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Independent Analysis

CSFME is an unbiased non-profit research organization shedding light on otherwise opaque market sectors. 

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Financial Market Research

CSFME conducts in-depth research and analysis in support of investors, financial service providers, regulators and other market participants.

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Expert Researchers

CSFME employs highly-qualified financial and policy experts who specialize in diverse subjects including securities lending, operational risk, and corporate governance.

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Bringing Clarity to Opaque Markets

The Center for the Study of Financial Market Evolution (CSFME) is an independent, nonprofit organization whose mission is to improve transparency, reduce risks, support research, and promote sound regulation of financial markets. It does so by conducting data-driven analysis, providing investor education and outreach, and supporting regulatory reviews in otherwise opaque markets. It serves individual and institutional investors, banks, brokers, other financial market participants, academic institutions, and government regulatory agencies.


A paper in the Spring 2013 issue of The Journal of Financial Research by Shane M. Moser, Bonnie F. Van Ness, and Robert A. Van Ness of The University of Mississippi investigates the securities lending market around proxy record dates for evidence of proxy abuse.   CSFME provided data for this study as well as comments and feedback on the paper. (Abstract and Full Paper)
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Lender Directed Voting

Lender Directed Voting (LDV) is a concept proposed by CSFME to address inefficiencies introduced into the market when lenders of securities' desire or duty to vote proxies comes in conflict with their need to maximize their lending income.  With LDV, investors would no longer have to choose between their corporate governance responsibilities and valuable fee income from securities lending.  LDV provides a mechanism by which those who currently prefer the income would no longer have to forgo their voting rights, while governance-oriented lenders could vote their proxies and still generate revenues from securities lending.  Learn more about LDV.