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Macroeconomic signals - associates debate

see asymptotix asscoaites page : http://www.asymptotix.eu/associates

Bristow and McDowell havin a chat in public (very nice), Bristow first ,,,,,

 

 

 

 

 

 

 

 

 

 

 

 

European Stability Bank - Take 2 - Asymptotix analysis ahead of the EU summit tomorrow

It will be interesting to see how this European summit on rescue funds and euro bonds pans out John and I have had another one of my logic stream thought processes late in the night as to how to deal with the Euro zone mess far more effectively and permanently than currently is proposed anywhere.

To keep you up-to-date with our position in this field I recommend you also read:

http://www.asymptotix.eu/content/lunatix-are-grass-new-bretton-woods-proposition-europe-now and

http://www.asymptotix.eu/content/european-stabilisation-bank-proposal-asymptotix

Given the differences between the 750 billion fund (less the Ireland bailout costs of course) and the doubling to 1,500 billion proposed by the IMF and the utter rejection of this by Merkel and Zarkozy who cant afford it despite the crowing from Deutschland to mask the reality of their exposure to sovereign debt and debt to gdp ratio and the peripheral exposure of a number of their banks to PD and sovereign default as recently mentioned, it will be interesting to see what is finally decided.

Accounting's new era - Beancounter there, done that

The world’s two big accounting bodies search for new leaders. Robert Herz has had a more interesting career than any accountant deserves. He began his tenure as chairman of America’s Financial Accounting Standards Board (FASB) in 2002, dealing almost immediately with the fallout from the Enron and WorldCom scandals, which had been abetted by accountants. He was due to end it on October 1st, a sudden departure for undefined personal reasons, after a crisis also partly pinned on the profession.

Mr Herz leaves behind a project of convergence with the international standards used by most countries outside America and set down by the International Accounting Standards Board (IASB). That body’s head, Sir David Tweedie, is also set to leave office, in June 2011. Despite the departures of Sir David and Mr Herz, big accounting firms and their clients still expect convergence of standards to top the agenda of their successors (a mid-2011 deadline will slip).

Regulatory changes "a shambles" says former FSA chairman

The restructure of the UK's financial regulatory regime is "a bit of a shambles", according to Sir Howard Davies, director of the London School of Economics and first chairman of the Financial Services Authority.

In a well-received keynote address at SunGard's London City Day this week, Sir Howard singled out the decision to hand responsibility for combating insider dealing to a new police financial crime unit while oversight of listed companies is handled by another authority. pointing out that most insider dealing occurs at the time of a new listing, he said: "I think it's a shambles, because it is not properly grounded in an analysis of what went wrong."

Official BIS: Group of Governors and Heads of Supervision announces higher global minimum capital standards Basel III

 

HEALTH WARNING : THIS MAY REQUIRE THE ADOBE PDF FACILITY,

IT DOES GO ON A BIT; BUT IS NEVERTHELESS WORTH IT

 

At its 12 September 2010 meeting, the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, announced a substantial strengthening of existing capital requirements and fully endorsed the agreements it reached on 26 July 2010. These capital reforms, together with the introduction of a global liquidity standard, deliver on the core of the global financial reform agenda and will be presented to the Seoul G20 Leaders summit in November.

The Committee's package of reforms will increase the minimum common equity requirement from 2% to 4.5%. In addition, banks will be required to hold a capital conservation buffer of 2.5% to withstand future periods of stress bringing the total common equity requirements to 7%. This reinforces the stronger definition of capital agreed by Governors and Heads of Supervision in July and the higher capital requirements for trading, derivative and securitisation activities to be introduced at the end of 2011.

Siag Risk Management: Speed Kills; Unless you keep pace with it!

As Aldous Huxley commented; “Speed provides the one genuinely modern pleasure”. In a world where the speed of information increases exponentially approaching mere nanosecond lagging with cache memory processing and even faster data processing chips, the speed of important changes in data may be swamped and invisible within a morass of reports and systems where it becomes increasingly more difficult to identify the inconsequential from the vitally critical. This is the modern global market universe in which financial institutions exist.

The Supervisory Landscape: A Discussion from 'Our man in Madrid'

 

leaning bust asymptotixI believe that it would be a great mistake, irrespective of the outcome of 6/5 (UK Election date) to switch regulatory control of the market to a central bank function as these are two distinct mechanisms which perform entirely different functions. One is necessary to manage and control money supply and macroeconomic control mechanisms such as interest rates, exchange rates and inflation in relation to deficit and GDP, and also manage issues such as quantitive easing and its corresponding effect upon exchange rates as we have seen in the deleveraging of Stirlings value as money supply was increased but in times of illiquidity within the wider economy; and the other is to implement and manage compliance with effective regulatory controls over the financial sector. These are in essence macroscopic and microscopic functions and therefore incompatible under the management of one body. The BoE is not geared to be a regulator and does not have the structure in place to do so. The FSA does and with its increase of quadrupling the number of inspectors, tightening the rules and protocols, and effectively enforcing compliance through fines in a manner whereby it is less expensive to comply than it is not to do so and audit protocols and resources send a message of control. I have always maintained it is about effective regulation, audit and compliance if we want a system which works rather than purely exists. This is what is necessary to restore confidence in the City, which like all other leading financial centres were caught by surprise with the velocity and extent of the volatility in the meltdown which was in itself a result of inadequate regulatory audit and control when times were better.

Acquisition of RiskMetrics by MSCI Barra could standardise VaR measurement: ISSUE

 

Acquisition of RiskMetrics by MSCI Barra could standardise VaR measurement and increase systemic risk, says EM Applications

London - 9 March 2010 Bob's Guide

Market Risk: Solving for Basel II and IFRS7 with SIAG

coins madridMarket (Price) Risk - Abstracting the Liquidity Component

Market Risk is different. Liquidity Risk is different even further. Conceptually they are in bed together, although Liquidity risk has risen up the food chain recently as the impregnability of the banking book has been seen to be a chimera as the tide of the crisis went out. One thing is for certain these are the two biggest headaches from Bishopsgate to the Barbican. The Liquidity risk story is well documented here so this blog has a focus on the Market Risk (Price) problem and how to solve it for its two currently key variables – Basel II and IFRS7.

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