Newswise — SEC Chairman Gary Gensler is set to deliver remarks this week at the Conference on Financial Market Regulation, along with Jessica Wachter, chief economist and director of the SEC’s Division of Economic and Risk Analysis (DERA). The event will be held virtually on May 13-14, 2021. Gensler (12:30 p.m. Thursday) and Wachter (10:30 a.m. Friday) will give opening remarks on each day.

The conference, now in its eighth year, aims to bring together thought leaders from across academia, government, the financial sector, and the Securities and Exchange Commission, for an exchange of views on the Commission’s most pressing topics.

The event is co-sponsored by the Securities and Exchange Commission, the Center for Financial Policy at the University of Maryland’s Robert H. Smith School of Business, Lehigh University’s Center for Financial Services and the CFA Institute.

SEC Commissioner Caroline Crenshaw will deliver the keynote speech on Day 2 of the event.

This year’s topics include financial intermediation, SEC research, asset management, a special session on climate change, corporate finance, and market microstructure.

Financial Intermediation:

Dark Knights: The Rise in Firm Intervention by CDS Investors 

Andras Danis (Georgia Institute of Technology) and Andrea Gamba (Warwick Business School) 

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:

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:

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 special 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:

The Pricing 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:

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)  

For more information and to register for the event, go to or

About the Center for Financial Policy

The Center for Financial Policy at the University of Maryland leverages the Robert H. Smith School of Business’ world-renowned faculty, leading research, and proximity to Washington, D.C. to promote a collaborative exchange of ideas on the key issues that affect financial markets. The center’s annual conferences with the Securities and Exchange Commission and Federal Reserve anchor its schedule of premier events.

Contact: Greg Muraski, [email protected].