Annual Conference on Financial Market Regulation (CFMR)

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Register Today: (must register to receive the WebEx link for the live conference)

CFMR 2021 Program (view speakers and session details):


Opening Remarks provided by Chair Gary Gensler (SEC) at 12:30 p.m.

Financial Intermediation Session
Andras Danis (Georgia Institute of Technology) and Andrea Gamba (Warwick Business School)
Discussant: Jovan Stojkovic (SEC) 
"The Design of a Central Counterparty"
John Kuong (INSEAD) and Vincent Maurin (Stockholm School of Economics)
Discussant: Haoxiang Zhu (Massachusetts Institute of Technology)
SEC Research Session
George Aragon (SEC), A. Tolga Ergun (SEC), and Giulio Girardi (SEC)
Discussant: Bing Liang (University of Massachusetts Amherst)
Amy Edwards (SEC), Paul Hughes (SEC), John Ritter (SEC), Patti Vegella (SEC), and Hao Zhang (Rochester Institute of Technology)
Discussant: Barbara Rindi (Bocconi University) 
Asset Management Session 
Yi Li (Federal Reserve Board), Maureen O'Hara (Cornell University) and Xing (Alex) Zhou (Federal Reserve Board)
Discussant: Burton Hollifield (Carnegie Mellon University) 
Lorenzo Casavecchia (University of Technology Sydney), Chanyuan Ge (Macquarie University), Wei Li (University of Iowa), and Ashish Tiwari (University of Iowa)            
Discussant: Lukas Voellmy (Swiss National Bank)
Opening Remarks provided by Chief Economist Jessica Wachter (SEC) at 10:30 a.m. 
Climate Change Session
Lee Seltzer (University of Texas), Laura Starks (University of Texas), and Qifei Zhu (Nanyang Technological University) 
Discussant: Matthew Gustafson, (Pennsylvania State University)
Patrick Bolton (Columbia University) and Marcin Kacperczyk (Imperial College) 
Discussant: Christian Leuz (University of Chicago)
Corporate Finance Session
Kelly Nianyun Cai (University of Michigan Dearborn), Kathleen Weiss Hanley (Lehigh University), Alan Guoming Huang (University of Waterloo), and Xiaofei Zhao (Georgetown University) 
Discussant: Samuel Bonsall (Pennsylvania State University) 
Doron Levit (University of Washington), Nadya Malenko (University of Michigan), and Ernst Maug (University of Mannheim)
Discussant: Alex Edmans (London Business School)         
Keynote Address provided by Commissioner Caroline Crenshaw (SEC) at 2:30 p.m.                   
Market Microstructure Session
Jonathan Brogaard (University of Utah), James Brugler (University of Melbourne), and Dominik Roesch (University at Buffalo) 
Discussant: Andreas Park (University of Toronto)
Tyler Beason (Arizona State University) and Sunil Wahal (Arizona State University) 
Discussant: Mao Ye (University of Illinois at Urbana-Champaign) 
Conference Closing Remarks provided by Stephen Deane (CFA Institute) at 5:15 p.m.
Conference Organizers: Kathleen Weiss Hanley (Lehigh University), Amy Edwards (SEC), Vlad Ivanov (SEC), and Russ Wermers (University of Maryland) 

Thank you to all who participated in the virtual CFMR 2020!

Recording from day 1 of the conference - September 17, 2020.

Recording from day 2 of the conference - September 18, 2020.
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)