Clark Center Forum

About the Clark Center Forum

The Forum for the Kent A. Clark Center for Global Markets is home to the European, Finance, and US Economic Experts Panels as well as a repository of thoughtful, current, and reliable information regarding topics of the day.
Europe

European Trade Defense

Question A:

A more assertive EU trade policy, including greater use of trade restrictions against countries engaging in market-distorting practices, would substantially strengthen Europe's economic performance.

Question B:

The EU economy would benefit substantially from greater use of anti-subsidy duties against imports from countries that provide subsidies and/or other forms of government support to their domestic producers.

 
US

Funding Social Security

Question A:

A recent CRFB report is a reminder of concerns about the long-term financial sustainability of Social Security: https://www.crfb.org/press-releases/dont-let-social-securitys-91st-birthday-be-one-its-last

Removing the cap on earnings subject to Social Security payroll taxes, without increasing benefits for earnings above the current cap, would substantially improve the program's long-term financial sustainability and make it more progressive.

Question B:

Removing the cap on earnings subject to Social Security payroll taxes, without increasing benefits for earnings above the current cap, would substantially improve the long-term financial sustainability of the consolidated federal budget.

Question C:

Replacing wage indexation with price indexation in the calculation of initial Social Security retirement benefits would substantially improve the program's long-term financial sustainability without undermining its social insurance function.

Question D:

Automatically adjusting the Social Security full retirement age in line with increases in life expectancy would substantially improve the program's long-term financial sustainability.

 
Finance

Perpetual Futures

This Finance survey examines (a) The introduction of perpetual futures on assets that are otherwise difficult to trade, such as shares in privately held companies, will substantially improve price discovery for those assets; (b) The introduction of perpetual futures with much laxer leverage limits than for conventional futures will substantially increase the risks of financial instability; (c) The benefits of allowing futures to trade 24 hours a day, seven days a week outweigh the additional risks associated with continuous trading 
On Global Markets

Populism

The Clark Center Economic Experts Conference was held in London in October 2026. Over the coming weeks, this column will include write-ups of the various panels and sessions. The conference was held under the Chatham House rule. It was not too long ago, in the grand scheme of things, that financial market participants did not […] 
On Global Markets

More Options for Trading

Cboe is launching an interesting new product. So-called KPI (key performance indicators) exchange-traded binary options will soon be offered, initially on 23 publicly traded firms. As Cboe explains: KPI Binary Options are exchange-listed, cash-settled option contracts whose payout is based on a specific company Key Performance Indicator (KPI) — such as Earnings Per Share, Revenue, […] 
US

Optional Practical Training

This US survey examines: Optional practical training (OPT) is the route by which international students typically secure initial temporary employment in the US economy. The Department of Homeland Security has proposed that a university must pay $70,000 per student before it can recommend students for OPT for the first time, and $30,000 for each later recommendation, including the STEM extension: https://www.federalregister.gov/documents/2026/10/08/2026-20660/optional-practical-training-fees; (a) The proposed payment requirement for optional practical training would substantially reduce the number of international graduates working in the US (b) The proposed payment requirement for optional practical training would substantially weaken the ability of US universities to attract and retain top foreign students relative to other advanced economies; (c) The proposed payment requirement for optional practical training would reduce OPT hiring by small firms and start-ups substantially more than OPT hiring by large firms 
Finance

KPI Binary Options

This Finance survey examines: Cboe is launching KPI binary options, which are exchange-listed, cash-settled option contracts whose payout is based on a specific company key performance indicator (KPI): https://www.cboe.com/kpi-binary-options-pipeline-hub/ (a)The availability of exchange-traded derivatives on corporate accounting or operating performance metrics will measurably improve capital market efficiency by allowing investors to directly express views about individual components of business performance; (b) Binary options tied to individual companies' reported performance metrics will substantially increase incentives to manipulate reported results or influence the measurement of those metrics 

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