Policy and Testimony
"Market Making Under the Proposed Volcker Rule," a report to the Securities Industry and Financial Markets Association and a submission to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Securities and Exchange Commission, January, 2012, Graduate School of Business, Stanford University.
"A Dialogue on the Costs and Benefits of Automatic Stays for Derivatives and Repurchase Agreements" (with David Skeel), U of Penn, Inst for Law & Econ Research Paper No. 12-02, January 2012.
"After MF Global: How to Protect Customers' Cash" (with Joseph Grundfest), Financial Times, December 6, 2011.
"Policy Issues in the Design of Tri-Party Repo Markets" (with Adam Copeland, Antoine Martin, and Susan McLaughlin), Working Paper, Stanford University and Federal Reserve Bank of New York, July, 2011.
"Systemic Risk Exposures: A 10-by-10-by-10 Approach," Working Paper, National Bureau of Economic Research, Systemic Risk Measurement Initiative, July, 2011.
"On the Clearing of Foreign Exchange Derivatives," Graduate School of Business, Stanford University, May 2011. Comment on U.S. Treasury, "Determination of Foreign Exchange Swaps and Foreign Exchange Forwards under the Commodity Exchange Act," April, 2011.
"Reforming Money Market Funds," January, 2011, The Squam Lake Group.
The Squam Lake Report: Fixing the Financial System, Princeton University Press, 2010.
How Big Banks Fail: and What To Do About It, Princeton University Press, 2010.
"Does a Central Clearing Counterparty Reduce Counterparty Risk?" (with Haoxiang Zhu), Review of Asset Pricing Studies 2011, Volume 1: 74-95.
"Is There a Case for Banning Short Speculation in Sovereign Bond Markets?" Banque de France Financial Stability Review, Number 14 – Derivatives – Financial Innovation and Stability, July 2010, pp. 55-59.
Testimony to United States House of Representatives, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, "Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt Crisis," Hearing of April 29, 2010.
SEC v. Goldman Sachs: Analyzing the Complaint Regarding the ABACUS 2007 AC-1 Deal (slides and video from a presentation with Professor Joseph Grundfest), April, 2010.
"In Defense of Financial Speculation," Wall Street Journal, February 24, 2010.
"Policy Perspectives on OTC Derivatives Market Infrastructure" (with Ada Li and Theo Lubke), Staff Report Number 424, Federal Reserve Bank of New York, January, 2010.
"The Failure Mechanics of Dealer Banks," Journal of Economic Perspectives 2010, Volume 24: 51-72.
"Contractual Methods for Out-of-Court Restructuring of Systemically Important Financial Institutions," Submission requested by the U.S. Treasury Working Group on Bank Capital, PRELIMINARY DRAFT: November 9, 2009, Stanford University.
"How Should We Regulate Derivatives Markets," Briefing Paper Number 5, The Pew Financial Reform Project, 2009.
Policy Issues Facing the Market for Credit Derivatives in The Road Ahead for the Fed, edited by John D. Ciorciari and John B. Taylor, Hoover Institution Press, 2009.
"Competing for a Share of the Global Derivatives Market: Trends and Policy Choices for the United States" (with Henry T.C. Hu), Working Paper, Graduate School of Business, Stanford University, 2008.
Senate Testimony on Credit Derivatives, July, 2008.