• Infrastructure Investment: Bridging the Gap Between Public and Investor Needs

    In this ViewPoint, we describe the current environment for infrastructure investing and propose a holistic policy framework that recognizes investors’ requirements for investing in infrastructure.  This policy framework is built on four key principles: (i) providing certainty to investors, (ii) focusing on transparency, (iii) determining funding structures that align the interests of investors and public authorities and (iv) developing a stable and consistent regulatory environment.  This paper also discusses some of the existing regulatory barriers to infrastructure investment and provides suggestions to address them.

  • Expanding Access to Retirement Savings for Small Business

    This ViewPoint reviews key federal retirement initiatives and several state proposals in the US that aim to increase retirement savings. We offer suggestions on how the federal government can eliminate unnecessary obstacles small employers face in establishing and maintaining ERISA plans and we discuss state-based programs intended to increase coverage for private sector employees. We recommend moving forward with achievable changes to facilitate both public and private sector retirement solutions. All solutions should make it easier for employers to establish a plan or IRA program, encourage and facilitate continuous and increasing levels of retirement savings starting at an early age, and support well-designed investment programs.

  • US Equity Market Structure: Lessons from August 24

    This ViewPoint examines the events of August 24, 2015. We share recommendations to refine trading mechanisms and “guard rails” to enhance the resiliency of the US equity market, which we believe will promote fair and orderly markets and benefit the functioning of both ETPs and individual stocks. Proposed improvements must balance attempts to improve market resiliency with the preservation of the existing and well-functioning processes through which equity securities are traded today.

  • Bond ETFs: Benefits, Challenges, Opportunities

    This ViewPoint provides an overview of the structural features of ETFs. We discuss the benefits of bond ETFs, including transparency and price discovery, and some of the challenges, including the need for a classification system that better distinguishes among several types of exchange-traded products.  We offer some suggestions for concrete regulatory actions that can extend the benefits of ETFs to a broader investor base and improve financial stability.

  • Addressing Market Liquidity

    This ViewPoint defines the different concepts that have been referred to as “liquidity” that are often conflated, highlights some of the ways that asset managers are already adapting, and provides recommendations for actions to improve the market ecosystem.  Our recommendations take a three-pronged approach: (i) market structure modernization, (ii) enhance fund “toolkit” and regulation, and (iii) evolution of new and existing products, which includes embracing products that can help market participants address the challenges of today’s market environment such as bond ETFs.

  • Securities Lending: The Facts

    This ViewPoint examines the practice of securities lending, explaining the respective roles of lenders, lending agents, and borrowers. This paper describes how concerns raised regarding securities lending practices and associated risks, including the selection of counterparties, collateralization of loans, use of cash collateral and cash reinvestment vehicles, the uses of non-cash collateral and rehypothecation, and borrower default indemnification are addressed. This ViewPoint explains the mechanics of securities lending, the risks involved, and how these risks are managed.

  • BEPS - Eliminate Double Non-Taxation Without Impeding Cross-Border Investment

    The OECD's Base Erosion and Profit Shifting (BEPS) is the international community’s attempt to curb aggressive tax planning. In this ViewPoint, we explain that the proposed rules may inadvertently affect cross-border investment flows, thereby impacting the ability for capital markets to contribute to economic growth and the investment opportunities of end-investors. We suggest recommendations consistent with the BEPS project's main goals while minimizing potentially adverse side effects on commingled investment vehicles.

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