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class="editor-content"> <h1>Center for Financial Policy</h1> <h2>The Leading Center for Financial Policy, Research and Education</h2> <p>The Center for Financial Policy leverages the Smith School’s 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.</p><p>The center’s annual conferences with the Securities and Exchange Commission and Federal Reserve anchor its schedule of premier events.</p><p><a href="https://www.youtube.com/watch?v=j3pwUOPeDgo&feature=youtu.be">Watch a short video</a> from Russell Wermers, Paul J. Cinquegrana ’63 Endowed Chair in Finance and director of the Center for Financial Policy, on the center's mission.</p> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-us_wrapper"> <div class="max-bound"> <div class="outer-pad"> <div class="rhs-wrapper bg-rhs-yellow"> <div class="page-section page-section-us_wrapper page-section-ut_text"> <div class="inner-pad"> <div> <div class="editor-content" id="umd_terp_paragraph--11456"> <p class="text-align-center"><a href="https://signup.e2ma.net/signup/1746564/1727724/?v=a"><strong>JOIN THE CFP’S MAILING LIST</strong></a><strong> TO BE NOTIFIED OF ALL OF OUR UPCOMING EVENTS.</strong></p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-us_wrapper"> <div class="max-bound"> <div class="outer-pad"> <div class="rhs-wrapper bg-umd-white"> <div class="page-section page-section-us_wrapper page-section-ut_text"> <div class="inner-pad"> <div> <div class="editor-content" id="umd_terp_paragraph--45195"> <h2>Seventh Annual Short-Term Funding Markets Conference</h2><p><strong>June 14, 2024 | Washington, D.C.</strong></p><p><a class="btn btn-primary" href="https://drive.google.com/file/d/1ZtPuStOEw9Qe2hGV0i81qCVgdkBZdzcN/view?usp=drive_link" target="_blank" rel="noopener">Agenda</a></p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_image_with_text"> <div class="max-bound"> <div class="outer-pad"> <div class="editor-content" id="umd_terp_paragraph--11476"> <figure aria-label="image with caption" role="group" class="align-left"> <img loading="lazy" src="/sites/default/files/centers/cfp/second-objective.jpg" width="1500" height="750" alt="The Second Objective Function" typeof="foaf:Image" /> </figure> <h3><a href="/centers/financial-policy/events/second-objective-function">The Second Objective Function</a></h3><p><strong>Quantifying the Financial Impacts of Climate Change</strong><br>September 22, 2022</p><p><a class="btn btn-secondary" href="https://youtu.be/6F-iKuOAhe8">Watch video</a></p><p>The growing threats of extreme weather and climate tipping points create risks to financial markets in the next five to ten years that current climate scenarios do not capture.</p><p>We introduce a class of stochastic sector-specific damage functions to capture the probabilities of significant events, notably extreme weather and climate tipping points. Using these models will show material climate-related risks for insurance and pension fund asset allocations in the next five to ten years.</p><p><strong>Watch our entire series on climate change and ESG</strong></p><ul><li><a href="https://youtu.be/bq124D51M6A"><strong>Permanent Instability: Climate Risk to the Financial System</strong></a></li><li><a href="https://youtu.be/nCWjGlvdSPE"><strong>What It Means To Be Green</strong></a></li><li><a href="https://youtu.be/nCWjGlvdSPE"><strong>Cracking the Code on Climate Change Economic Scenarios: Issues in Translating Physical to Financial Risks</strong></a></li></ul> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_image_with_text"> <div class="max-bound"> <div class="outer-pad"> <div class="editor-content" id="umd_terp_paragraph--41986"> <figure aria-label="image with caption" role="group" class="align-right"> <img loading="lazy" src="/sites/default/files/centers/cfp/climate-finance-and-risk-management.jpg" width="1920" height="1080" alt="Climate Finance and Risk Management" typeof="foaf:Image" /> </figure> <h3>Climate Finance and Risk Management</h3><p><a class="btn btn-secondary" href="https://www.youtube.com/watch?v=fi6mZ7Us93o">Watch the video</a></p><p>Learn about climate and integrated assessment models, their strengths and weaknesses and how to use them when assessing physical and transition risks.</p> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_image_with_text"> <div class="max-bound"> <div class="outer-pad"> <div class="editor-content" id="umd_terp_paragraph--11481"> <figure aria-label="image with caption" role="group" class="align-left"> <img loading="lazy" src="/sites/default/files/centers/cfp/quant-series.jpg" width="1920" height="960" alt="Quant Insight Series" typeof="foaf:Image" /> </figure> <h3><a href="/centers/financial-policy/events/quant-insight">CFP-UBS Quant Insight Series</a></h3><p>Modern portfolio management is built on quantitative analysis. We examine the key issues driving financial markets from a quantitative perspective.</p><p><strong>Watch our recent events:</strong></p><ul><li><a href="https://www.ubs.com/microsites/player/en/videoplay.html?id=6284686605001"><strong>The future of investment management and the opportunities for active managers</strong></a><strong> with Ronald N. Kahn and Russ Wermers</strong></li><li><a href="https://neo.ubs.com/r/7/?id=h280b2b3e%2C4c14ac89%2C479817d8&s=K9A6P-NPadjxMXED77G1dz1mDMrH4FwDKVvAd7BX5ao"><strong>The Best Strategies for Inflationary Times</strong></a><strong> with Campbell R. Harvey</strong></li></ul><h4>Upcoming Event</h4><p><strong>Annual UBS-CFP Quantitative Investing Conference: A Brave New World – Opportunities and Threats</strong><br><em>Note: this is an invitation-only event</em></p><p>When: September 28-29, 2022<br>Where: UBS Headquarters, New York, NY</p> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-us_wrapper"> <div class="max-bound"> <div class="outer-pad"> <div class="rhs-wrapper bg-umd-light-gray"> <div class="page-section page-section-us_wrapper page-section-ut_text"> <div class="inner-pad"> <div> <div class="editor-content" id="umd_terp_paragraph--42111"> <p class="h4"><img class="mt-4 align-right" src="/sites/default/files/centers/cfp/hero/hero-cfmr.jpg" data-entity-uuid="66da621e-c42b-4e58-8067-32b8daf3342e" data-entity-type="file" alt=" " width="400" height="123" loading="lazy">Did you miss the Ninth Annual Conference on Financial Market Regulation?