As most Exchange-Traded Funds (ETFs) engage in securities lending or are based on total return swaps, they expose their investors to counterparty risk. In this paper, we estimate empirically such risk exposures for a sample of physical and swap-based funds. We find that counterparty risk...

In this paper, we identify several shortcomings in the systemic-risk scoring methodology currently used to identify and regulate Systemically Important Financial Institutions (SIFIs). Using newly-disclosed regulatory data for 119 US and international banks, we show that the current scoring...

French Abstract: Nicolas Firzli nous fait partager certains des travaux menés par le World Pensions Council (WPC) et résume ici une partie des interventions du G7 Pensions qui s'est tenu fin août dernier, en marge du Sommet du G7 de Biarritz. Il livre des pistes de réflexions précieuses...