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Financial Services Regulation & Supervision (the future): Transparency Analytics and Big Data

 

Gillian Tett put me onto this topic in this article in the Financial Times; she set me thinking as she usually does and a google search turned up some interesting stuff. As I do on some pages here on asymptotix & over on my technical blog on Analytic Bridge, I share the benefits with you of my experienced filter and select the best of the material as references for you to use but this process also creates a repository of useful references for me! Anyway here are some references to some people doing some important thinking about the uses of Big Data and thus the Analytics thereof in the future of Financial Services supervision and regulation; all progressing towards that ‘Transparency’ nirvana.

THAT ARMAGEDDON SUMMER OF 2010 Lessons for LTRO2 in 2012

 

THE SEQUENCE OF EVENTS ON ASYMPTOTIX

 

SECRETS LIES & SMOKE AND MIRRORS

IASB letter to ESMA - Banks Warned on Write-Downs for Greek Debt

Following media reports of a letter from the IASB to ESMA on 4 August 2011, the IASB has decided to make available the letter regarding the accounting for Greek government bonds.

Shocked by the evidence provided by PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young — to the House of Lords

(28 November 2010) From Ian Fraser: I was shocked by the see the “evidence” provided by the heads of the “Big Four” accountancy firms — PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young — to the House of Lords Economic Affairs Committee last Tuesday (see video clip below).

BIS - Joint Forum recommends improvements in risk aggregation models

The report suggests improvements to the current modelling techniques used by complex firms to aggregate risks. It also examines supervisory approaches to firms' use of risk aggregation models, particularly in light of the global financial crisis.

 

Mr Tony D'Aloisio, Chairman of the Joint Forum and Chairman of the Australian Securities and Investments Commission, said "This report is essential reading for firms considering ways to make more effective use of risk aggregation methods, and for supervisors wanting to understand firms' use of risk aggregation models to help identify shortcomings in a firm's approach."

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."

EU proposes curbs on 'Wild West' trading

The European Commission has published draft rules on trading in complex financial products, saying it currently operates in a "Wild West territory". The body wants to create a watchdog to monitor the derivatives market - products used to make bets on assets without buying them. Officials also want to assess the extent of short-selling, when traders bet on asset prices falling. The practices have widely been blamed for causing economic instability. Derivatives and short-selling are viewed by some as contributing to the eurozone debt crisis, which led to major market instability. In May this year, during a period of heightened uncertainty on the markets, Germany made a surprise decision to temporarily ban some types of short-selling of financial products.

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