White Papers and Economic Analyses

This page provides links to white papers and economic analyses prepared by SEC staff in the course of rulemaking and other Commission initiatives. Some of these materials are available elsewhere on the Commission website.

White Papers

2013

  • October 2013
    Alternative Trading Systems: Description of ATS Trading in National Market System Stocks [PDF]
  • August 2013
    Qualified Residential Mortgage: Background Data Analysis on Credit Risk Retention [PDF]
  • July 2013
    Capital Raising in the U.S.: An Analysis of Unregistered Offerings Using the Regulation D Exemption, 2009-2012 [PDF]

2012

  • February 2012
    Capital Raising in the U.S.: The Significance of Unregistered Offerings Using the Regulation D Exemption [PDF]

Economic Analyses

2012

  • November 30, 2012
    Money Market Fund Study: Response to Questions Posed by Commissioners Aguilar, Paredes, and Gallagher (Experience through the Financial Crisis, Efficacy of 2010 Reforms, and Potential Economic Effects of Future Reforms) [PDF]
  • November 6, 2012
    Economic Effects of Proposed Rule Changes by NYSE Arca, Inc. to List and Trade Shares of the JPM XF Physical Copper Trust (SR-NYSEArca-2012-28) and the iShares Copper Trust (SR-NYSEArca-2012-66) [PDF]
  • June 1, 2012
    FINRA Proposal to Reduce Minimum Quotation Size in OTC Market Tiers [PDF]
  • March 3, 2012
    Information Regarding Activities and Positions of Participants in the Single-Name Credit Default Swap Market [PDF]

2011

  • April 25, 2011
    Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Updates with Additional Data the Analysis Dated November 4, 2009) [PDF]
  • January 13, 2011
    Security-Based Swap Block Trade Definition Analysis [PDF]

2009

  • November 24, 2009
    Share Ownership and Holding Period Patterns in 13F data [PDF]
  • November 4, 2009
    Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Elimination of the Options Market Maker (OMM) Exception in Rule 203 of Regulation SHO, and Implementation of Interim Final Temporary Rule 204T and Permanent Rule 204) [PDF]
  • October 2, 2009
    Study of the Sarbanes-Oxley Act of 2002 Section 404 Internal Control over Financial Reporting Requirements [PDF]
  • January 14, 2009
    Analysis of the July 2008 Emergency Order Requiring a Pre-borrow on Short Sales [PDF]

2008

  • December 17, 2008
    Analysis of a Short Sale Price Test Using Intraday Quote and Trade Data [PDF]
  • December 16, 2008
    Analysis of Short Selling Activity during the First Weeks of September 2008 [PDF]
  • November 26, 2008
    Impact of Recent Regulation SHO Rule Changes on Fails to Deliver (Elimination of the Options Market Maker (OMM) Exception in Rule 203 of Regulation SHO and Implementation of Interim Final Temporary Rule 204T) [PDF]
  • June 9, 2008
    Impact of Recent Regulation SHO Amendment on Fails to Deliver (Elimination of the Grandfather Exception in Rule 203 of Regulation SHO) [PDF]
  • March 3, 2008
    Fails to Deliver Statistics in Threshold Securities [PDF]

2007

  • February 6, 2007
    Economic Analysis of the Short Sale Price Restrictions under the Regulation SHO Pilot [PDF]