Overview There are critical holes in the existing regulatory framework for handling large complex financial institutions that become impaired. This uncertainty makes it difficult for regulators to…

Overview Information about prices and quantities of assets lies at the heart of well-functioning capital markets. In the current financial crisis, it has become clear that many important actors—bo…

Overview This Working Paper, the second in a series from the Squam Lake Working Group distributed by the Center for Geoeconomic Studies, argues that regulators consider systemic effects when setti…

Overview Runs by prime-brokerage clients and derivatives counterparties were a central cause of the global financial crisis. These runs precipitated the failures of Bear Stearns and Lehman Brother…