• 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.

  • The European Capital Markets Union: An Investor Perspective

    The Capital Markets Union project, announced in July 2014 by EU Commission President Juncker, seeks to remove barriers to the free flow of capital in Europe, and increase the role that market-based finance plays in intermediating capital to European companies, projects and governments. In this ViewPoint, we set out our thinking in the areas we believe are fundamental to its success.

  • 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.

Older 25 Nov, 2014 To 10 Jul, 2015