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Oracle Announces New Financial Services Solution for Enterprise-Wide Stress Testing

ORACLE logoOracle® Reveleus Enterprise Risk Analytical Applications Enable Financial Institutions to Respond to Challenges to Capital Adequacy and Help Guard Against Future Threats to Liquidity

ANNOUNCEMENT: Oracle OpenWorld, San Francisco, CA – October 13, 2009

Commission adopts legislative proposals to strengthen financial supervision in Europe

Asymptotix is pleased to see that the European Commission adopted an important package of draft legislation today to significantly strengthen the supervision of the financial sector in Europe. The aim of these enhanced cooperative arrangements is to sustainably reinforce financial stability throughout the EU; to ensure that the same basic technical rules are applied and enforced consistently; to identify risks in the system at an early stage; and to be able to act together far more effectively in emergency situations and in resolving disagreements among supervisors. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole with a critical function to issue early risk warnings to be rapidly acted on. It will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors.

ISSUES IN MODEL RISK

 

the elephant in the data centre

(see below)

 

Transparency Clearing & Regulation of Derivative Securities

 

Transparency Clearing & Regulation of Derivative Securities 

 

basking shark close

 

 

 

 

 

 

 

 

 

 

 

 

'ON EXCHANGE'

BIS: Comprehensive response to the global banking crisis

Bank for International Settlements press release: The Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, met on 6 September to review a comprehensive set of measures to strengthen the regulation, supervision and risk management of the banking sector. These measures will substantially reduce the probability and severity of economic and financial stress.

President Jean-Claude Trichet, who chairs the Group, noted that "the agreements reached today among 27 major countries of the world are essential as they set the new standards for banking regulation and supervision at the global level".

Ministers of finance support introduction of dynamic provisioning into European banking legislation

Lewis KingBrussels, 06/07/2009 (Agence Europe) - European ministers of finance will reach an agreement this Tuesday on the introduction into European banking legislation of "dynamic provisioning", in an effort to improve the fight against financial instability. In its provisional conclusions on the pro-cyclical effects of safeguard rules and accounting standards in force, they say that they are in favour of an instrument which, "consists in constituting provisions deducted from profits in good times for expected losses on loan portfolios". One ambassador, who said that there was consensus between member states on such an important subject added that, "certain safeguards or accounting standards highlight the (economic) tendency, whereas, during a crisis we want to find a way of confronting cycle tendencies...A cycle is necessary for getting over future difficulties". The Commission will propose a revision in the direction of the Basle II directive in the autumn on capital bank requirements (EUROPE 9930). 

Dynamic Provisioning & Bank Capital Integrity: Banking Supervision

yacht wheelIt looks as though the "Dynamic Provisioning" (DP) approach or technique to the computation of Bank Capital in the context of Banking Supervision is gaining the ascendancy in the UK and Europe as a solution to ensuring banks hold sufficient reserves such that a credit crisis never occurs again. In reinforcing the tripartite arrangements to Banking Supervision and Regulation in the UK, the Chancellor appears to be favoring this approach which developed in Spain and it has to be said was successful (relatively). One challenge that Dynamic Provisioning gets around is the issue of procyclicality of capital buffers, perceived to be a problem with Basel II. In effect what DP does is to integrate Basel II Pillar One and Pillar Two by making total capital explicit and transparent over the business cycle. DP requires however an econometric model of the business cycle to drive the capital estimates predicated on outlooks for default (as a function of the business cycle). This is an interesting approach since finally an accounting standard is being putatively harnessed to an econometric technique.

UBS Transparency in Financial Reporting Setting the Standard

UBS office(in my view!) Have a look at this. It is the new Quarterly Reporting page of UBS. Impressive No?

European Commission proposes stronger financial supervision in Europe

 

the 1875th meeting of the Commission
held in Brussels
(Berlaymont)
on Wednesday 27 May 2009
(morning)

 

 

There is nothing un-important on this page

 

 

The European Commission has adopted a Communication on Financial Supervision in Europe. The Communication proposes a set of ambitious reforms to the current architecture of financial services committees, with the creation of a new European Systemic Risk Council (ESRC) and European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities. Legislation to embody these proposals will follow in the autumn. The Commission also invites all interested parties to submit their reactions on the Communication before 15 July.

Commission should make ECB reference authority for macro-prudential supervision

art noveau door bxlOn Wednesday 27 May [2009], the European Commission is to present the principles of the structure for the new financial supervision in Europe.

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