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February 21, 2013
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News for operations and technology executives in financial services

  Top Story 
 
Understanding and using statistical risk models
Although fundamental factor risk models are more commonly used and understood by portfolio managers, statistical factor risk models provide an important alternative and adaptable view on risk. This paper describes how a combination of fundamental and statistical factor risk models can be exploited in any investment process.
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  Operations Update 
 
  • Experts debate consequences of the futurization of swaps
    Some market participants say the conversion of swaps to futures could lead to problems. "As the market gravitates to the cheaper platform -- and it's cheaper because it's unsafe -- that creates risk for everyone," says James Cawley, CEO of Javelin Capital Markets. However, others say that swaps continue to provide the best way to manage many exposures, so they will not be completely replaced by futures. "There's obviously a reason the rates swap market emerged -- it allows very specific contract terms. We don't see the futures market replacing that," said James Wallin of Alliance Bernstein. The Huffington Post (2/14), Risk.net (subscription required) (2/14) LinkedInFacebookTwitterEmail this Story
  • FCMs raise concerns about CFTC's 60-second rule
    A Commodity Futures Trading Commission rule to require futures commission merchants to decide on clearing within 60 seconds may cause them to incorrectly reject some trades, FCMs say. "If the client is close to a limit and sends a risk-increasing trade through first, and we don't know there's a subsequent trade that's risk reducing ... we will reject that first leg of the trade," said Piers Murray of Deutsche Bank. Risk.net (subscription required) (2/19) LinkedInFacebookTwitterEmail this Story
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  Technology Update 
  Regulatory and Legislative Update 
  • SEC anti-fraud software is expected to debut this year
    Securities and Exchange Commission software that will seek out accounting anomalies and hedge fund performances that don't line up with investment strategies is expected to launch this year. The software will analyze real-time data streamed to the agency from exchanges and will use a model that the SEC has been developing since 2011. "It is a model that allows us to discern whether a registrant's financial statements stick out from the pack," Chief Economist Craig Lewis said. The Washington Post (2/15), Financial Times (tiered subscription model) (2/13) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Special event: The Future of Global Financial Benchmarks -- Feb. 28 in NYC
    SIFMA invites you to join our global affiliate, GFMA, to hear Gary Gensler, co-chairman of IOSCO's Board Level Task Force on Financial Benchmarks, address the audience in advance of IOSCO's guidance expected this spring. Experts will provide an overview of GFMA's Principles for Financial Benchmarks, a collaborative effort by financial institutions across the globe, as well as market implications of change. The financial industry is committed to taking concrete steps to ensure structural changes be made to restore the trust and confidence so vital to the effective functioning of markets. Join us to learn more. LinkedInFacebookTwitterEmail this Story
  • Early-bird rates available: SIFMA Tech 2013 -- June 18-19 -- NYC
    For 30 years, SIFMA Tech has brought together several thousand financial services firms, industry leaders, regulators and solution providers for critical updates and expert outlooks on every issue that faces the financial services technologist today. Harness technological solutions to achieve an infrastructure that keeps you and your firm on the cutting-edge and see how products from solution providers stack up against your in-house expertise. Check out the new, official SIFMA Tech website for details on this year's offering and take advantage of early-bird rates. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
The psychic task which a person can and must set for himself is not to feel secure, but to be able to tolerate insecurity."
--Erich Fromm,
German psychologist


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