Columbia Law School
Sky Blog
Good morning. This is an open meeting of the U.S. Securities and Exchange Commission on March 15th, 2023. I want to welcome members of the public who are listening in.
Before we get to today’s agenda, I want to address
Signature Bank
Is Mandatory Clearing of Single-Name Credit Default Swaps a Good Idea?
In a new paper, I discuss whether mandatory central clearing of single-name credit default swaps (CDS) should be adopted in the United States and Europe — an issue with important consequences for financial stability in both regions.
CDS are financial …
How Bank Regulation and Supervision Can Weaken Financial Stability
We argue that bank regulation and supervision interfere with pricing risk by creating opacity. Given that market disclosures enhance the efforts of supervisors, and vice versa, more disclosure could enhance financial stability (see Spatt, 2010)[1]. In addition, we …
Regulate Congressional Trading Through Registration Under the Securities Laws
Illegal insider trading is the weird Barbie of securities regulation, a concept that, like the movie-version of the doll, has been pushed and pulled and misshapen over time. It started with the notion that trading securities of a company based …
Davis Polk Discusses Special FDIC Assessment to Recover SVB and Signature Bank Losses
The FDIC’s final special assessment is largely unchanged from the proposed rule:
- The assessment base is equal to the amount of an insured depository institution’s (IDI) uninsured deposits, as reported for the quarter ended December 31, 2022, minus up to
Why Markets Need More Information to Properly Monitor Banks
Substantively, banks are pooled investment funds, like mutual funds, exchange traded funds, and so on: They take people’s money and use it to buy financial assets. There is one crucial difference, however. In those other funds, losses are immediately passed …
Skadden Discusses the Impact of Banking System Turmoil
The runs on Silicon Valley Bank (SVB) and Signature Bank in March 2023 created a “very high” risk of contagion in the U.S. banking system, according to Treasury Department officials. The intervention by banking regulators, using tools approved in response …
Financial Institution Innovation Needed in Silicon Valley
The failure of Silicon Valley Bank to find a buyer opens up the possibility (and the need) for a new kind of bank that is focused on financial stability as well as the traditional banking functions of lending and running …
SEC Chair Gensler on Recent Bank Failures, Enhanced Cybersecurity for Market Entities
Treasury, Fed, and FDIC Issue Joint Statement on Actions Relating to Silicon Valley Bank, Signature Bank
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access …