</p><p><a class="btn btn-secondary" href="https://www.rhsmith.umd.edu/centers/financial-policy/events/financial-market-regulation">Watch it now</a></p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_image_with_text"> <div class="max-bound"> <div class="outer-pad"> <div class="editor-content" id="umd_terp_paragraph--36241"> <figure aria-label="image with caption" role="group" class="align-right"> <img loading="lazy" src="/sites/default/files/centers/cfp/book-cover-trillions-wigglesworth.jpg" width="1920" height="1080" alt="Trillions" typeof="foaf:Image" /> </figure> <h3 dir="ltr">Reflections on the 50-year Anniversary of the Index Fund</h3><p>Russ Wermers, Director of the Center for Financial Policy sits down with Robin Wigglesworth, FT’s Global Finance Correspondent, to reflect on the rise and future of the index fund and discuss Robin’s latest book, Trillions.</p><p><a class="btn btn-secondary" href="https://vimeo.com/655116200/54fe725bea">Watch</a></p> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_image_with_text"> <div class="max-bound"> <div class="outer-pad"> <div class="editor-content" id="umd_terp_paragraph--11471"> <figure aria-label="image with caption" role="group" class="align-right"> <img loading="lazy" src="/sites/default/files/centers/cfp/financial-stability.jpg" width="1597" height="1080" alt="Financial Stability Analysis & Data" typeof="foaf:Image" /> </figure> <h3><a href="/centers/financial-policy/events/financial-stability">Financial Stability Analysis & Data</a></h3><p><a href="https://youtu.be/h_niVMhKOMQ">Watch the video</a> for our third event in this series on financial stability and data gaps where we examine why the new administration could take a fresh approach to the OFR, held on March 24, 2021.</p><p><a class="btn btn-secondary" href="/centers/financial-policy/events/financial-stability">Watch the series</a></p> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_image_with_text"> <div class="max-bound"> <div class="outer-pad"> <div class="editor-content" id="umd_terp_paragraph--11491"> <figure aria-label="image with caption" role="group" class="align-left"> <img loading="lazy" src="/sites/default/files/centers/cfp/book-cover-narrative-economics.jpg" width="1920" height="927" alt="Narrative Economics" typeof="foaf:Image" /> </figure> <h3><a href="/news/narrative-economics-playing-out-now">The ‘Narrative Economics’ Playing Out Now</a></h3><p>“Stories abound in life,” Maryland Smith’s Russell Wermers said, opening a webinar discussion Tuesday. The topic: Narrative economics, with Nobel laureate Robert Shiller.</p> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-us_wrapper"> <div class="max-bound"> <div class="outer-pad"> <div class="rhs-wrapper bg-rhs-yellow"> <div class="page-section page-section-us_wrapper page-section-ut_text"> <div class="inner-pad"> <div> <div class="editor-content" id="umd_terp_paragraph--11496"> <p class="text-align-center"><strong>READ THE MONTHLY </strong><a href="/research/smith-brain-trust/longbrake-letter"><strong>LONGBRAKE LETTER</strong></a><strong>.</strong></p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_text"> <div class="max-bound"> <div class="outer-pad"> <div> <div class="editor-content" id="umd_terp_paragraph--11506"> <h4><a href="/news/maryland-smiths-russ-wermers-named-sec-advisory-committee">Smith’s Russ Wermers Named to SEC Advisory Committee</a></h4><p>Smith finance professor Russ Wermers was selected by the Securities and Exchange Commission to serve on its new Asset Management Advisory Committee, formed to offer advice and recommendations to the SEC on how regulations and industry trends impact investors.</p> </div> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-us_wrapper"> <div class="max-bound"> <div class="outer-pad"> <div class="rhs-wrapper bg-umd-light-gray"> <div class="page-section page-section-us_wrapper page-section-ut_text"> <div class="inner-pad"> <div> <div class="editor-content" id="umd_terp_paragraph--11511"> <p class="text-align-center"><strong>QUESTIONS? EMAIL US AT </strong><a href="mailto:rhsmith-cfp@umd.edu"><strong>RHSMITH-CFP@UMD.EDU</strong></a><strong>.</strong></p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="page-section page-section-umd_smith_page page-section-ut_view"> <div class="max-bound"> <div class="outer-pad"> <div> <h2>Upcoming Events</h2> <div class="views-element-container"><div class="js-view-dom-id-8c79f5730f07e945c944cc4098948ddac3051a72c56339103b27d79f7266d497 events"> <p>There are no upcoming events at this time.</p> <div class="col-12 mb-4"> </div> </div></div> </div> </div> </div> </div> </div> </main> <footer class="site-footer" aria-label="Main" id="rhs-footer"> <div class="site-footer-main bg-umd-light-gray"> <div class="max-bound"> <nav class="site-footer-nav" aria-label="Footer links" id="rhs-footer-links"> <div class="row"> <div class="col-400-6 col-800-3 rhs-footer-col"> <p class="label">Programs</p> <ul> <li> <a href="/programs/undergraduate" 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