Opinion
How to run a market
Former-derivatives-trader-turned-author Frank Partnoy wants to see tougher accounting standards and risk disclosures to deter corporate crooks. But are the regulators listening? Maria Kielmas reports
Editor’s letter
Comment
Online clearing: the shape of energy markets to come
The energy trading market is moving towards a structure in which participants achieve market presence through a dedicated market network, rather than having to use local or regional exchanges, says strategic consultant Chris Cook
US pipelines follow the market
Todd Shipman of credit rating firm Standard & Poor’s finds that pipeline companies in the US will face more market risk than regulatory risk in the coming year
Credit explosion
Comment
A localised flood
Weather derivatives
Still looking for yield
Comment
A new look at credit risk capital
In the second of two articles on Standard & Poor’s refinement of analytical methodology, John Kennedy discusses an updated approach to evaluating credit risk capital
FAS 133: increasing transparency
Standard & Poor’s Jack Kennedy and Neri Bukspan believe new Financial Accounting Standards Board rules for US energy traders will make it easier to measure a firm’s risk management ability, liquidity position and equity capital
Looking back on 15 years
Comment
An overwhelming problem
Introduction
Tripping around credit quality
Jack Kennedy of Standard & Poor’s looks at the effect of round-trip trades on a firm’s credit quality and how they should be treated
Close-up on market risk capital
Jack Kennedy outlines rating agency Standard & Poor’s new approach for analysing the credit quality of US energy trading firms
ART for the masses
Alternative Risk Strategies edited by Morton Lane Risk Books 650 pages, £85/$128 ISBN 1-899-332-634
The convergence of ALM and ERM
Banks seeking a truly complete view of their exposures are beginning to seek ways to integrate the enterprise risk management systems they use for their trading books with the asset and liability management systems they use for their banking books. Clive…
Correlation and credit risk
Active development of full credit portfolio modelling continues apace, even though it is not recognised in the proposed Basel II framework. An important issue is the relationship between probability of default and loss-given default. In this last of four…
RiskNews review
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