Feature
Weaker trends in late June force funds to retrace gains
The improving economy has resulted in liquidations in fixed income and currency markets
Evolving credit
The flexibility of credit default swaps makes them an invaluable tool for arbitrage, speculation or hedging products
Winning both ways
Two years ago, Mulvaney Capital took a risk by looking for a new investor, but the relaunch has proved fruitful
Cash by nature
Fund managers have been adopting the strategy of using cash as a safe haven
Emerging adequacy
The Committee of Chief Risk Officers' capital adequacy 'emerging practice' guidelines will, says the capital adequacy committee chair, evolve into a new regulatory body within a year.
US coal trading picks up steam
While the coal market awaits pricing indexes to reinvigorate trading, emissions trading is getting a boost from increased coal burning. Catherine Lacoursière reports
Getting to grips with fair value
European corporate treasurers and finance officers are still way behind in their preparations for IAS 39.
Accord preparations: the rest is yet to come
While the debates have raged for months about many aspects of the proposed Basel II Accord, on some points there has been relative silence, in particular with regard to the seeming overreliance on statistical techniques.
Corporate Governance Survey 2003, Part 2 >>Corporate governance disclosure: banks focus on bolstering infrastructure
In the second part of Operational Risk's review of 15 bank annual reports for 2002, the editors look at how firms have chosen to address the hot button issues of corporate governance, reputational risk and legal risk. Again, practices vary widely among…
Sponsor's article > The point of op risk
The inclusion of an explicit operational risk component in the proposed Basel II Capital Accord has caused widespread controversy. Much of this has surrounded the feasibility of accurately measuring, or even defining, such risk. In this first of three…
Preparation, quantification, implementation
While the South African Reserve Bank is in favour of Basel II, those tasked with preparing for the new capital accord are in no doubt that the risk quantification challenges presented by it are daunting.
All in Accord
South Africa's banks are taking Basel II seriously. Clive Davidson discovers what they are doing to prepare for its implementation, and how they are meeting the many challenges of the new capital accord.
A secure base
Long praised as pioneers in the energy derivatives space, US energy firms are now looking to make their overall risk management practices more robust. And, as Paul Lyon discovers, these companies have several innovations up their sleeves, such as…
The trouble with normalisation
Weather derivatives practitioners say normalisation agreements between regulators and utilities in the US are posing a threat to their industry. Kevin Foster investigates
Emerging adequacy
The Committee of Chief Risk Officers’ capital adequacy ‘emerging practice’ guidelines will, says the capital adequacy committee chair, evolve into a new regulatory body within a year. James Ockenden reports
Mutual fund proposals may spur tech uptake
NEW YORK – Mutual funds may have to make more technology implementations if legislation introduced by the US House of Representatives' financial services committee becomes law. The bill, proposed last month, is intended to improve mutual funds'…
Book extract > Operational Risk Management: The Solution is in the Problem
"There are risks and costs to a program of action, but they are far less than the long-range risks and costs of comfortable inaction", John F. Kennedy . During the last few years there has been growing interest in the need for firms within the financial…
Insurers must change their ways to comply with Basel II
New York – The Basel Committee on Banking Supervision has granted financial institutions the option of using insurance to offset operational risk charges under the advanced measurement approach in the third consultative paper (CP3) – but not without…
EU Cad concedes on investment firms but limits role of insurance
Brussels – The European Commission issued the fourth consultation on the capital adequacy directive (Cad) on July 1.
Standard & Poor's enters portfolio risk modelling
Standard & Poor's (S&P) Risk Solutions has launched a portfolio risk tracker model. The model covers both credit and market risk, which should allow banks to calculate their economic capital and perform risk assessments across the full range of risks…
Job moves
People
Sponsor's article > Operational Risk and its impact on Investment Managers: A system solution perspective
Operational risk is a major issue for investment managers due to advances in back office automation and increased outsourcing.