• Securitisation: A Tool for European Growth

    Policymakers are keen to stimulate securitisation markets in the EU in order to increase the range of financing opportunities available. This ViewPoint seeks to provide a brief overview of securitisation and highlights its benefits for companies, investors, banks and the economy. It also identifies some of the misuses of securitised instruments and the degree to which industry practice and regulation have addressed concerns and recommends guiding principles to stimulate the re-emergence of healthy securitisations.

  • Investment and Independence: The Scottish Referendum

    Scotland is voting on independence. What would an end to its 300-year-plus membership of the UK mean for investors and savers? We explore the key issues.

  • The EU Financial Transaction Tax: A Tax on Savers

    Recent media reports have focused on the legality of certain aspects of the Financial Transaction Tax and led some to believe that the proposal is now dead. The principle for an FTT continues to attract strong support from some proponent countries and the European Commission. In this paper, we explain why and how the FTT proposal will be very damaging to end investors, in particular long-term savers and pensioners, and express our strong objection to the FTT on our clients' behalf.

  • Addressing America's Retirement Needs: Longevity Challenge Requires Action

    This ViewPoint surveys the US retirement landscape, looking at existing savings programs and changing demographics, and offers ideas for reinforcing the retirement system in the United States.

  • Housing Finance Update: The Conundrum Continues

    This ViewPoint is the fourth in a series on housing finance policy. The paper reviews the status of the housing market and a number of legislative, regulatory, and policy initiatives underway.

  • Municipal Market Myths and Realities

    Headlines can be captivating, but rarely tell the whole story. Such has been the case recently as it relates to the municipal bond market, particularly in the immediate wake of Detroit's history-making bankruptcy filing. This paper fact checks some of the more pervasive perceptions, and offer insight and advice for wary investors.

  • Credit Rating Agencies: Reform, Don't Eliminate

    In this ViewPoint we explain how investors use credit ratings, suggest several reform objectives for credit rating agencies, and we review the reforms contemplated in the Franken Amendment of Dodd-Frank in the context of these objectives. In addition, we address other regulatory initiatives, including those designed to reduce reliance on credit ratings.

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