Prior to 2009, strict regulations did not exist on
collateralized products. Over-the-counter
derivatives were traded under an ISDA Master
Agreement or long form confirmation
Collateral management has moved to the top of the agenda for many institutions as a tool to help mitigate credit risk and manage liquidity. This approach has mainly been driven by regulatory changes such as Basel III, Solvency II and G20 requirements pertaining to the central clearing of over the counter (OTC) derivatives. Basel III will require banks to hold more capital against their uncollateralised exposures, which will force more banks to increase their collateral requirements with clients. In turn, financial institutions will have to find the most efficient way for managing their collateral to manage liquidity as uncollateralised trades will become more expensive due to the CVA requirements.
The Hedge Fund Academy will explore the impact proposed regulatory changes will have on collateral management and liquidity requirements for the whole South African Market. Implementing a collateral management process can be challenging and implementing an insufficient collateral management system and process may even result in much greater losses.
Collateral Management and Market Developments - WhitepaperNIIT Technologies
The paper provides a broader view on how technology bridges the gap and also enumerates the best practices that financial institutions must follow to improve collateral management process.
OTC Collateralisation : implementations issues in the context of CVA & FVA
- The ideal CSA hypothesis : Imperfect collateralisation for credit mitigation and/or funding
- FVA vs. CSA-discounting
- Implications in terms of curves calibrations and management
- FVA for Cleared positions
- FVA or CSA-discounting : which funding management model?
RiskMinds - Did Basel & IOSCO put the final nail in the coffin of CSA-discoun...Alexandre Bon
FVA in presence of stochastic funding spreads, Inititial Margins and imperfect collateralisation conditions.
Since the birth of CSA discounting during the GFC, major regulatory changes have been reshaping collateral practices in a way that challenges the fundamental assumptions of the method.
Agenda:
- FVA via CSA discounting or Exposure simulation
- Funding spreads and exposure co-dependence
- Collateralisation regimes in the New Normal and Initial Margins
- FVA/MVA for VaR-based IMs and the SBA-M
- FVA for economic value & incremental pricing
Global Derivatives 2014 - Did Basel put the final nail in the coffin of CSA D...Alexandre Bon
FVA in presence of stochastic funding spreads, Inititial Margins and imperfect collateralisation conditions.
Since the birth of CSA discounting during the GFC, major regulatory changes have been reshaping collateral practices in a way that challenges the fundamental assumptions of the method.
Agenda:
- FVA for economic value & incremental pricing
- FVA via CSA discounting or Exposure simulation
- Funding spreads and exposure co-dependence
- Collateralisation regimes in the New Normal and Initial Margins
A Systematic Approach to Optimizing CollateralCognizant
With high-quality collateral all set to witness increased demand, financial services firm can achieve sizeable savings and competitive edge by rewiring their internal operations.
Collateral management has moved to the top of the agenda for many institutions as a tool to help mitigate credit risk and manage liquidity. This approach has mainly been driven by regulatory changes such as Basel III, Solvency II and G20 requirements pertaining to the central clearing of over the counter (OTC) derivatives. Basel III will require banks to hold more capital against their uncollateralised exposures, which will force more banks to increase their collateral requirements with clients. In turn, financial institutions will have to find the most efficient way for managing their collateral to manage liquidity as uncollateralised trades will become more expensive due to the CVA requirements.
The Hedge Fund Academy will explore the impact proposed regulatory changes will have on collateral management and liquidity requirements for the whole South African Market. Implementing a collateral management process can be challenging and implementing an insufficient collateral management system and process may even result in much greater losses.
Collateral Management and Market Developments - WhitepaperNIIT Technologies
The paper provides a broader view on how technology bridges the gap and also enumerates the best practices that financial institutions must follow to improve collateral management process.
OTC Collateralisation : implementations issues in the context of CVA & FVA
- The ideal CSA hypothesis : Imperfect collateralisation for credit mitigation and/or funding
- FVA vs. CSA-discounting
- Implications in terms of curves calibrations and management
- FVA for Cleared positions
- FVA or CSA-discounting : which funding management model?
RiskMinds - Did Basel & IOSCO put the final nail in the coffin of CSA-discoun...Alexandre Bon
FVA in presence of stochastic funding spreads, Inititial Margins and imperfect collateralisation conditions.
