This lecture has been part of the European and International Financial Institutions module at Glasgow-Caledonian University (GCU) and was delivered by Markus Krebsz on 7th March 2013 in London.
Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them.
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The Central Bank of Egypt “CBE” has adopted IFRS in year 2008. In specific IAS 39 has a discussion about implementing a model that can derive the incurred credit losses for a pool of receivables/ loans, which was quite open for market development & practical initiatives.
From the part of the CBE, it has adopted same approach, which led to some wide different market practices, logic, and interpretations, which sometimes have been questionable on a wide scale basis!
So, I've thought to develop some sort of materials that can serve as a practical guidance for quantifying the credit risk, using different simple models, based on Basel II definitions of the risk components.
The intended users of this material are the credit risk professionals who conduct risk analysis, implement risk management policies, or/and are in charge of quantifying the credit risk for a loan portfolio (corporate & retail).
Also, other professionals or officers complying with IFRS, or CBE GAAP.
Knowledge management for analytic teams jaime fitzgerald and alex hasha - p...Fitzgerald Analytics, Inc.
1. Knowledge management is important for analytic teams to avoid common pitfalls like work being hard to understand, impossible to verify, flawed, or inefficient. It helps by establishing standards, sharing lessons learned, and avoiding duplicating work.
2. At Bundle, knowledge management supports their workflow by standardizing definitions, algorithms, and processes through a wiki and persistent code. This helps onboarding and allows progress to build over time.
3. Effective knowledge management is essential for technical work since it draws on more dimensions of knowledge than can be managed informally. It must be customized to each team's workflow and thought processes.
The document discusses innovation in higher education over the past 100 years. It notes that while technology in K-12 education has not always matched needs, higher education is now seeing disruptive innovations like MOOCs, online learning platforms, and new companies driving changes. However, some argue higher education costs have risen due to factors like Baumol's cost disease rather than lack of productivity gains. The document examines examples of current innovations and asks whether things like open courseware and smart classrooms truly qualify as innovative or disruptive to higher education.
Small Business Analytics Presentation for Service Based Business at Toronto's...Matthew Hunt
This presentation was for Toronto's inbound marketing meetup group. It covers 4 basic reports for small businesses with a focus on service based businesses.
For more details on this presentation visit: http://www.smallbusinessonlinecoach.com/blog/tips/torontos-meetup-inboundto-google-analytics/
The document discusses marketing trends in higher education for 2013. The key trends included content marketing being important, the evolving role of social media, focusing on mobile-friendly websites, innovative lead generation techniques, international student recruitment, and improved analytics. Content and sharing it across different social media platforms was important for engagement. Mobile usability and responsiveness became priorities as more prospective students accessed websites from mobile devices. Schools implemented new lead generation like gamification and text messaging. International recruitment grew more competitive with a focus on countries like China, India, and South Korea. Analytics solutions helped schools measure and improve performance.
An integrated Digital Marketing strategy for a hypothetical brand called Profecs education.
The objective is to create a digital presence through the social channels to promote the brand; its products, service features & create engagement and achieve 20 admissions in 2 months.
The document outlines a 9 step plan for universities to create an international student recruitment plan: 1) Understand growth trends in international mobility, 2) Develop a culture of internationalization, 3) Test markets through paid search, 4) Optimize websites and content for international audiences, 5) Leverage social media, 6) Ensure quick response to inquiries, 7) Provide virtual tours and online advising, 8) Develop partnerships and alumni networks, 9) Track results and adjust strategies. The plan emphasizes understanding different markets and providing personalized experiences online and during the admissions process.
Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them.
Market Practice Series (Credit Losses Modeling)Yahya Kamel
The Central Bank of Egypt “CBE” has adopted IFRS in year 2008. In specific IAS 39 has a discussion about implementing a model that can derive the incurred credit losses for a pool of receivables/ loans, which was quite open for market development & practical initiatives.
From the part of the CBE, it has adopted same approach, which led to some wide different market practices, logic, and interpretations, which sometimes have been questionable on a wide scale basis!
