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Regulation, risk and reaching nirvana – Harnessing your data assets in the wake of the crisis
Dark Pools of Liquidity – The Risks
Location of Market Risk Personnel
Credit Meltdown Recovery? Harnessing Stress Testing for Effective Risk Control
Determining Best Execution: What Roles Does Transaction Cost Analysis Play?
Establishing Control: Buy-side data management challenges
Navigating the Minefield: An assessment of current credit monitoring and control practices
Risk Management in 2009 – Where do we go from here?
The Financial Services Authority (FSA) is proposing to extend the current disclosure regime for significant net short positions in the stocks of UK financial sector companies, due to expire on 30 June 2009.
Extending the regime will continue to help reduce the potential for abusive behaviour and disorderly markets. The FSA expects that, in the longer term, the requirements will be replaced by a broader short selling regime for all UK stocks.
SunGard is set to launch a series of new clearing gateways for listed derivatives markets, according to a report on Finextra.
The Financial Times has reported that the much anticipated UK Stress Test methodology has emerged as 'not so stressy.' Hot off the wires at the FSA - the shock announcement of the much-speculated upon UK stress-test methodology. The highlights: Britain's stress-tests presumed a peak-to-trough fall in GDP of over 6 per cent, unemployment at just over 12 per cent and a 50 per cent peak-to-trough fall in house prices.
The Financial Services Authority (FSA) has banned and fined trader Nilesh Shroff for deliberately disadvantaging his customers by 'pre-hedging' trades without their consent. Shroff has been prohibited from performing any regulated function on the grounds that he is not fit and proper and has been fined £140,000.
While Shroff was a senior trader at Morgan Stanley, the FSA found that he disadvantaged his clients on seven occasions between June and October 2007 by partially 'pre-hedging' programme trades without the clients' consent.
Online newspaper The Economic Times ran an interview with Financial Services Authority CEO Hector Sants, where he admitted to some regulatory failures, but placed most of the blame on banks' senior management.
According toSants, everybody has to reflect on what has happened and there are lessons for everybody and not just any one member, or a part, or a process. In the interview Sants explains what went wrong.
The Turner review, commissioned in October 2008 by The Chancellor of the Exchequer, and published in March 2009, looks at the causes of the current economic crisis and asks "what needs to be done to reduce the probability and the severity of future financial crises."
In the midst of the financial crisis, ratings agencies have come under intense scrutiny and fire. They are now under even closer scrutiny from the regulators following the global credit collapse as the sector is partly blamed for the demise of the economy.
The innovation in the credit markets has been significant, with a variety of new credit risk transfer instruments available for managing credit portfolios. The portfolios held by banks has changed fundamentally to include a wider range of counterparties, some less creditworthy than others, in order to obtain higher returns.
Liquidity, or the lack of it, is the cause of most of the problems in today's financial world. Once the credit crunch was in full swing, many banks found that they not able to meet their current and future cash flow needs without impacting on their daily operations or overall financial condition. Many banks failed to perform any liquidity related scenario analyses and did not anticipate that the liquidity inherent in the market would dry up.
Citigroup is set to integrate hundreds of technology systems that have been separate for years, according to a report in the Financial Times. This is in a bid to slash its huge technology costs , with the bank's management believing it can save significantly more than $1bn in 2009.