Since the birth of CSA discounting during the GFC, major regulatory changes have been reshaping collateral practices in a way that challenges the fundamental assumptions of the method.
Agenda:
- FVA via CSA discounting or Exposure simulation
- Funding spreads and exposure co-dependence
- Collateralisation regimes in the New Normal and Initial Margins
- FVA/MVA for VaR-based IMs and the SBA-M
- FVA for economic value & incremental pricing
Global Derivatives 2014 - Did Basel put the final nail in the coffin of CSA D...Alexandre Bon
FVA in presence of stochastic funding spreads, Inititial Margins and imperfect collateralisation conditions.
Since the birth of CSA discounting during the GFC, major regulatory changes have been reshaping collateral practices in a way that challenges the fundamental assumptions of the method.
Agenda:
- FVA for economic value & incremental pricing
- FVA via CSA discounting or Exposure simulation
- Funding spreads and exposure co-dependence
- Collateralisation regimes in the New Normal and Initial Margins
A Systematic Approach to Optimizing CollateralCognizant
With high-quality collateral all set to witness increased demand, financial services firm can achieve sizeable savings and competitive edge by rewiring their internal operations.
Facing increased regulatory oversight, more banks are opting for an integrated collateral management system that facilitates collateral optimization in coordination with central clearing counterparties (CCPs).
Long horizon simulations for counterparty risk Alexandre Bon
The Challenges of Long Horizon Simulations in the context of Counterparty Risk modeling : CVA, PFE and Regulatory reporting.
This joint presentation reviews the key decisions that need making regarding the choice of risk factor evolution models and calibration methods. In particular, we will analyse the performance of classical historical calibration methods (such as Maximum Likelihood and the Efficient Method of Moments) in estimating the volatility and drift terms of the Hull & White class of Interest Rate models ; both in terms of convergence and stability.
As most methods perform satisfactorily for volatility but disappoint on the mean reversion estimation, we propose a new modified Variance Estimation method that significantly outperform the classical approaches.
Lastly, after reviewing historical economic evidence of mean-reversion dynmics in high interest rate regime, we propose modifying classical models by making mean reversion non-linear and accelerating for high rates - that can be referred as "+R" models.
This model address unrealistically large and persistent interest rates values often observed at high quantile in PFE and CVA simulations.
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
The spring 2017 Insight newsletter from Quantifi, discussing FRTB and whether it is strengthening market risk practices, and whether banks are prepared for the changes it will bring
Commodity Trading and Risk Management in a Multi-asset Class PortfolioCTRM Center
After a period that saw commodity prices and volatilities broadly collapse, there is every indication that commodities are once again an attractive asset class. Prices and volatilities have been rising again across almost all commodities, and investors have been returning in droves. This was demonstrated by the S&P GSCI, having reached a low point in 2016, before climbing relatively steadily ever since. Meanwhile, low interest rates, solid economic growth across the globe and rising corporate earnings have hoisted equities to record levels early in 2018, before losing some luster recently. Commodities, the basic building blocks of civilized life, are again in demand – both from consumers as well as investors.
Risk Management is a hot topic wherever we go. After the financial crisis and credit crunch hit the world economies the importance of Credit Risk Management emerged even more. Credit Portfolios, Credit Scoring and Creditworthiness of individuals and companies are common terms in the everyday life of the financial sector.
Facing increased regulatory oversight, more banks are opting for an integrated collateral management system that facilitates collateral optimization in coordination with central clearing counterparties (CCPs).
Long horizon simulations for counterparty risk Alexandre Bon
The Challenges of Long Horizon Simulations in the context of Counterparty Risk modeling : CVA, PFE and Regulatory reporting.
This joint presentation reviews the key decisions that need making regarding the choice of risk factor evolution models and calibration methods. In particular, we will analyse the performance of classical historical calibration methods (such as Maximum Likelihood and the Efficient Method of Moments) in estimating the volatility and drift terms of the Hull & White class of Interest Rate models ; both in terms of convergence and stability.
As most methods perform satisfactorily for volatility but disappoint on the mean reversion estimation, we propose a new modified Variance Estimation method that significantly outperform the classical approaches.
Lastly, after reviewing historical economic evidence of mean-reversion dynmics in high interest rate regime, we propose modifying classical models by making mean reversion non-linear and accelerating for high rates - that can be referred as "+R" models.
