FRTB, modelling and the survival of voice broking

7 days montage 230318

European FRTB capital charges hang by a thread

EU Council mulls introducing only reporting requirements in CRR II, or a very low scalar

Tullett Prebon and the mystery Clob

How tpSef quietly kept voice broking alive in a regime designed for e-trading

CCAR gives op risk modelling a new lease of life

OpRisk North America: Fed’s annual stress tests are rehabilitating ‘black box’ op risk modelling

 

COMMENTARY: The view from New York

Technological threats topped the agenda at the 20th Operational Risk North America conference, with calls for a revised Patriot Act in the US to make cyber defence and information sharing easier, and warnings that visions of precise cyber modelling were nothing but ‘a pipedream’ and should be sacrificed in favour of accuracy. There were also warnings of the danger of proliferating internet-enabled devices – the so-called internet of things – which could vastly expand the scope of denial-of-service attacks, as well as endangering cyber security in a variety of more subtle ways.

Operational risk modelling also drew attention, and the message here was more positive than it has been in previous years. The annual US Comprehensive Capital Analysis and Review is giving op risk modelling a new lease of life, bank op risk experts told the conference, and international inconsistencies in Pillar 1 capital levels could be ironed out by the incoming Standardised Measurement Approach.

 

STAT OF THE WEEK

Nearly 19GW of clean power has been purchased via corporate power purchase agreements since 2008, with 76% of these deals happening since 2015.

 

QUOTE OF THE WEEK

“There is a real need to either evolve the information-sharing process under the FS-ISAC or modernise 314(b) sharing [in the Patriot Act] to include personally identifying information alongside cyber threats. I personally don’t care which one gets modernised, but it has to happen otherwise we are just going to keep continuing to be owned by the bad guys” – Kelley Chamberlain, Wells Fargo

 

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