So, I've thought to develop some sort of materials that can serve as a practical guidance for quantifying the credit risk, using different simple models, based on Basel II definitions of the risk components.
The intended users of this material are the credit risk professionals who conduct risk analysis, implement risk management policies, or/and are in charge of quantifying the credit risk for a loan portfolio (corporate & retail).
Also, other professionals or officers complying with IFRS, or CBE GAAP.
Knowledge management for analytic teams jaime fitzgerald and alex hasha - p...Fitzgerald Analytics, Inc.
1. Knowledge management is important for analytic teams to avoid common pitfalls like work being hard to understand, impossible to verify, flawed, or inefficient. It helps by establishing standards, sharing lessons learned, and avoiding duplicating work.
2. At Bundle, knowledge management supports their workflow by standardizing definitions, algorithms, and processes through a wiki and persistent code. This helps onboarding and allows progress to build over time.
3. Effective knowledge management is essential for technical work since it draws on more dimensions of knowledge than can be managed informally. It must be customized to each team's workflow and thought processes.
The document discusses innovation in higher education over the past 100 years. It notes that while technology in K-12 education has not always matched needs, higher education is now seeing disruptive innovations like MOOCs, online learning platforms, and new companies driving changes. However, some argue higher education costs have risen due to factors like Baumol's cost disease rather than lack of productivity gains. The document examines examples of current innovations and asks whether things like open courseware and smart classrooms truly qualify as innovative or disruptive to higher education.
Small Business Analytics Presentation for Service Based Business at Toronto's...Matthew Hunt
This presentation was for Toronto's inbound marketing meetup group. It covers 4 basic reports for small businesses with a focus on service based businesses.
For more details on this presentation visit: http://www.smallbusinessonlinecoach.com/blog/tips/torontos-meetup-inboundto-google-analytics/
The document discusses marketing trends in higher education for 2013. The key trends included content marketing being important, the evolving role of social media, focusing on mobile-friendly websites, innovative lead generation techniques, international student recruitment, and improved analytics. Content and sharing it across different social media platforms was important for engagement. Mobile usability and responsiveness became priorities as more prospective students accessed websites from mobile devices. Schools implemented new lead generation like gamification and text messaging. International recruitment grew more competitive with a focus on countries like China, India, and South Korea. Analytics solutions helped schools measure and improve performance.
An integrated Digital Marketing strategy for a hypothetical brand called Profecs education.
The objective is to create a digital presence through the social channels to promote the brand; its products, service features & create engagement and achieve 20 admissions in 2 months.
The document outlines a 9 step plan for universities to create an international student recruitment plan: 1) Understand growth trends in international mobility, 2) Develop a culture of internationalization, 3) Test markets through paid search, 4) Optimize websites and content for international audiences, 5) Leverage social media, 6) Ensure quick response to inquiries, 7) Provide virtual tours and online advising, 8) Develop partnerships and alumni networks, 9) Track results and adjust strategies. The plan emphasizes understanding different markets and providing personalized experiences online and during the admissions process.
Risk Rating Improvements for the ALLL in Banks and Credit UnionsLibby Bierman
Risk Ratings will play a pivotal role under CECL at banks and credit unions. In this presentation, find out how to improve risk rating systems, including PD/LGD or Probability of Default as well as internal matrices.
The document provides an overview of financial institutions group (FIG) investment banking, including typical roles, products and services in FIG, as well as learning objectives and sections for understanding FIG concepts like benchmarking analyses, capital roll forwards, and risk management. It defines FIG as the investment banking group that provides capital raising and advisory services for financial institutions like banks, insurance companies, and asset managers.
This document discusses credit appraisal systems used by banks. It begins with background on how high levels of non-performing assets (NPAs) can hamper bank operations. It then discusses the differences between credit appraisal and project appraisal, with credit appraisal focusing on a borrower's creditworthiness rather than alternative projects. The document outlines the four pillars of credit assessment as repayment, remuneration, relationship, and reputation. It also discusses the financial and non-financial aspects evaluated in credit appraisal systems as well as features and functionalities of credit appraisal software solutions.