This model address unrealistically large and persistent interest rates values often observed at high quantile in PFE and CVA simulations.
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
The spring 2017 Insight newsletter from Quantifi, discussing FRTB and whether it is strengthening market risk practices, and whether banks are prepared for the changes it will bring
Commodity Trading and Risk Management in a Multi-asset Class PortfolioCTRM Center
After a period that saw commodity prices and volatilities broadly collapse, there is every indication that commodities are once again an attractive asset class. Prices and volatilities have been rising again across almost all commodities, and investors have been returning in droves. This was demonstrated by the S&P GSCI, having reached a low point in 2016, before climbing relatively steadily ever since. Meanwhile, low interest rates, solid economic growth across the globe and rising corporate earnings have hoisted equities to record levels early in 2018, before losing some luster recently. Commodities, the basic building blocks of civilized life, are again in demand – both from consumers as well as investors.
Risk Management is a hot topic wherever we go. After the financial crisis and credit crunch hit the world economies the importance of Credit Risk Management emerged even more. Credit Portfolios, Credit Scoring and Creditworthiness of individuals and companies are common terms in the everyday life of the financial sector.
NEW STANDARDS ON ASSET SERVICING AND LIQUIDITY MANAGEMENTLászló Árvai
As for CSDs, T2S represents a mix of opportunities and threats for global custodians. So we can state that there will be a number of different business models able to fit with the various different scenarios that can be drafted. Some of those models may also overlap with the ones of other T2S actors.
Building out a Robust and Efficient Risk Management - Alan CheungLászló Árvai
Credit Derivatives are off-balance sheet financial statements that permit one party to transfer the risk of a reference asset, which it typically owns, to another one party (the guarantor) without actually selling the assets.
De-risking Renewable Energy InvestmentsLászló Árvai
With increasing costs of installation in traditional fossil fuels, Renewable Energy resources are becoming more and more competitive and a new era is emerging on the global energy market.
The future of the OTC Derivative Market - Eugene stanfieldLászló Árvai
Impact of mandatory central clearing on OTC derivatives
Cost of doing business
Collateral management efficiency
Regulations still to shape how we do business
Has the initial goal of bringing order to the financial markets been achieved?
Has there been an overreaction and new regulations have inhibited the free market system and specifically liquidity?
What clarity of legal thought has now evolved which can be trace through the various regulations and does it enhance established legal principles?
Is there now an emerging need for deregulation to re-dress the balance of new regulations?
2
Are CCPs here to manage risk or instead to cause it?
•Changing environment: security vs capital efficiency
•Diversity killed by regulation?
•CCP default scenario: recovery vs resolution
2
100 mln clients 6 countries 70,000 employees
TOP-3 best employers
85% vacancies are closed by internal candidates
TOP-10 best companies for leaders in Russia (2014)
Raise Efficiency of Procurement to Support Substantial CAPEX ProgrammeLászló Árvai
Ensures the supply of electricity to over
18 million people in Germany
- Transmission System Operator for Berlin,
Brandenburg, Hamburg, Mecklenburg-
Western Pomerania, Saxony, Saxony-Anhalt
and Thuringia;
active in nine German Länder
CLEAR OR NOT CLEAR? CURRENT TRENDS ON THE OTC DERIVATIVES MARKETLászló Árvai
The objectives of regulators and market participants have thus become aligned. While regulators are looking to enhance prudential supervision by
requiring more rigorous capital and liquidity adequacy standards, credit institutions are looking to improve the quality of their asset base both to
reduce credit and counterparty risk and to improve their liquidity profile.
