The Center for Financial Markets promotes financial market understanding and works to expand access to capital, strengthen—and deepen—financial markets, and develop innovative financial solutions to the most pressing global challenges. Learn more about our programs.



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Bitcoin: Crypto-currency – and game changer

Milken Institute Review

Bitcoin: Crypto-currency – and game changer
Bitcoin's emergence in the zeitgeist began in a quiet corner of Europe in March 2013. Reeling from a banking crisis, the Government of Cyprus did the unthinkable for a Eurozone economy: it imposed a two-week holiday on domestic banks, levied a 10 percent tax on uninsured deposits and imposed strict capital controls. With that move, Cypriots, as well as their vulnerable neighbors in the Eurozone's southern periphery, came to realize that no government can be fully trusted to honor the savings of ordinary people.
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Developing Capital Markets in Rwanda

Framing the Issues: Developing Capital Markets in Rwanda
How should Rwanda develop its capital markets? This was the subject of a three-day roundtable discussion held in October 2015 in Rubavu, Rwanda. The roundtable was organized by the Rwanda Capital Markets Authority (CMA) and the Milken Institute’s Center for Financial Markets (CFM), with support from FSD Africa. Highlights from that discussion, including points of consensus and debate, are captured in CFM's latest Framing the Issues paper.
How small and mid-size businesses are funding their future

Access to Capital

How small and mid-size businesses are funding their future
Small and mid-size businesses are the backbone of the American economy, and access to capital is the fuel that lets them thrive. This unique survey, co-authored by the Milken Institute Center for Financial Markets and the National Center for the Middle Market, sampled 636 business owners and C-suite executives to discover present practices for gaining access to capital and to gauge their outlook for growth. The purpose of the research is to map the markets now and reveal opportunities in how companies use their current capital, how providers of capital serve these companies, and how public policy influences the two.


Expert Spotlight

Staci Warden
Staci Warden
Executive Director, Center for Financial Markets

Staci Warden leads CFM in a variety of initiatives on strengthening capital markets, access to capital, financial education and financial-markets solutions. Warden is chair of the Rwandan Capital Markets Authority. Prior to joining the Milken Institute, she spent six years with JPMorgan in London, where she ran JPMorgan's Central Bank client franchise in Europe, Eurasia and Africa, and two years in New York as part of the sovereign-debt-restructuring deal team.



Executive Director, Center for Financial Markets

Director, Center for Financial Markets