150602 IMPERIAL PRMIA Student Event (Attendees) Markus Krebsz
This document provides lessons and tips for working in risk management and financial markets. It discusses important personal traits like having a positive attitude, emotional intelligence, and work-life balance. Professional values of integrity, ethics and understanding firm culture are also covered. Opportunities in risk management involve understanding different roles across desks, industries and staying up to date on changes. The appendix lists contact details and publications for further resources.
How Prepared Is Your Bank for an Appraisal Compliance Audit?EDR
The document discusses best practices for appraisal compliance audits. It provides tips for financial institutions on what examiners look for during audits, including ensuring appraisal independence, complying with regulatory guidance, and having proper policies and procedures. The document outlines potential penalties for non-compliance and provides strategies for institutions to prepare for, participate in, and follow up after an audit.
The FASB is expected to release its CECL or Current Expected Credit Losses Model in Q1 of 2016. The new accounting standard will impact the way banks calculate their allowance for loan and lease losses, forcing institutions to make some procedural changes to the way they account for credit risk.
CECL - The Relationship Between Credit and FinanceLibby Bierman
CECL planning requires collaboration between a bank or credit union's credit and finance functions for the aggregation and analysis of credit loss history. In these slides, find out how decisions made early in your implementation process will influence your ability to leverage results/outputs.
Credit Unions will have to alter they way they account for credit losses as part of their allowance for loan and lease losses, assuming the FASB finalizes the CECL accounting standard in Q1 of 2016. In this presentation, learn what is changing for credit unions' ALLL and how to prepare.
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The document discusses the importance of credit manager selection and outlines some key pitfalls to avoid. It notes that monthly return dispersion between credit managers has widened significantly since mid-2007. When designing a mandate, one must be specific about the targeted sector to avoid unwanted risks, choose an appropriate benchmark, and be aware of unintended consequences from incentives. In manager selection, relying too heavily on past performance could ignore the skills needed in the current environment. The document emphasizes that selecting the right credit manager with the skills suited to the current market is essential.
enableIT is a global company that provides expertise in capital markets. It has customers including sell-side institutions like investment banks and brokers, buy-side institutions like investment managers and hedge funds, and solution providers. enableIT focuses on capital market solutions and information risk management across equities, commodities, derivatives, fixed income, forex, and prime brokerage. It helps customers with electronic trading, risk management, data management, and governance, regulatory, compliance, and controls. enableIT works on both a time and expense model and a project basis with fixed bids or capped time and expenses.
Triple Your Chances of Project Success discusses the importance of requirements and risk management to project success. It notes that defining requirements and scope is critical to delivering projects on time and on budget. Not having a clear scope and requirements leads to increased risks such as cost overruns, schedule delays, and failure to meet stakeholder needs. The document recommends taking steps such as involving stakeholders, defining objectives, managing requirements changes, and following a formal requirements process to reduce risks and improve the chances of project success.
The document summarizes the current state of British credit unions and identifies challenges they face. It notes that while credit union membership and assets have grown in recent years, adult membership remains low at under 2% of the population. It also discusses how credit unions primarily offer one loan product but that consumers prioritize options like credit cards that allow flexibility and convenience. The document hypothesizes that credit unions mostly loan to those who can't access other lenders. It advocates for credit unions providing a wider range of products as seen in more successful movements internationally. Finally, it outlines key themes in improving governance and issues in ongoing credit union regulation reforms.