Collateral optimization and Risk Management: a buy side perspective - Enrico ...László Árvai
Address the counterparty, market and credit risk
challenge to develop risk management measures
against market distress
Assess operational risk throughout the collateral
management process
Credit Risk Losses | Real Losses Are they inconsistent?László Árvai
Focusing on:
• Contracting a new deal
• Good and properous customer relationship
• To have nice conversation
• Learn all the needs of his client
• Write a loan application
• Fill in the forms of the system
• Cope with all the compliance „handicaps“
• Analyse the business plan, the forecast, …
CHALLENGES FOR A CRO IN A NEARLY GONE CONCERN OPERATING ENVIRONMENTLászló Árvai
Banca Marche is a very typical commercial retail bank, offering a wide range of products and services… … at the end of 2012 (last official figures available)… was among the first 20 Italian banks in terms of total assets (23 bln) had a very high market share in Marche Region (25%, 23% deposits and 20% branches) and about 1% of whole Italian market share (1,0% loans, 0,8% deposits and 1,0% branches)
The July 2015 Insight newsletter, discussing the changing regulatory landscape and including a conversation with Matthew Lynes, Senior Investment Manager at Aberdeen Asset Management
Conversation with Matthew Lynes, Aberdeen Asset Management. Buy-Side System Requirements - Whitepaper by Quantifi and OTC Partners. The Cost of Collateral - Webinar Survey.
NICSA Webinar | Collateral Management Market Practices and New Legislation Im...NICSA
The presentation is designed to give employees of buy side firms who currently trade OTC derivatives a basic knowledge of current collateral management market practices. The presentation will also provide background on the motivation for proposed rule changes to collateralization of OTC derivatives, a brief overview of the proposed rules, the timing of their implication, how the industry has responded in the face of new legislation and what the implications of the new rules are for affected firms.
Learn how you can empower business people in making right decision at right time with business agility that includes both SPEED and ACCURACY……with CONTROL. #BRMSWebinar #BRMS
The aftermath of the share class haggle in UK retail investments, post RDRDavid Taylor
As the Retail Distribution Review took effect in the UK in 2013, many expected distributors of investment products to win the haggle with product providers.
This didn't happen. But the aftermath leaves as many questions unanswered by the industry. This presentation paints some scenarios and explores the implications for action
Changing Face of Chapter 11 January 2014Ted Stenger
Finance and Legal experts on the changes in Chapter 11 including the end of Mega case, turnarounds in Chapter 11 are dead and the rush to get in and out of Chapter 11
1. The Business Model of Banking and how institutions will have to adapt themselves to the new regulatory environment
2. Investments in capital and human resources
3. Changes/improvements to the Banks’ technology capacity and structure
4. Business Profitability, Staff Compensation and Competitiveness
Capital market firms are making decisions on which business lines, asset classes and services to keep and operate and which ones to exit. Regulatory reform and the
clearing mandate are driving the firms to consolidate their traditional exchangetraded derivatives (Futures and Options) and OTC derivatives into a single clearing
business, even while bi-lateral, uncleared derivatives will continue to co-exist with cleared products.
Inonvate Finance_Membership and Regulatory Sandboxes_15DecInnFin
This presentation was used by Innovate Finance in a first response to how the FCA Sandbox Project might map onto Innovate Finance Programmes and Policy Work and how a Virtual and an Umbrella Sandbox might be delivered.
Progress Corticon delivers the agility needed to move quickly and stay compliant, while serving the ever-changing needs of businesses.
Progress Corticon separates business rules from code, so both IT and business people can quickly create or modify rules using an intuitive interface. In collaboration with IT, business analysts can identify and deploy automated business rules, freeing IT to focus on innovation.
An Outline for Federal Officials Advocating the Use of Fintech SandboxesRoberto Irizarry
• Identified lessons from foreign sandboxes & generated rationale for the use of AI in US financial system.
• Developed targeted arguments to permit testing of AI in FinTech sandboxes. Provided an outline on how to implement a Regulatory Sandbox in the complex US regulatory environment.
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
Similar to Buy Side Challenges in the Field of Collateral Management - Marc Peter Jahncke (20)
Medicines Verification Systems in Europe – a perspective from wholesale distr...László Árvai
The Falsified Medicines Directive and its Delegated Regulation on Safety Features
European Medicines Verification Organisation (EMVO) and the roll-out of National Medicines Verification Systems
GIRP and wholesale distributors perspectives on medicines verification systems
Impact on the actors in the supply chain
Best Practices in the Field of Serialization and Safe Supply Chain László Árvai
GS1 – and global standards • ABC – Argentina, Brasil, China and other countries – what is the world doing beyond Europe? • Serialisation – how and when? • Visibility in the supply chain – reality or myth • Patient Safety and the “Level below the Each”
The transparency of securities financing transactions in the EULászló Árvai
Capital Markets Union (CMU)
•EU capital markets are global
•Considerable progress has been made
•But inefficiencies, legal barriers, insufficient competition remain.
