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| clearance and collateral management: Counterparty Credit Risk Jon Gregory, 2011-09-07 The first decade of the 21st Century has been disastrous for financial institutions, derivatives and risk management. Counterparty credit risk has become the key element of financial risk management, highlighted by the bankruptcy of the investment bank Lehman Brothers and failure of other high profile institutions such as Bear Sterns, AIG, Fannie Mae and Freddie Mac. The sudden realisation of extensive counterparty risks has severely compromised the health of global financial markets. Counterparty risk is now a key problem for all financial institutions. This book explains the emergence of counterparty risk during the recent credit crisis. The quantification of firm-wide credit exposure for trading desks and businesses is discussed alongside risk mitigation methods such as netting and collateral management (margining). Banks and other financial institutions have been recently developing their capabilities for pricing counterparty risk and these elements are considered in detail via a characterisation of credit value adjustment (CVA). The implications of an institution valuing their own default via debt value adjustment (DVA) are also considered at length. Hedging aspects, together with the associated instruments such as credit defaults swaps (CDSs) and contingent CDS (CCDS) are described in full. A key feature of the credit crisis has been the realisation of wrong-way risks illustrated by the failure of monoline insurance companies. Wrong-way counterparty risks are addressed in detail in relation to interest rate, foreign exchange, commodity and, in particular, credit derivative products. Portfolio counterparty risk is covered, together with the regulatory aspects as defined by the Basel II capital requirements. The management of counterparty risk within an institution is also discussed in detail. Finally, the design and benefits of central clearing, a recent development to attempt to control the rapid growth of counterparty risk, is considered. This book is unique in being practically focused but also covering the more technical aspects. It is an invaluable complete reference guide for any market practitioner with any responsibility or interest within the area of counterparty credit risk. |
| clearance and collateral management: Control Your Cash Greg McFarlane, Betty Kincaid, 2010-06 A 14% credit card rate! What a deal! Where it says 'adjustable' here on my mortgage - that means 'fixed', right? Work until I retire, then collect Social Security. That's my wealth plan. If you've ever wondered how your money works, where it goes or how it grows, stop wondering. Control Your Cash: Making Money Make Sense deconstructs personal finance so that everyone but the hopelessly inept can understand it. Inside the book, you'll learn: [ how to get your bank accounts, credit cards and other financial instruments to work for you, and not the other way around [ the right way to buy a car (i.e. with the salesman cursing your name as you drive away) [ where and how to invest, and what all those symbols, charts and graphs mean [ how to turn expenses into income, and stop living paycheck-to-paycheck [ whom the tax system is stacked against (hint: it's most of us) and how to use that to your advantage [ the very key to wealth itself. In fact, the authors thought it was so important they put it on the cover so you can read it even if you're too cheap to buy the book: Buy assets, sell liabilities. Finally, a book that explains personal finance not only in layman's terms, but in detail. If you can read, and have any capacity for self-discipline, invest a few bucks in Control Your Cash now and reap big financial rewards for the rest of your life. |
| clearance and collateral management: Clearing, Settlement and Custody David Loader, 2002-09-05 'Clearing, Settlement and Custody' focuses on the clearing, settlement and custody functions by analyzing how they work and the interaction between the organizations involved. The author examines the roles of clearing houses, central counterparties, central securities depositories and the custodians, as well as, assessing the impact on the workflow and procedures in the operations function at banks, brokers and institutions. The changes that are taking place in the industry are explored and the impact for operations managers and supervisors assessed.Clearing, settlement and custody is at the heart of everything that happens in the financial markets. The evolution of clearing and settlement is one that is still happening and as such, it is impacting on the operations function through both new practices but also, increasingly, in terms of regulation, risk and reputation.In essence the efficient clearing and settlement operation is managing risk, not because it is a direct part of the process but more because it is a bi-product. The routine procedures relate to reconciliation and record keeping. If these are performed efficiently and accurately it will result in accurate records of activity and profit and loss.The settlement process is a key element in identifying and correcting errors made by dealers and traders. Failure to identify the error or act promptly will result in potentially serious financial loss, as well as worrying