Wednesday 6 March 2019
presented by
Andrew Wright, Frank Curtolo and Baney Young
The link to the write up page and resources of this webinar:
https://www.apm.org.uk/news/quality-requirements-and-success-webinar/
Discounted Cash Flow Methodology for Banks and Credit UnionsLibby Bierman
As institutions prepare for the CECL or current expected credit loss model for the allowance for loan and lease losses (ALLL), institutions are prudently learning the various methodologies available to them. Discounted Cash Flow or DCF is one proposed methodology. This session presents best practices and use cases for the ALLL methodology. See the recording: http://web.sageworks.com/dcf-webinar/
Data Refinement: The missing link between data collection and decisionsVivastream
The document discusses the importance of data refinement between data collection and decision making. It emphasizes the need to transform raw data into useful insights through techniques like data summarization, categorization, and predictive modeling in order to provide accurate marketing answers and improve targeting, costs, and results. Specifically, it recommends structuring data into a model-ready environment, creating descriptive variables from transaction histories, matching data to the appropriate analytical goals and levels, and categorizing non-numeric attributes.
The Essential Product Owner - Partnering with the teamCprime
Bob Galen shares real-world stories where he’s seen “effectively partnered” teams and Product Owners truly deliver balanced value for their business stakeholders. In this session he’ll show you how story mapping and release planning can truly set the stage for effective team workflow—establishing a “Big Picture” for everyone to shoot for. How establishing shared goals, both at the iteration and release levels, truly cements the partnership between team and Product Owner. And finally, how setting a tempo of regular, focused backlog grooming sessions establishes a mechanism for the team and Product Owner to explore well-nuanced and high value backlogs.
This document discusses credit scoring on a worldwide scale and lessons learned. It addresses that high granularity of scores using detailed market data can help guarantee optimal use of data. It also discusses blending multiple credit scoring models, standardizing score presentation across models, and defining quality criteria for credit scores, including technical measures, coverage, and customer services. Experiences discussed include more educated customers, recognizing the value of credit information, needing more frequent model calibration during crises, and breaking down barriers between information suppliers and users.
20161215 A New Dawn for Municipal Financing Instruments (long) - LexologyMarkus Krebsz
The document discusses sources of financing available to local authorities in the UK for infrastructure projects. It notes that the recent Autumn Statement provided additional funding through a National Productivity Investment Fund that local authorities can access. While local authorities traditionally borrow through the Public Works Loan Board, some have also accessed private markets through bonds and loans. The article outlines various statutory protections that provide comfort to private lenders, such as requirements for balanced budgets and provisions preventing default.
This document provides a progress report on the activities of the UNECE Group of Experts on Managing Risks in Regulatory Systems (GRM) as of September 2016. It outlines the GRM's development of risk management methodologies and recommendations, implementation of recommendations through field projects, and contributions to the risk management work of other international organizations. It proposes continuing the GRM's work to assist regulatory authorities in applying risk management tools to support the UN Sustainable Development Goals.
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Risk Ratings will play a pivotal role under CECL at banks and credit unions. In this presentation, find out how to improve risk rating systems, including PD/LGD or Probability of Default as well as internal matrices.
The document provides an overview of financial institutions group (FIG) investment banking, including typical roles, products and services in FIG, as well as learning objectives and sections for understanding FIG concepts like benchmarking analyses, capital roll forwards, and risk management. It defines FIG as the investment banking group that provides capital raising and advisory services for financial institutions like banks, insurance companies, and asset managers.
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The FASB is expected to release its CECL or Current Expected Credit Losses Model in Q1 of 2016. The new accounting standard will impact the way banks calculate their allowance for loan and lease losses, forcing institutions to make some procedural changes to the way they account for credit risk.
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CECL planning requires collaboration between a bank or credit union's credit and finance functions for the aggregation and analysis of credit loss history. In these slides, find out how decisions made early in your implementation process will influence your ability to leverage results/outputs.
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The document discusses the importance of credit manager selection and outlines some key pitfalls to avoid. It notes that monthly return dispersion between credit managers has widened significantly since mid-2007. When designing a mandate, one must be specific about the targeted sector to avoid unwanted risks, choose an appropriate benchmark, and be aware of unintended consequences from incentives. In manager selection, relying too heavily on past performance could ignore the skills needed in the current environment. The document emphasizes that selecting the right credit manager with the skills suited to the current market is essential.
enableIT is a global company that provides expertise in capital markets. It has customers including sell-side institutions like investment banks and brokers, buy-side institutions like investment managers and hedge funds, and solution providers. enableIT focuses on capital market solutions and information risk management across equities, commodities, derivatives, fixed income, forex, and prime brokerage. It helps customers with electronic trading, risk management, data management, and governance, regulatory, compliance, and controls. enableIT works on both a time and expense model and a project basis with fixed bids or capped time and expenses.
