Annual Conference on Financial Market Regulation (CFMR)


Conference Dates: The conference will take place in the afternoon on Thursday, May 13 and all day on Friday, May 14, 2021.

Location: Securities and Exchange Commission, Washington DC

Paper Submission Deadline: November 18, 2020

Conference Details: The SEC’s Division of Economic and Risk Analysis (DERA), Lehigh University’s Center for Financial Services (CFS), University of Maryland’s Center for Financial Policy (CFP), and CFA Institute will jointly host the 8th Annual Conference on Financial Market Regulation (CFMR 2021). The goal of the conference is to bring together participants for an exchange of views on topics of relevance to the Commission.

Two papers will be selected in each of four broad topic areas: corporate finance, market microstructure, financial intermediation, and asset management. Possible topics include, but are not limited to:

  • Corporate Finance: corporate disclosures, initial public offerings, seasoned equity offerings, corporate mergers and acquisitions, fintech, corporate governance and voting, corporate and municipal debt offerings, and disclosures related to asset-backed securities.
  • Market Microstructure: the structure, transparency, fairness, efficiency, and liquidity of secondary market trading in the equity, ETP, bond, option, security-based swap, and securities lending markets.
  • Financial Intermediaries: broker-dealers, financial institutions, analysts affiliated with broker-dealers or financial institutions, clearing agencies, central counterparties, credit ratings, and National Recognized Statistical Rating Organizations (NRSROs).
  • Asset Management: investment advisers, ETPs and liquidity, investment companies, hedge funds, and other institutional investors, and custody.

The deadline for paper submissions is November 18, 2020 with a submission fee of $40. Papers can be submitted through ConfTool ( The selection committee will focus on high quality paper submissions whose topics directly relate to the mission of the SEC.

Authors of accepted papers will be notified by the beginning of February. Travel reimbursement will be offered to presenters of accepted papers.

Conference Organizers: Kathleen Weiss Hanley (Lehigh University), Amy Edwards (SEC), Vlad Ivanov (SEC), Russ Wermers (University of Maryland) and Jim Allen (CFA Institute).


The CFMR 2020 program included a fireside chat with Commissioner Elad Roisman, and a session featuring the SEC division directors who discussed hot topics in their respective areas - Moderator: S.P. Kothari (SEC, Division of Economic and Risk Analysis) Panelists: Dalia Blass (SEC, Division of Investment Management) William Hinman (SEC, Division of Corporation Finance) and Brett Redfearn (SEC, Division of Trading and Markets).

Papers presented at the CFMR 2020:

"Discretionary NAVs"
Scott Cederburg (University of Arizona) and Neal Stoughton (University of Waterloo)

"Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective"
Marco Macchiavelli (Federal Reserve Board) and Xing (Alex) Zhou (Federal Reserve Board)

"Periodic Disclosures of Asset-Backed Securities"
Brent Schmidt (Penn State University) and Helen Zhang (University of Minnesota)

"Phantom of the Opera: ETF Shorting and Shareholder Voting"
Richard Evans (University of Virginia), Oğuzhan Karakaş (University of Cambridge), Rabih Moussawi (Villanova University), and Michael Young (University of Missouri)

"Should We Use Closing Prices? Institutional Price Pressure at the Close"
Vincent Bogousslavsky (Boston College) and Dmitriy Muravyev (Michigan State University)

"Sitting Bucks: Zero Returns in Fixed Income Funds"
Jaewon Choi (University of Illinois Urbana-Champaign), Mathias Kronlund (University of Illinois Urbana-Champaign), and Jimmy Oh (Hanyang University)

"Spinning the CEO Pay Ratio Disclosure"
Audra Boone (Texas Christian University), Austin Starkweather (Vanderbilt University), and Joshua Tyler White (Vanderbilt University)

"Violations of Price-Time Priority and Implications for Market Quality"
Seoyoung Kim (Santa Clara University) and Daniel Trepanier (Santa Clara University)