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Canaries in the Coal Mine: Systemic Risk for Financial Firms and Investors

March 1, 2011

Outlines the need to address settlement failures in mortgage-backed securities transactions and exchange traded funds, outstanding trades in relation to liquidity and capitalization, the systemic risk posed, regulatory implications, and recommendations.

Choking the Recovery: Why New Growth Companies Aren't Going Public and Unrecognized Risks of Future Market Disruptions

November 8, 2010

Examines how the proliferation of exchange-traded funds, which undermine the traditional price discovery role of exchanges, is deterring growth in the number of initial public offerings. Critiques Securities and Exchange Commission views and recommends remedies.