Operational risk
Benchmarking ‘not enough’ to protect against conflicts of interest in Mifid
In a report commissioned by the FSA to coincide with its discussion paper, ‘Implementing MiFID’s best execution requirements’, IBM has found that benchmarking alone is not enough to protect against conflicts of interest when a firm is dealing on own…
FSA examines the feasibility of benchmarking for execution policies under Mifid
The Financial Services Authority (FSA) in the UK has just released discussion paper 06/3, ‘Implementing Mifid’s best execution requirements’. The paper, open for comments until August 17, 2006, will inform the FSA’s approach to Article 21 of the Markets…
Bies justifies backing Basel I for smaller banks in the US
Federal Reserve governor Susan Schmidt Bies has justified making only the largest US banks implement Basel II, by stating that smaller banks would have to spend millions to set up an appropriate risk system.
NPR release muddies the op risk waters
Operational risk executives are scrutinising the recently released NPR by the US Fed, which, despite clarifying some points, has nevertheless created new contentious issues. Choongo Moonga reports
The trouble with KRIs
KRIs are often considered hard to deal with, but op risk managers aren't dismissing them just yet. By Dianne See Morrison
Mifid IT group spins itself off
LONDON – The Joint Working Group (JWG) of the Markets in Financial Instruments Directive (Mifid) has lost its IT subject group because it has spun itself off as a for-profit think tank, JWG officials confirm.
Mifid to be postponed again
LONDON – The implementation deadline for Markets in Financial Instruments Directive (Mifid) was postponed yet again, but industry bodies warn that firms should not delay their Mifid plans as a result. The most recent deadline, of November 2007, has been…
Sarbanes-Oxley: not winning any popularity contests
The US's Sarbanes-Oxley legislation is proving pretty unpopular within the industry as shown by our monthly OR&C Intelligence survey. Ellen Davis reports
In the frame
Seven of the industry's top op risk executives debated framework implementation at a recent roundtable discussion in New York, moderated by Ellen Davis and sponsored by enterprise-wide risk solution firm FRS
S&P sets templates for German banks
The risk management services arm of Standard & Poor's, Risk Solutions, has completed a major internal ratings system project for the Association of German Pfandbrief banks (Verband deutscher Pfandbriefbanken, vdp). Vdp members provide capital for…
Basel III the biggest regulatory concern after Basel II, according to survey
The International Centre for Business Information (ICBI) has just released the results of its Risk Capital 2006 survey. In the survey, Basel II compliance is named by the majority of respondents as the most important area of risk for the next year. Most…
Council conclusions on cross-border consolidation in the financial sector
The European Council has stated that cross-business is essential for growth, and that unnecessary obstacles should be removed to reap the economic benefits. The Council advocates sound, fair and non-discriminatory national supervisory practices within…
FSA and Treasury publish joint implementation plan for MiFID
HM Treasury and the FSA have published a joint implementation plan for the Markets in Financial Instruments Directive (MiFID). The plan covers the UK’s approach to the consultation and the planned timetables to changes to UK legislation and FSA rules…
Crossing the Border
The push for MiFID may drive cross-border consolidation in Europe.
FSA deletes the annual reporting requirement on senior managers in the Handbook
The Financial Services Authority (FSA) in the UK announced today that firms will no longer have to notify the FSA each year of the roles and responsibilities of their FSA-approved senior managers. This move aims to reduce the administrative burden placed…
Paper on scenario analysis to maintain AMA under Basel II published
Written by Patrick McConnell and Martin Davies, a new report suggests using scenario analysis to support a firm’s advanced measurement approach (AMA). The paper proposes a structured approach to scenario analysis for Basel II, based on concepts proven in…
Directors, administrators, and their fiduciary responsibilities
administration/directorships
Bermudian by its home - but truly global by its nature
bermudian fund profile: osmium capital
Bringing core and satellite approaches to hedge funds
academic paper
The traders' tool box
traders' corner
The impact of SOX on supply chain management
Of the many changes companies have had to introduce as a result of Sarbanes-Oxley legislation, the most useful one is arguably the integration of supply chain management with financial risk management, writes Raees Lakhani
Germany cashes in on loans-gone-bad
Non-performing loans
Mifid IT group spins itself off
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