Winter 2015 Program
ROSE Program participants with Fordham faculty advisor, Professor Benjamin Cole (3rd from the left, back row) in front of the SEC following their April 16, 2015 meeting with the SEC staff.
The focus of the Winter 2015 ROSE Program was global securities financing data collection and aggregation. The 2015 project required students to formulate cogent and insightful comment responses to the Financial Stability Board's ("FSB")November 2014 consultative document, Standards and Processes for Global Securities Financing Data Collection and Aggregation ("Consultation Paper").
The Consultation Paper is part of a larger workstream established by the FSB intended to strengthen the oversight and regulation of shadow banking. The FSB's August 2013 Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos ("Framework") included recommendations for national/regional authorities to improve data collection on securities lending and repo markets to detect financial stability risks and develop policy responses, and for the FSB to aggregate the total national/regional data for these markets in order to assess global trends in financial stability. The Consultation Paper is the FSB's proposal for methodologies and architectures necessary to collect and aggregate the securities lending and repo data contemplated by the Framework.
Five teams of students from Fordham Unversity researched and drafted comment letters on the Consultation Paper to be evaluated by panel of distinguished industry judges. The judges reviewed each excellent submission and selected one letter to be published on Fordham letterhead and submitted to the FSB. (Each of the teams submitted their comment letter to the FSB; however, only one received Fordham Unversity's imprimatur.
The teams' submissions have been published on the FSB's website.