I attended Challenges and Innovations in Operational Risk Management event last night which was surprisingly interesting. I say surprising since I must admit to some prejudice against learning about operational risk, which has for me the unfortunate historical reputation of being on the dull side.…
One of the PRMIA folks in New York kindly recommended this paper on the Volcker Rule, in which Darrell Duffie criticises the proposed this new US regulation design to drastically reduce proprietary ("own account") trading at banks.
As with all complex systems like financial markets, the more prescriptive the regulations become the harder it is "lock down" the principles that were originally intended.…
Corporate (and social) America does lots of things very well – positiveness, enthusiam and lack of (English?) cynicism being some of the best attributes in my view – but other things are not so good such as long "townhall" conference calls with 30 people on the call and only 3 people taking part, and the seeming need to continue talking when it is already evident to you and many listening that you don't know what you are talking about.…
I spotted this in the FT recently – for those of you diligent enough to want to read more about the possible causes and possible solutions to the (ongoing) financial crisis, then Andrew Lo may have saved us all a lot of time in his 21-book review of the financial crisis.…
Click here for an executive summary of what the EDM Council is up to on regulation, LEI and the Semantics Repository etc. Due credit to the Council for getting Bloomberg on board – sounds increasingly like Bloomberg may have decided to treat the topic seriously as opposed to assuming having a terminal solves everything.…
For someone who has been criticised a lot over recent years, Vikram Pandit CEO of Citigroup, seems to have come up with an interesting risk management idea in his latest article in the FT. Vikram proposes that regulators put together an standard, multi-asset “benchmark” portfolio that all financial institutions would have to provide risk numbers on, enabling regulators to understand more of the risk management capabilities of each institution and avoiding any detailed disclosure of the portfolio actually held by each firm.…
Thought-provoking post by Alex Bray on finextra.com, about how internet banking sites are becoming outdated just like physical “branches” of banks did, and how they need to integrate more tightly with social networking sites (what doesn’t these days?). The power of the network continues to rise, and it seems like FaceBank is becoming a reality (see the first part of my “tongue in cheek” Wilmott article from a few years back).…
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