audit and the regulators.In addition to these concerns the financial service sector is also undergoing a massive rationalization of the structure of clearing and settlement and seeking the twin goals of automation and shortening settlement cycles. The challenge for operations managers is considerable: manage costs, eradicate inefficiencies, create an environment to be competitive, and implement the procedures to meet future changes that will occur. In this book the author looks at some of the different roles, the processes and procedures, and the key issues, in order to help those in operations meet the challenge.The definitive series of professional references for those finance professionals concerned with Back office or operations management unique to this industry.Presents concise references on the essential management functions such as technology, client services, and risk management for financial operations management professionals.A comprehensive resource from a leading financial management consultant for global banks and institutions. |
| clearance and collateral management: A Glossary of Terms Used in Payments and Settlement Systems Committee on Payment and Settlement Systems, 2003 |
| clearance and collateral management: Correspondent Central Banking Model (CCBM) European Central Bank, 1998 |
| clearance and collateral management: SEC Docket United States. Securities and Exchange Commission, 1997 |
| clearance and collateral management: Reforming Collateral Laws to Expand Access to Finance Heywood W. Fleisig, 2006 Most readers, especially those with car loans or home mortgages, know about collateral--property that the lender can take away from the borrower in the event that the borrower defaults. In low/middle income countries, it is understood that conservative lenders exclude firms from credit markets with their excessive collateral requirements. Usually, this is because only some property is acceptable as collateral: large holdings of urban real estate and, sometimes, new motor vehicles. Microenterprises, SMEs, and the poor have little of this property but they do have an array of productive assets that could easily be harnessed to serve as collateral. It is only the legal framework which prevents firms from using these assets to secure loans. In countries with reformed laws governing collateral, property such as equipment, inventory, accounts receivable, livestock are considered excellent collateral. This book aims to better equip project managers to implement reforms to the legal and institutional framework for collateral (secured transactions). It discusses the importance of movable property as a source of collateral for firms, the relationship between the legal framework governing movable assets and the financial sector consequences for firms (better loan terms, increased access, more competitive financial sector), and how reforms can be put in place to change the lending environment. |
| clearance and collateral management: Federal Register , 2013-06 |
| clearance and collateral management: SEC Docket United States. Securities and Exchange Commission, 2005-07 |
| clearance and collateral management: Delivery Versus Payment in Securities Settlement Systems , 1992 |
| clearance and collateral management: The Federal Reserve System Purposes and Functions Board of Governors of the Federal Reserve System, 2002 Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications. |
| clearance and collateral management: Commodity Price Dynamics Craig Pirrong, 2011-10-31 Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc. |
| clearance and collateral management: Derivatives and Risk Management , |
| clearance and collateral management: The Right Way to Win Robert Zafft, 2020-09-11 The Right Way to Win shows you how to do well while doing good. It gives readers the tools and techniques for fixing and enforcing ethical behavior. These same methods drive long-term business success. Short, practical, and fun-to-read, the bookshows readers how to: Make defensible ethical decisions, build consensus, and counter adversaries; Implement and sustain ethical decisions by driving individual accountability; and Navigate crises and cutting-edge issues where reputational risk soars. The Right Way to Win appeals to general readers, business and professional-school students, employees and executives, and managers overseeing leadership development and corporate training. This title is also available as a digital curriculum. Click here to learn more! |
| clearance and collateral management: The Federal Reserve Act (approved December 23, 1913) as Amended United States, 1920 |
| clearance and collateral management: The October 1987 Market Break United States. Securities and Exchange Commission. Division of Market Regulation, 1988 |
| clearance and collateral management: Guide to Clearance & Settlement Lightbulb Press, 2021-10-20 An in-depth look at DTCC, including its role in the capital markets, its structure, and it's offerings and services. |
| clearance and collateral management: Wall Street and the Financial Crisis: pt. 1-4. Anatomy of a Financial Collapse, April 13, 2011. Report and Appendix ( 4 v.) United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations, 2010 |
| clearance and collateral management: Wall Street and the Financial Crisis United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations, 2011 |
