• Multiemployer Pension Reform Act of 2014: A Catalyst for Broader Reform?

    On December 16, 2014, President Obama signed into law sweeping changes to the rules governing multiemployer pension plans as part of the Omnibus Budget and Continuing Resolution spending bill. In a major policy shift, the Multiemployer Pension Reform Act of 2014 enables multiemployer plans to reduce benefits for all participants, including retirees, if essential to avoid plan insolvency. This ViewPoint outlines the challenges the legislation is intended to help solve, summarizes the legislation's key provisions and analogous approaches states are adopting to address public pension plan funding shortfalls, and explores potential implications for the future.

  • Regulatory Developments in Europe: 2014 Update and Analysis

    This ViewPoint is the 2014 edition of our overview and analysis of key EU regulatory developments affecting the European financial markets and investors. Topics covered range from investment products and investor protection, through to market structure, investment allocation and taxation.

  • ETFs Help Improve Market Stability: A Closer Look at Fixed Income ETF Behavior During Recent Bond Market Movement

    This publication examines the behavior of bond markets and fixed income ETFs during the recent period of significant asset flows following September 26, 2014. Our analysis demonstrates that ETFs helped defuse uncertainty and facilitated orderly and stable markets. We believe this experience is an illustrative case study of how fixed income ETFs provide liquidity, price transparency, and fair allocation of costs amidst periods of market stability, as well as during periods when markets are challenged with uncertainty or significant asset flows.

  • Fund Structures As Systemic Risk Mitigants

    This ViewPoint examines and compares the structural features of several fund types across a wide range of jurisdictions and identifies a number of existing regulations that serve to mitigate “run risk” and protect investors.

  • Who Owns the Assets? A Closer Look at Bank Loans, High Yield Bonds and Emerging Markets Debt

    This ViewPoint examines the liquidity risk management practices of bank loans, high yield and emerging markets debt mutual funds. Our analysis of historical data over several market cycles and our experience in the markets shows that the concerns expressed by policy makers have not arisen in the past.

  • Corporate Bond Market Structure: The Time for Reform is Now

    This ViewPoint reviews how the corporate bond market is structured and identifies several issues with the current market structure for corporate bonds. The paper also provides recommendations for reform.

  • The Role of Technology Within Asset Management

    In this paper, we trace the role that investment technology plays throughout the asset management process, highlighting the fact that a core function of asset management technology is to support data management and information processing.

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