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CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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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.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
[4:55 p.m.] Bryan Oates
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The Credit Crisis and beyond: Lessons from the Financial Crisis & Sound Practice Principles
1. The Credit Crisis
and beyond:
Lessons from the Financial Crisis
& Sound Practice Principles
Markus Krebsz
7 March 2013, London
European & International Financial Institutions lecture
2. 1) Lessons from the Financial Crisis
Lesson 1: Data, Disclosure and Standardization
Lesson 2: Due diligence
Lesson 3: Deal motives
Lesson 4: Arbitrage
Lesson 5: Rating shopping & Over-reliance on ratings
Lesson 6: Models, Assumptions & Black boxes
Lesson 7: Proprietary analysis & Risk management
Lesson 8: Senior management awareness
Lesson 9: Lack of drill-down capability
Lesson 10: Mark-to-market, Mark-to-model & Illiquidity
________________________________________________________________________________________________________________________
Source: “Securitization & Structured Finance
post Credit Crunch” – Part I
2
7. Due diligence
• Activities investors should undertake prior to
purchasing new or secondary market bond issuance
• CRAs don’t do “due diligence” but only “servicer
reviews” – investors don’t always know this
• Thorny issues & digging deeper: not really
• CRAs are always conflicted in their opinion given
that they are paid by the bond issuer for the rating!
• Issuer pays model (since 1970)
7
9. Deal motives
• Investors need to ask more questions such as:
“What is in it for us?” (i.e. the investors)
AND
“What is in it for THEM?” (i.e. the issuers)
• Plausible explanation for a particular deal?
• Why has the deal been structured?
• Capital structure of the transaction?
9
11. Arbitrage
• Financial motivation, such are arbitrage
• Aim is to leverage an actual or perceived advantage
• Regulatory arbitrage: applying different rules for
calculating capital charges under BII regime
• Informational arbitrage: different levels of insights
or information on underlying assets
• Technological arbitrage: more sophisticated
models with perceived or real analytical edge
• Financial arbitrage: Cash flow advantage, excess
11
13. Rating shopping and Over-reliance on Ratings
• Rating by one CRA missing?
It’s worth digging deeper!
• Reasons: cheaper credit enhancement (C/E)
Indicating rating shopping!
• Happened often in the run up to the Credit Crisis
• If you are an investor, simply ASK the CRA
• Credit ratings have been key investment criteria
• Outsourcing analysis possible, BUT:
outsourcing losses is not
13
14. Timely rating actions and Deferral
Timeliness of Rating changes Bond maturity profile
• Process stages to reach • Legal final vs. expected
rating decisions maturity
• Detection of bond- vs. • Life-time ratings (40+ years)
asset class-specific • Timely payment of interest &
and/or systemic issues ultimate payment of principal
31 July 07 20 Aug 07 31 Aug 07 9 Oct 07 16 Oct 07 25 Oct 07
Cut-off date CRA analyst Proposal: RWN CRA Analyst Proposal: DG Indiv. or Asset-class?
Bulk rating
actions &
Report format & frequency, Analyst’s experience, Models, Quorum ...
Criteria
15 Aug 07 27 Aug 07 25 Sept 07 12 Oct 07 23 Oct 07 You get
Distribution
st
1 Analysis result st
1 Committee nd
2 Analysis result nd
2 Committee the idea... Changes
14
15. Constructive Criticism
• Business model: Too slow to react
• Assumptions, methodologies & models
• Conflict of interest (‘issuer-pays’ model)
• Limited capture
• Split ratings
• Notching of competitor’s ratings
• Implied ratings & internal competition
• “Getting it wrong”, “Fat fingers”
• etc. 15
16. Failures of CRAs
AIG, Bear Stearns, Bradford & Bingley, Enron, Icelandic
banks, Lehman Bros., Monolines, Northern Rock, Parmalat,
Sovereigns (Eurozone), Sub-prime bonds etc.
