Analysis

Unique insights into shadow banking and opaque markets.

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Research

Data compilation for investors, service providers, and regulators.

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Experience

Market expertise in risks, procedures, and governance.

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Perspective

Policy trends in global capital markets.

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Bringing Clarity to Opaque Markets

The Center for the Study of Financial Market Evolution (CSFME) is an independent, nonprofit organization whose mission is to improve transparency, reduce risks, support research, and promote sound regulation of financial markets. It does so by conducting data-driven analysis, providing investor education and outreach, and supporting regulatory reviews in otherwise opaque markets. It serves individual and institutional investors, banks, brokers, other financial market participants, academic institutions, and government regulatory agencies.

Lender Directed Voting

Lender Directed Voting (LDV) is a concept proposed by CSFME to address inefficiencies introduced into the market when lenders of securities' desire or duty to vote proxies comes in conflict with their need to maximize their lending income.  With LDV, investors would no longer have to choose between their corporate governance responsibilities and valuable fee income from securities lending.  LDV provides a mechanism by which those who currently prefer the income would no longer have to forgo their voting rights, while governance-oriented lenders could vote their proxies and still generate revenues from securities lending.  Learn more about LDV.   

Blog and News

FSB Moves for More Transparency in Repo and Securities Lending Markets

Proposals for Standards and Processes for Global Securities Financing Data Collection and Aggregation

Wednesday, November 19, 2014

On November 13, the Financial Stability Board published a consultation report that sets forth ...
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Eaton Vance Scores Huge Victory on Non-Transparent ETFs

The Gateway Opens for Exchange Traded Managed Funds

Friday, November 14, 2014

On November 6, 2014, the Securities and Exchange Commission granted Eaton Vance’s request ...
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Benchmarking data called into question

FX fines undermine validity of bank-provided financial rates

Wednesday, November 12, 2014

Convenience and low cost have always been the prime motives for customers to use bank-provided ...
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