Unique insights into shadow banking and opaque markets.

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Data compilation for investors, service providers, and regulators.

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Market expertise in risks, procedures, and governance.

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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

Will Securities Lending Indemnification Be Regulated Into Oblivion?

Sunday, December 21, 2014

For many years, banks have provided borrower default indemnification as part of their securities ...

OFR Annual Report Warns of Lingering Threats to Financial Stability

Wednesday, December 17, 2014

In its most recent Annual Report, the Office of Financial Research (OFR) warns that despite the ...

Tarullo: Liquidity Regulation Today and Tomorrow

Who Will Be Swept Up in the Next Round of Liquidity Rules?

Thursday, December 11, 2014

The financial crisis of 2007-08 was a crisis of liquidity. Facing deep uncertainty about the ...