allegations of widespread collusion and corruption amongst forex traders, regulators all over the globe have launched investigations in to the the lucrative $5.3 trillion daily foreign currency exchange market. With British firms handling 41% of all currency trades, London is the focus of many of these investigations. In contrast to other financial scandals like the LIBOR rate scandal, forex trading firms have taken an active self-policing role and launched internal investigations of ...
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FSB Extends SIFI Framework to Certain Non-Banks

Tuesday, February 18, 2014

Creating a system of enhanced monitoring of systematic risk and supervision of systematically important financial institutions (SIFIs) is a key objective of global regulatory reform in the aftermath of the financial crisis. Having established criteria for determining the SIFI players in the banking and insurance sectors, the FSB and IOSCO have moved on to determining which non-banks and non-insurance companies may be considered SIFIs. In a January 8, 2014 consultative document, the FSB ...
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European Commission Release: Establishing a Central Database for Secured Financing Transactions

Friday, January 31, 2014

On January 29, 2014, the European Commission issued its long awaited proposal for the establishment of a central database for Secured Financing Transactions. This release is a part of a larger regulatory effort aimed at increasing the transparency of certain transactions in the shadow banking sector and to prevent regulatory arbitrage. The proposal aims to increase transparency in secured financing transactions, a term which is defined broadly to include repo, reverse repo, tri-party repo, ...
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