This Article analyzes the Federal Reserve's expanded role in payment, clearing, and settlement systems, particularly in connection with certain clearinghouses that have been designated by the newly created Financial Stability Oversight Council as “systemically significant.” The Federal...

This paper discusses the new financial regulations in the post–financial crisis period, focusing on capital and liquidity regulations. Basel III and the capital stress tests introduced new requirements and new definitions while retaining the structure of the pre-2010 requirements. The total...

This Article demonstrates that regulatory collisions are an unintended consequence of well-meaning, post-financial crisis reforms by both public and private market regulators in the over-the-counter derivatives market. Many of these reforms are designed to regulate systemic risk. As this Article...

Central bank collateral frameworks and collateral securities are tremendously important, especially in modern credit markets. This Essay highlights the near absence of these frameworks in the legal scholarship, their general institutional features, and the equilibrium between legislation and...