To cope with individual and aggregate longevity risks, it seems inevitable to me that we must aim for a better balance between these two pillars of our pension system. References Boeri, T., L. Bovenberg, B. Coeuré, B. and A. Roberts (2006), Dealing with the new giants: rethinking the role of pension funds, Geneva Reports on the World Economy 8, ICBM-CEPR, Geneva.
The SEC, rather than the Federal Reserve, serves as consolidated supervisor for the major U.S. investment banks with primary dealers. In connection with the establishment of the PDCF, we created a program to monitor the financial and funding positions of primary dealers, focusing on those primary dealers not owned by financial holding companies.