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Legal spotlight

In our new series bringing legal issues under the spotlight, Simon Gleeson, partner in Allen & Overy's regulatory group in London, outlines the key regulatory changes now shaping the bond markets

Towards a practical capital model

Existing models for calculating and allocating capital for operational risk fail to achieve their goals. Richard Pike proposes a mixture of such approaches to attain a practical capital framework

A Merton approach to transfer risk

Transfer risk is the risk that debtors in a country are unable to ensure timely payments of foreign currency debt service due to transfer or exchange restrictions, or a general lack of foreign currency. Although this risk is not extensively addressed in…

MAS consults on Basel

SINGAPORE – The Monetary Authority of Singapore published a consultation paper that outlines proposed rules and guidelines on parts of its Basel II implementation programme in August.

Global risk standard in the works

GENEVA – The Geneva-based International Organization for Standardization (ISO) is developing a global standard for risk management, according to Nicki Dennis, head of risk market development at the British Standards Institute (BSI) in London.

Pillar II problems cause tempers to fray

LONDON – Tempers are continuing to boil over proposed Pillar II regulatory implementation, both in the industry and at the UK's Financial Services Authority (FSA). One attendee at the late July Pillar II standing group meeting described the event as …

MiFID's Cold Reception

The UK's Financial Services Authority is worried about what the new regulations will mean for British investment firms.

MiFID Winners and Losers

A piece of compliance is presenting firms with such a technology hurdle that industry players are predicting a new host of opportunities.

Falling short of the mark

Financial institutions have struggled to develop operational risk frameworks that will improve business decisions and optimise their use of economic capital. And a new study indicates that op risk is now increasingly viewed as yet another compliance…

The Gathering MiFID Storm

A new regulation from the European Union will transform market structure—and cost investment firms billions to comply. In the meantime, IT strategists are taking a leading role in lobbying European regulators.

Demanding disclosure

The dislocation in the correlation markets in May confirmed supervisors' fears about concentration risk in the hedge fund sector. And this is fuelling pressure for hedge funds to make more data disclosure. But how would this help to reduce risk? By…

The CRO road

Some of the larger hedge funds have set up formal risk management functions, appointing independent chief risk officers (CROs) to oversee their business. But what role should a hedge fund CRO play, and are these appointments a precursor of wider changes…

The 'benefits' of smoothing

For a specific with-profits life insurance model, this article considers the amount of economic capital that is required to back smoothing benefits for a with-profits life insurance firm

The multi-period explosion

Suppliers of asset and liability modelling software are using grid computing to help life companies cope with the increasing burdens put on them by regulators and rating agencies

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