•Markets need to work better for the economy, delivering growth and jobs.
Potential career path between profilesLászló Árvai
Architects
Business
Development
Governance
Group IT - job profiles
Infrastructure
IT Development
IT Operations (development)
IT Service
Management
Management
Project Management
Security
Staff
Test Management
Agenda
Danske Bank IT – A Global Workforce
Career Path project vision and overview
Job profile example
Presentation of speaker
Paradigm shifts of IT Competencies
CSDR Technical Standards and Technical AdviceLászló Árvai
Presentation to explain ESMA’s on-going involvement in the drafting of
the CSDR Level 2 requirements
Outline of ESMA’s role in the Level 2 process
Reference to main stakeholder feedback to the ESMA consultation
papers and the related ESMA responses
Questions
What affects interview
• Overconfidence!
• Biases
- First impressions
- Stereotypes
- Like me/I like you
- Halo/horns
• Poor planning for interview (lack of knowledge of role and/or criteria)
• Poor decision making
• Lack of interviewing skills (questioning, listening, note taking, evaluating)
Why could this presentation be relevant for you?
IF you have: - duplications in your organisation
-unclear processes
-unclear responsibilities Or: - It is not clearly defined, who your internal consumers are - What are the real added value activies? - You do not exactly know how measure the effectiveness?
The post trade challenges of implementing CSDR settlement discipline: Mandato...László Árvai
What is a buy-in, and how do they work?
What is cash compensation?
The challenges of buy-ins and cash compensation
CSDR Level 1 and mandatory buy-ins
The Level 2 ESMA Consultation Paper: the 3 options for a buy-in mechanism
The challenges with the options
Conclusion (the need to amend the Level 1 text)
CSDR Mandatory Buy-ins
1 . How did we get into this mess
•Ukraine is one of only two countries of the FSU yet to recover to its 1991 level of GDP
–Total reform failure
–Got democracy but Yanukovych was a bad choice
•In the last decade Russia has been transformed into a “normal” country
(albeit with a lot of problems)
G20 (2009): Strengthen loan loss accounting using broader
range of information aiming at greater stability
IFRS 9: 3S-approach replaces Incurred Loss (IL)-approach
Basel Committee Guidelines: Are claims justified?
higher model quality and backtesting
Macroeconomic projections
Denouncing shortcuts (e.g. 30d past due)
For lack of empirical evidence: Let’s use simulations
Revolving 10Y-loan portfolio, infinitely granular follows Moody’s
US-Corp. migration statistics, transfer S1/2: 3notch downgrade
(papers.ssrn.com/sol3/papers.cfm?abstract_id=2187515
A new European framework for resolution cases: the BRRDLászló Árvai
1.The control of State aid during the financial crisis
2.A new comprehensive framework: the BRRD
3.Implementation of the BRRD and upcoming challenges
This presentation reflects the view of the author and does not express the view of the European Commission.
A new European framework for resolution cases: the BRRDLászló Árvai
1.The control of State aid during the financial crisis
2.A new comprehensive framework: the BRRD
3.Implementation of the BRRD and upcoming challenges
This presentation reflects the view of the author and does not express the view of the European Commission.
