VIRTUAL 8th Annual Conference on Financial Market Regulation (CFMR 2021)

Conference dates

13 May 2021 - 14 May 2021


On WebEx - Register on ConfTool to receive your WebEx attendee link for the CFMR 2021.


The SEC, the Center for Financial Services at Lehigh University, and the Center for Financial Policy at the University of Maryland are pleased to jointly host the 8th Annual Conference of Financial Market Regulation (CFMR 2021) on May 13 - 14, 2021.

‚ÄčThe goal of the conference is to bring together participants from academia, industry, government, and the SEC for an exchange of views on topics of relevance to the Commission.

View CFMR 2021 speakers and session details:

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Financial Intermediation Session
"Dark Knights: The Rise in Firm Intervention by CDS Investors"
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

"Hedge Fund Liquidity Management: Insights for Systemic Risk Oversight"
George Aragon (SEC), A. Tolga Ergun (SEC), and Giulio Girardi (SEC)
Discussant: Bing Liang (University of Massachusetts Amherst)
"The Effect of Hidden Liquidity: Evidence from an Exogenous Shock"
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
"Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of Municipal Bonds"
Yi Li (Federal Reserve Board), Maureen O'Hara (Cornell University) and Xing (Alex) Zhou (Federal Reserve Board)
Discussant: Burton Hollifield (Carnegie Mellon University)

"Prime Time for Prime Funds: Floating NAV, Intraday Redemptions and Liquidity Risk During Crises"
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)

Climate Change Session
"Climate Regulatory Risks and Corporate Bonds"
Lee Seltzer (University of Texas), Laura Starks (University of Texas), and Qifei Zhu (Nanyang Technological University)
Discussant: Matthew Gustafson, (Pennsylvania State University)

"Signaling through Carbon Disclosure"
Patrick Bolton (Columbia University) and Marcin Kacperczyk (Imperial College)
Discussant: Christian Leuz (University of Chicago)

Corporate Finance Session
"ThePricing of New Corporate Debt Issues"
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)

"The Voting Premium"
Doron Levit (University of Washington), Nadya Malenko (University of Michigan), and Ernst Maug (University of Mannheim)
Discussant: Alex Edmans (London Business School)

Market Microstructure Session
"Competition and Exchange Data Fees"
Jonathan Brogaard (University of Utah), James Brugler (University of Melbourne), and Dominik Roesch (University at Buffalo)
Discussant: Andreas Park (University of Toronto)

"The Anatomy of Trading Algorithms"
Tyler Beason (Arizona State University) and Sunil Wahal (Arizona State University)
Discussant: Mao Ye (University of Illinois at Urbana-Champaign)

Keynote Address given by Commissioner Caroline Crenshaw (SEC)