Operational risk
Bonds and... bondage
When I lived in New York City – for most of my 20s – I remember a Thai dinner with a university friend who moaned about the demise of her most recent relationship. Her complaint, oddly enough, was not that her boyfriend had cheated on her. She was…
Still much to do
Basel II
PWC report finds that too much regulation is the biggest concern for firms
For the second year in a row, too much regulation is judged to be the greatest risk facing the financial sector, according to a survey sponsored by PricewaterhouseCoopers. According to the survey, “cost, diversion of management time and the sheer volume…
UK Treasury releases summary of responses to transposition guidelines of the CRD
The Treasury in the UK has published a summary of responses to its call for comments on the transposition of the capital requirements directive (CRD).
Convergence on credit
Spurred on by Solvency II, insurance companies are refining their approach to managing credit risk. As a result, some insurers' credit risk management methods are beginning to converge with those favoured by banks. By Rachel Wolcott
EC close to approving Mifid
The European Commission is expected to approve the technical measures of the Markets in Financial Instruments Directive (Mifid) in September. The announcement was made after the European Securities Committee’s (ESC) unanimous approval of the measures.
Solvency II – the progress so far
The 14 directives that make up the package that is Solvency I are comprehensively out of date in terms of capital adequacy and risk. Regulators began work on the new Solvency II framework in 2002, structured around a risk-based system that applies…
Aussies Rule
Australia is racing ahead with Basel II implementation compared with other nations. Peter Madigan asks how they have done it and whether the rest of the world can follow in their footsteps
Super or supergrass?
After the corporate scandals of 2002, new rules were established to ensure staff have the chance to report any wrongdoing. However, as Peter Madigan discovers, it may be that whistleblowing schemes are seen as a token gesture
SOX internal control costs decline
BOSTON – The cost of implementing the Section 404 internal control requirements of Sarbanes-Oxley (SOX) declined significantly in 2005, according to a study commissioned by the four largest accounting firms.
Mifid benefits for UK 'hard to grasp'
LONDON – The Financial Services Authority (FSA) has confirmed a final timetable for the implementation of the Markets in Financial Instruments Directive (Mifid) in the UK but has admitted that the cost of the new regime will be considerable and the…
Make UK the winner of Mifid race, say regulators
EU praises UK Mifid approach LONDON – The UK's approach to the implementation of the Markets in Financial Instruments directive was praised by an EU official at a mid-May Financial Services Authority conference in London.
European Parliament approves modified draft for Mifid
The European Parliament has voted in favour of the resolution of the Committee of Economic and Monetary Affairs that approves the most recent draft implementation measures for the Markets in Financial Instruments Directive (Mifid).
UK FSA publishes implementation bulletin for the CRD
The Financial Services Authority (FSA) in the UK has published issue three of its Capital Requirements Directive (CRD) implementation bulletin for investment firms, banks and building societies.
Risk 's Derivatives and Risk Management Summit Europe 2006: Regulators ‘must clarify MiFID' to prevent unfair competitive advantages arising
Financial institutions across the European Union’s 25 member states must lobby their individual regulators to ensure that jurisdictional interpretation and implementation of the Markets in Financial Instruments Directive (MiFID) next year does not…
Risk 's Derivatives and Risk Management Summit Europe 2006: Regulators and ratings prevent meaningful Basel II savings
Banks may be unable to benefit from regulatory capital reductions under the Basel II reforms because of local rules and the requirements of rating agencies.
QIS5 results reflect similar results to QIS4, says Comptroller of the Currency
US Comptroller of the Currency John Dugan said the “results between QIS4 and QIS5 are more similar than they would first appear” at a dinner held last night at the offices of JP Morgan Chase in London.
VAR provides inadequate figures, according to CRO
Value-at-risk provides inherently flawed results, according to Kenneth Winston, the global chief risk officer of Morgan Stanley.
Companies need to lobby regulators to prevent FSA best execution model
Financial firms affected by the Markets in Financial Instruments Directive (Mifid) need to argue hard against the Financial Services Authority (FSA) in the UK’s model for best execution, according to Simon Morris, a partner at CMS Cameron McKenna.
Sponsor’s article > Pan-European Credit Data Consortium Case Study: Credit Data Pooling by Banks for Banks
Institutions seeking to apply the internal ratings-based (IRB) approach under Basel II are required to provide accurate estimates of their credit risks. However, most banks do not have enough internal data on default and recovery to calculate reliable…
FSA issues consultation paper on regulatory reporting
The Financial Services Authority (FSA) in the UK has issued consultation paper 06/11, Integrating Regulatory Reporting (IIR), for investment managers, securities and futures firms, operators and trustees of collective investment schemes, venture capital…
Core and satellite for hedge funds, part II
academic paper