Call For Papers
April 11th 12th, 2014, Loughborough University, East Midlands, UK
Conference on Data Standards, Information, and Financial Stability
Submission deadline: Dec 16th, 2013
Organized by Loughborough University, with
support from the Journal of Financial Stability
and the Alfred P. Sloan Foundation
OVERVIEW: The global financial crisis revealed
serious gaps in the information available to
regulators for monitoring and mitigation of
systemic financial risk. Assessing the solvency
of financial firms and where necessary resolving
them in an orderly fashion similarly requires
comprehensive and granular exposure data. But how
can data from multiple sources and in multiple
formats provide a cross-company, cross-market,
and cross-border view of the exposures of major
financial institutions and their contribution to systemic risk?
This issue is now moving to the top of the
regulatory agenda. The Dodd-Frank Act in the US
established the Office of Financial Research
(OFR) with the remit of improving the quality of
data available to supervisors for assessing risks
to the financial system. This objective has also
been endorsed internationally by the G20’s
Financial Stability Board, beginning with the
creation of the ‘global legal entity identifier
system’ (GLEIS) and its application in OTC
markets. But many questions remain about the
costs and benefits of introducing these new data
standards, and the practical steps that will be needed to make them work.
TOPICS: The organisers invite theoretical,
empirical, and practically orientated research
papers relevant to these key policy issues.
Papers from the conference will be eligible for
submission to a special issue of the Journal of Financial Stability.
The organisers will consider both completed
papers and also extended drafts. Submissions are
encouraged on, but not restricted to, the following questions:
- The economics of standard setting in financial
services. The bar-code dramatically improved
retail and supply chain efficiency. Are there
equivalent benefits from data standardisation in
financial services? What are the barriers to their realisation?
- The economics of financial information. What
are the current business models that support
collection and dissemination of pricing and
position information? Why has standardisation not
already emerged to lower the costs of production?
- The relationships between data and messaging
standards and market structure and competition,
for example in the market microstructure of high frequency trading
- Market data and accounting standards. Is mark-to-market always appropriate?
- The role of information disclosure in episodes
of financial instability. Does greater disclosure
always promote stability or can it create destabilising feedbacks?
- Typology and classification. Is there a clean
conceptual framework that can allow standardised
recording and aggregation of financial positions?
- What is the appropriate legal framework to
govern the ownership and transmission of
standardised financial data? Is an extension of
the 15 minute rule applicable to exchange traded
pricing appropriate to all financial transactions?
- The conceptual framework of national accounting
became the global standard for reporting national
economic statistics following the economic
upheaval of the 1930s. Are there parallels with
today and lessons for financial regulation?
- What new approaches to financial stability
modelling or prudential supervision are possible
with information technology based data reporting?
- The role of data standards in resolution of
financial firms, including case studies and
analysis of previous resolutions. How these could
be facilitated by better data standards and what
would these data standards need to contain?
PAPER SUBMISSION PROCEDURE: Those interested in
participating are invited to submit a full paper
in pdf or word format to Prof. Alistair Milne
(email: firstname.lastname@example.org), by Monday, 16th
December, 2013, at 12:00pm (PST). Acceptance
decisions will be made by 31st January, 2014.
Travel and accommodation expenses will be covered
at economy class rates for conference participants presenting papers.
The post-conference deadline for submission to
the Journal of Financial Stability will be 30
June, 2014. The details of the submission process
will be announced at the time of the conference.
Kern Alexander (University of Zurich)
David Bholat (Bank of England)
William A. Barnett (University of Kansas)
Rajesh Chakrabarti (Indian School of Business)
Horst Entorf (Goethe University)
Trevor Harris (Columbia Business School)
Richard Herring (University of Pennsylvania)
Sheri Markose (University of Essex)
David Mayes (University of Auckland)
Alistair Milne (Loughborough University)
Philip Molyneux (University of Bangor)
Maureen O'Hara (Cornell University)
Peter Ware (Swift Institute)
FURTHER INFORMATION: For any enquiry, please
email Prof. Alistair Milne at: email@example.com