| clearance and collateral management: Guide to Clearance & Settlement Virginia B. Morris, Stuart Z. Goldstein, 2009 An overview of The Depository Trust & Clearing Corporation (DTCC), whose sophisticated infrastructure and risk management systems provide essential services to US and global capital markets. The guide explains clearing, netting, and settling - the essential elements of post-trade processing - and the role of a central counterparty in ensuring completion of equity and fixed-income transactions. It looks, as well, at the increasing number of solutions DTCC provides for financial firms at home and around the world--P. [4] of cover. |
| clearance and collateral management: France International Monetary Fund. Monetary and Capital Markets Department, 2012-12-21 This Financial System Stability Assessment on France discusses the French financial system and the restructuring of French banks to different business models. The French banking system weathered the 2007–09 global financial crisis well. The large French banks have announced plans to meet Basel III Common Equity Tier 1 (CET1) capital targets during 2013, and have divested noncore assets. The banks are increasing their liquidity and reducing their dependence on short-term and U.S. dollar wholesale funding. IMF staff recommends timely feedback and strengthened follow-up mechanisms in the supervisory process. |
| clearance and collateral management: From the Post Enron Accounting Scandals to the Subprime Crisis Jerry W. Markham, 2022-06-06 Originally published in 2011, this volume examines the Enron-era scandals and several corporate governance issues that were raised as a result of these scandals. It then describes developments in the securities and derivatives markets, covering hedge funds, venture capital, private equity and sovereign wealth funds. |
| clearance and collateral management: The Financial Stability Oversight Council Annual Report to Congress United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, 2015 |
| clearance and collateral management: The Annual Report of the Financial Stability Oversight Council United States. Congress. House. Committee on Financial Services, 2015 |
| clearance and collateral management: Euromoney Capital Markets Directory , 2003 |
| clearance and collateral management: Focus on Capital Kenroy Dowers, Pietro Masci, 2003 Local capital market development responds to the need to reduce the risk of financial crises that result from an excessive reliance on external borrowing -- for example, to avoid foreign exchange risk, reduce contagion, and decrease short-term external borrowing. In fact, as financial crises dwarf the role of financial intermediation, the problems of asymmetric information become even more severe, leading to greater public mistrust of financial institutions. The contributors in Focus on Capital tackle various aspects of developing Latin American capital markets. Macroeconomic and structural policies, accounting practices and standards, bond market development, market infrastructure, derivatives markets, corporate governance, ethics, human capital, and regional integration all play a role. One of the shortcomings of many strategies for capital market development -- more important than getting the sequencing wrong -- is failing to understand the links between the various components and the need for an overall strategy as well as plans for each component. Focus on Capital analyzes the status of the markets in Latin America and identifies the technical, political, and financial challenges to building vibrant capital markets and increasing the efficiency benefits of regional economic and financial integration. |
| clearance and collateral management: The Law of Cross-border Securities Transactions H. van Houtte, 1999 A collection of essays on topical contract issues, covering subjects including: Paradine v Jayne; foreign currency judgements; agency problems in insurance law; increased expense and frustration; failure of consideration; restitutionary consequences of illegality; and proprietary estoppel |
| clearance and collateral management: Joint Report on the Government Securities Market United States. Department of the Treasury, 1992 |
| clearance and collateral management: A Financial History of the United States Jerry W Markham, 2015-03-17 This new reference by the author of the critically acclaimed A Financial History of the United States covers the aftermath of the Enron-era scandals and the extraordinary financial developments during the period |
| clearance and collateral management: Bloomberg Markets , 2006-07 |
| clearance and collateral management: Wall Street and the Financial Crisis: The role of investement banks, April 27, 2010 United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations, 2010 |
| clearance and collateral management: Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations for Fiscal Year 1998 United States. Congress. Senate. Committee on Appropriations. Subcommittee on Commerce, Justice, State, the Judiciary, and Related Agencies, 1998 |
| clearance and collateral management: U.S. Regulation of the International Securities and Derivatives Markets , 2002 |