Danske Bank — Version and strategy
The Risk function in Personal Banking
Building an Oprisk framework
How do you influence the risk culture
Improving risk culture through 1:1 risk attention
Improving risk culture through measurement
Improving risk culture — Empowerment & consequences
A Cook-Book for Your Unique Employee Engagement MenuLászló Árvai
…top 10 Google search results yield 9 different answers:
•Empowerment
•Leadership
•Recognition
•Employee well-being
•Ability to grow and develop
•Strong developmental relationship between
a leader and subordinates
•Managers
•Senior Management’s interest in employee well-being
•Trust
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Buy Side Challenges in the Field of Collateral Management - Marc Peter Jahncke
1. Buy Side Challenges in the Field
of Collateral Management
Marc Jahncke, State Street
May 28th, 2015
2. The Evolution of Collateral Management
Buy Side Challenges
Collateral Optimization
Industry Initiatives & Utilities
Agenda
3. Pre-crisis Era
• Prior to 2009, strict regulations did not exist on
collateralized products. Over-the-counter
derivatives were traded under an ISDA Master
Agreement or long form confirmation
• Not all swaps were collateralized
• Those companies that did collateralize trades
under a CSA did so based on terms agreed
between the two parties
• Very little initial margin was exchanged. IM
requirements were based on internal credit and
risk reviews of the counterparty
• Collateral management was viewed solely as a
back-office function
• A means to an end to trade certain products
• Operations were performed in silos on outdated,
retrofitted, or offline technology platforms
Back-office
function
Operating in silos
Minimal
regulation
Marc Jahncke, GLC Collateral Management Forum 2015
3
4. • Post 2009, massive regulations hit the derivatives
market. Most notably Dodd-Frank in the US and
EMIR in Europe
• Companies rushed to consolidate their operations
and technology for a full view of the underlying
exposures and collateral positions
• The terms collateral optimization and
transformation begin to take hold as the future of
collateral management
• Margin call management becomes an important
operational step and is continuously changing due
to new players in the market and new regulations
(i.e., IM and VM, portfolio bifurcation, etc.)
Optimization
Transformation
Consolidation
Following the Crisis – Current State and Goals
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Marc Jahncke, GLC Collateral Management Forum 2015
5. • As more and more regulations come into effect
everyone needs to be able to move collateral
quickly and efficiently
• Automation and integration will be key for
companies with increasing collateral requirements
• Connection to various up and coming market
infrastructures will be vital in this setup
• Consolidated perspective on collateral sources as
well collateral needs has to be available to all
stakeholders at any point in time
Market
Infrastructure
Integration
Collateral Gatekeeper
Traditional
margin call
management
behind us
Future State of Collateral Management
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Marc Jahncke, GLC Collateral Management Forum 2015
6. The Evolution of Collateral Management
Buy Side Challenges
Collateral Optimization
Industry Initiatives & Utilities
Agenda
7. Region Regulation Product Client Types
EMEA ESMA
• ETF
• Securities Lending
• Repo
• UCITS
EMEA AIFMD • All collateralized products • Alternative Investment Funds
EMEA EMIR
• OTC derivatives
• Cleared swaps
• Asset Managers
• Pension Funds
• UCITS (EMEA)
• 1940 Act Funds (US)
• Investment Managers
• Asset Owners
• Insurance
• Re-insurance
• Banks
• Non-financial corporates
EMEA
ICMA ERC – Repo Margining Best Practices –
2012
• Repo
US Dodd-Frank Title VII
• OTC derivatives
• Cleared swaps
US
TMPG (Treasury Market Practices Group)
Agency MBS Recommendation
• Forward-settling agency MBS (TBA,
CMOs, Specified pools)
Global
Basel (BCBS) / IOSCO Rules for non-cleared
margin
• OTC derivatives
APAC - Australia Corporations legislation amendment
• OTC derivatives
• Cleared swaps
APAC - HK Securities and futures ordinance
• OTC derivatives
• Cleared swaps
APAC - Japan
Financial Instruments and Exchange Act of
2010 / 2012
• OTC derivatives
• Cleared swaps
APAC - Singapore Securities and Futures Act of 2012
• OTC derivatives
• Cleared swaps
APAC - China Insurance regulatory commission • OTC derivatives • Insurance
Global Regulatory Impacts
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Marc Jahncke, GLC Collateral Management Forum 2015
8. Technology
Volume
Velocity
Expense
Reporting
Optimization
A bifurcated portfolio of CCP and un-cleared swap margining will
require dual processes. Substantial increase of collateral
transactions will put strain on current applications
Collateral in circulation estimated to increase due to enhanced
collateral requirements
The need to quickly mobilize collateral is increasing. There must
be an understanding of how much collateral is needed and
where it is required in a much more efficient manner than today
Clients will require more robust reporting capabilities from their
service providers, FCMs and CCPs
By optimizing collateral, clients are able to more efficiently
manage their asset inventory with the impending shortage of
high-quality, eligible collateral
