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December 11, 2012
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  Credit Markets 
  • BIS cautions over rising assets when outlook is less than rosy
    Noting the glow on markets worldwide even as the economic outlook darkens, the Bank for International Settlements is raising the possibility that asset prices may once again be overinflated. Market gains also appear to defy recent profit warnings in the U.S. and Europe. "Unusually, equity and fixed income gains coincided with a weakening of the global economic outlook. In the past, falling growth forecasts have usually been associated with rising expected default rates and higher bond yields," the BIS said in its quarterly report. The Telegraph (London) (tiered subscription model) (12/9) LinkedInFacebookTwitterEmail this Story
  • Asian banks step in to fill void left by Europe's lenders
    The funding gap left when European banks scaled back their international activities has been filled by Asian banks. As of this year's second quarter, Japanese banks had expanded their foreign claims in the emerging Asian Pacific area by $100 billion, compared to their activity just before the Lehman Brothers collapse, according data from the Bank for International Settlements. MarketWatch (12/9) LinkedInFacebookTwitterEmail this Story
  Regulatory and Accounting Issues 
  • Basel liquidity rule could be relaxed to help global recovery
    Global bank regulators are expected to wrestle this week with the question of whether to water down a liquidity rule that has been criticized as a potential obstacle to economic recovery. European Central Bank President Mario Draghi has warned that the liquidity coverage ratio could restrict interbank lending. Bloomberg Businessweek (12/9) LinkedInFacebookTwitterEmail this Story
  • CRD IV exemptions could compromise Basel III compliance
    EU compliance with Basel III could be in jeopardy because of a long list of national exemptions to Capital Requirements Directive IV. "If you look at what is being proposed at the moment and is stuck in trilogue, it is national specificity after national specificity," said European Parliament member Kay Swinburne. "There is no common rule book; we shouldn't be kidding ourselves that we are actually adhering to international standards as proposed by Basel." (subscription required) (12/5) LinkedInFacebookTwitterEmail this Story
  • UK, US offer joint plan for "too big to fail" banks
    For the first time, US and British regulators have made public their common view of how to cope with financial institutions considered "too big to fail". The US Federal Deposit Insurance Corp. and the Bank of England discussed the problem in a joint paper. "We believe that, for many [global systemically important financial institutions], this strategy holds the best possibility of preserving stability while removing taxpayer support," Martin Gruenberg, chairman of the FDIC, and Paul Tucker, deputy governor for financial stability for the Bank of England, write in the Financial Times. "It holds shareholders, creditors and management in a failed GSifi accountable for its losses." The Telegraph (London) (tiered subscription model) (12/10), Financial Times (tiered subscription model) (12/10) LinkedInFacebookTwitterEmail this Story
  • Regulators take closer look at risk-weighted assets
    As risk-weighted assets take on greater importance in determining banks' capital requirements, regulators are starting to doubt whether it is a good idea to let banks determine the riskiness of their assets. The Bank of England's Financial Policy Committee recently warned that banks might have understated capital needed by as much as £35 billion. The Economist (12/8) LinkedInFacebookTwitterEmail this Story
  • European insurers fear fragmentation of Solvency II
    The proposed phased implementation of Solvency II could undercut the goal of a harmonized regulatory scheme and lead to a fragmentation of the effort, European insurers warned. The trade body Insurance Europe is worried that national insurance supervisors might start taking regulatory matters into their own hands on a piecemeal basis. (subscription required) (12/10) LinkedInFacebookTwitterEmail this Story
  Trends in CPM 
  IACPM News 
  • Mark your calendars for IACPM's Annual Spring Conference -- London -- May 22-23
    The IACPM Annual Spring Conference will be held May 22 to 23, 2013 at the InterContinental London Park Lane in London, UK. The preconference day, May 21, will feature our Educational Seminar, the only one of its kind specifically geared toward Credit Portfolio Management professionals. Also on the preconference day are a number of roundtable discussions on topics of particular interest to our members, free of charge, for those who register for the conference. More information will be available soon on our website LinkedInFacebookTwitterEmail this Story
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Put a grain of boldness into everything you do."
--Baltasar Gracián,
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