| clearance and collateral management: Clearing and Settlement Dermot Turing, 2016-01-01 Présentation de l'éditeur : Clearing and Settlement (originally titled: Clearing and Settlement in Europe), Second Edition comprehensively explains, both in theory and practice, the complexities of the law and regulation surrounding the processes of clearing and settlement. Clearing and Settlement: 1. Describes what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace ; 2. Explores the law applicable to infrastructures, how they are regulated, and considers the other topographical features of their legal landscape ; 3. Examines the legal and practical aspects of risk management and operations of infrastructures ; 4. Looks at the risks faced by participants in payment, clearing and settlement systems - the agent banks - along with practical and operational issues which they face in their roles. New legislation includes: · CSD (Central Security Depositories) Regulation and level 2 measures ; · MiFID 2/MiFIR and level 2 measures ; · EMIR and level 2 measures ; · Banking Act 2009 revisions ; · Bank Recovery and Resolution Directive ; · Revised Part VII Companies Act 1989 ; · New Part XVIII of FSMA and Recognition Requirements Regulations ; · Financial Services Act 2012. In addition to the coverage of the legislature, there are numerous diagrams and commonly encountered practical problems are discussed, eg 'client clearing', tax, regulatory capital and protective insolvency legislation. Risk and legal issues arising in clearing and settlement operations, eg liquidity, outsourcing, corporate actions and securities lending are also covered. |
| clearance and collateral management: Financial Markets Operations Management Keith Dickinson, 2015-01-15 A comprehensive text on financial market operations management Financial Market Operations Management offers anyone involved with administering, maintaining, and improving the IT systems within financial institutions a comprehensive text that covers all the essential information for managing operations. Written by Keith Dickinson—an expert on the topic—the book is comprehensive, practical, and covers the five essential areas of operations and management including participation and infrastructure, trade life cycle, asset servicing, technology, and the regulatory environment. This comprehensive guide also covers the limitations and boundaries of operational systems and focuses on their interaction with external parties including clients, counterparties, exchanges, and more. This essential resource reviews the key aspects of operations management in detail, including an examination of the entire trade life cycle, new issue distribution of bonds and equities, securities financing, as well as corporate actions, accounting, and reconciliations. The author highlights specific operational processes and challenges and includes vital formulae, spreadsheet applications, and exhibits. Offers a comprehensive resource for operational staff in financial services Covers the key aspects of operations management Highlights operational processes and challenges Includes an instructors manual, a test bank, and a solution manual This vital resource contains the information, processes, and illustrative examples needed for a clear understanding of financial market operations. |
| clearance and collateral management: Guide to Bank Underwriting, Dealing and Brokerage Activities Robert L. Tortoriello, |
| clearance and collateral management: Securities Clearance and Settlement Systems Mario Guadamillas, Robert Keppler, 2001 How to assess securities clearance and settlement systems, based on international standards and best practices. |
| clearance and collateral management: Vault/Seo Guide to Investment Bank Diversity Programs , 2006-10-25 This annual Guide describes diversity programs at 50 major investment banks--diversity internship and entry-level programs or efforts; profiles of diversity team members, part-time/flex-time options, family leave policy, quantitative information regarding diversity staffing levels, and special programs or historical details. |
| clearance and collateral management: What Determines U.S. Swap Spreads? Ádám Kóbor, Lishan Shi, Ivan Zelenko, World Bank, 2005 References p. 45-47. |
| clearance and collateral management: Standards for Covered Clearing Agencies (Us Securities and Exchange Commission Regulation) (Sec) (2018 Edition) The Law Library, 2019-01-22 The Law Library presents the complete text of the Standards for Covered Clearing Agencies (US Securities and Exchange Commission Regulation) (SEC) (2018 Edition). Updated as of May 29, 2018 The Securities and Exchange Commission (SEC or Commission) is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (Exchange Act) and the Payment, Clearing, and Settlement Supervision Act of 2010 (Clearing Supervision Act), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Among other things, the rules establish enhanced standards for the operation and governance of those clearing agencies registered with the Commission (registered clearing agencies) that meet the definition of covered clearing agency. This ebook contains: - The complete text of the Standards for Covered Clearing Agencies (US Securities and Exchange Commission Regulation) (SEC) (2018 Edition) - A dynamic table of content linking to each section - A table of contents in introduction presenting a general overview of the structure |
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