Operational complexities will drive up cost and consequently
firms will look to outsource operations
Transformation
For those companies that cannot source eligible collateral
internally there is a need to transform or enhance their collateral
in inventory to higher quality eligible collateral
Industry Drivers
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Marc Jahncke, GLC Collateral Management Forum 2015
9. • Meeting new collateral demands
Increased volume of collateral in
circulation
Increased frequency and number of
margin calls
• Trade reporting
• Potential high quality, eligible collateral
shortfall
Pre-trade analytics
Collateral optimization
Collateral transformation
Consolidation of collateral operations
Efficiently managing asset inventory
using collateral optimization rules such as
cheapest to deliver
Ability to perform what-if scenario
analysis on a pre-trade basis
Implementation of various market
infrastructures
From collateral management to collateral eco-
system
Addressing Challenges
Key Challenges
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Marc Jahncke, GLC Collateral Management Forum 2015
10. • Central Clearing
• Implementation of un-cleared swap
margin rules
Global fragmentation of rules (US,
EMEA, APAC)
Calculation of IM (model vs. standard
schedules)
Segregation of IM
Possible currency silos to avoid
additional haircuts on collateral
4 year phase-in from Sep 1st 2016 – Dec
1st 2020
Re-negotiation, re-papering of CSAs
to include new regulations
Ensure systems are enhanced
to include new terms and
calculations including margining
at currency level
Implementation of initial margin
model using SIMM as template
(ISDA model)
Addressing Challenges
Key Challenges (continued)
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Marc Jahncke, GLC Collateral Management Forum 2015
11. The Evolution of Collateral Management
Buy Side Challenges
Collateral Optimization
Industry Initiatives & Utilities
Agenda
12. What is collateral optimization?
• Collateral optimization is the process by which a firm decides how best to allocate its collateral held in
inventory to individual collateral requirements. These decisions are made on an automated basis and
involve the following parameters:
– Collateral requirements (product agnostic)
– Eligibility criteria along with haircut schedules and concentration rules
– Asset inventories
– Collateral pledged or held
– Optimization rules such as ‘cheapest to deliver’, minimize settlement costs, longest maturity,
ratings hierarchies
Why is collateral optimization important?
• Due to increasing regulations in the derivatives market, it is likely that there will be a shortage of high
quality collateral available in the marketplace. Collateral optimization provides a way to efficiently
manage clients’ collateral inventories against their margin requirements
Collateral Optimization
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Marc Jahncke, GLC Collateral Management Forum 2015
13. Outputs
Reporting Transaction Management
Optimizer
Rules Engine
(algorithms)
Asset Inventory
Allocation
Inventory
Management
Substitutions and
Rehypothecation
Collateral and Custody System Inputs
Collateral
Pledged/Held
Collateral
Requirements
Agreement Terms Collateral Inventory
Optimization Flow
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Marc Jahncke, GLC Collateral Management Forum 2015
14. The Evolution of Collateral Management
Buy Side Challenges
Collateral Optimization
Industry Initiatives & Utilities
Agenda
15. • Electronic Margin Call messaging
• Secure transfer of collateral calls
integrated into collateral systems
• Increased automation, reducing manual
process and error
• Provides real time visibility into any
dispute and exposures
• Robust reporting and dashboard views
AcadiaSoft
• Post trade infrastructure initiative
• Industry utility providing proactive
reconciliation services mitigating disputes
between parties
• Mitigates manual processes through
automation of dispute management and
reconciliation with the counterparty
online, in real time
TriOptima
AcadiaSoft and TriOptima
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Marc Jahncke, GLC Collateral Management Forum 2015
16. Matching engine for
margin calls
Create margin call
record (per entity)
Enhance matched and
calculated margins to
settlement instructions
(use of SSI’s, LEI’s)
Send pledge, transfer
and bilateral payment
instructions to
custodians, depositories
etc. upon enrichment
Receive and record
settlement status
Report the collateral
activity and positions
DTCC Margin Transit Utility (MTU)
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Marc Jahncke, GLC Collateral Management Forum 2015
17. Consolidates users’ assets under a single inventory and
collateral management system
Optimizes and allocates mutual assets meeting
exposure requirements in the EU and US regions
Assets will remain on the books of depository, while
accounts are opened in the other depository
Collateral allocations and settlement obligations will
fully integrate with the relevant depository
Reduces settlement failures and bottlenecks in the
collateral management process
Collateral
Management
Utility
DTCC/Euroclear Collateral Management Utility (CMU)
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Marc Jahncke, GLC Collateral Management Forum 2015