As Canada continues to engage in a dialogue to develop the approach to modernizing its core payment systems, we analyze the core payment systems that exist in countries around the world. We study payment systems in 27 jurisdictions, encompassing a broad range of geographic regions, through three...

This paper considers the ‘market failures' that can block standardisation and recommends actions to overcome these barriers and so ensure greater realisation of the efficiency and risk-reduction benefits of standardisation in global financial markets. It first reviews the economic benefits of...

This paper reports the outcome of a small scale ‘Delphi' survey of standards professionals, focusing on the business and economic benefits of standardization in global financial markets and the barriers to standardization. Despite its small scale this survey points to clear conclusions. There...

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...

Dealer networks provide essential intermediation services in over-the-counter markets. We document the response of dealer networks to the arrival of new public information. We find that after public news releases, dealer networks become more complex and channel larger flows of securities between...

We study settlement fails for trades in the Government of Canada bond market. We find that settlement fails do not occur independently. Using a novel and comprehensive dataset, we examine three drivers of fails. First, we find that fails are more likely following the release of surprise...

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...

We analyze the names of over 39,000 equity mutual funds sold in 77 countries between 1931 and 2016 in order to provide an aggregate perspective on the global evolution of mutual fund offerings. Despite the previously documented high degree of fund proliferation, we find that country-level fund...

We outline a three-step framework to investigate stablecoin arrangements and quantitatively assess their risk. The first step is to classify the stablecoin arrangement into three parts-coin structure, transfer system(s) and financial service(s) - and categorize the attributes of each part. The...