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

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]