In their own words...
Fitch: “… did not foresee the magnitude of the decline…or
the dramatic shift in borrower behavior…”
Moody’s: “…We did not . . . anticipate the magnitude and
speed of the deterioration in mortgage quality or the
suddenness of the transition to restrictive lending...”
S&P: “…It is now clear that a number of assumptions used
in preparing ratings on mortgage-backed securities issued
between 2005 and mid-2007 did not work…”
Source: US Government Oversight and Reform Committee, Oct 2008
16
17. Sensible use of CRAs’ analysis
• Fully understand the instrument you are investing in –
particularly when using other peoples’ monies
• Understand ratings’ limitations and
know how to mitigate rating-related risks (previous slide)
• ‘Ignore’ ratings designators (i.e. AAA etc.) and
focus on CRAs’ analytical narrative instead
• Look out for what is NOT there in the narrative but should
e.g. Why are obvious issues missing in the analysis?
Why has this bond not been rated by all three CRAs?
• Apply common sense and trust your gut feeling 17
19. Models, Assumptions & Black Boxes
• Extensive use of financial models to do “analysis”
• Fairly simple to highly complex quantitative models
• A “model” is ALWAYS only a “model”!
• Models CANNOT simulate reality!
• Model failures exacerbated by using inadequate
assumptions, i.e. through the cycle – 10-12 years only
• Historic data points as input into model: limited data?
• Black box: locked-down back-end with no access for
users, i.e. not easy and often impossible to reconcile
19
21. Proprietary analysis & Risk management
• Often overlooked: Good old-fashioned analysis
• Done by dedicated teams of credit analysts
• Analysis, loads of analysis
• Gut feeling & Common sense (which is not so common)
• Lack of qualified risk management practices
• Firm’s strategy Risk appetite Risk policy
Investment guidelines etc.
• Robust risk management function needs to be
empowered by the firm to say “NO!” sometimes
21
23. Senior management awareness
• Management reporting – or lack of it
• Limited systems capabilities
• Filtering of reports through distribution channels up the
chain
• Does the information at board level paint a full picture?
• Senior mgmt. ignorance or misinterpretation of data
• Senior mgmt. does not understand
23
25. Lack of drill-down capability & Group-wide controls
• US subprime replaced with investments in CDO of ABS
• Minor issue becomes major disaster
• “Repackaged” garbage is still garbage!
• One desk sells and the other buys, largely ignoring firm-
wide strategy
25
27. Mark-to-market, Mark-to-model & Illiquidity
“Normal times”: Mark-to-market
• Electronic trading matching bid/offers or
• Collection of broker quotes by phone
“Periods of limited market stress”: Mark-to-model
• If there is no “normal” market market-to-model
• Based on pricing models which are based on “normal”
markets
“Periods of prolonged illiquidity”:
• Difficult to price if there is no market at all! Force sale? 27
28. 2) Sound practice principles
DATA
Principle 1: Access: Open source
Principle 2: Information asymmetries
Principle 3: Data formats
Principle 4: Data delivery
Principle 5: On deal level
Principle 6: For the market at large
Principle 7: Industry data portals
DEFINITIONS
Principle 8: Simplifications
Principle 9: Transparency
Principle 10: Standardisation
28
30. ANALYSIS
Principle 20: Reduced over-reliance on credit ratings
Principle 21: Increased proprietary analysis
Principle 22: Models, assumptions and common sense
Principle 23: Risk management & Risk mitigation
References & Appendix
“Securitization & Structure Finance post Credit Crunch –
A Best Practice Deal Lifecycle Guide”, M. Krebsz (Wiley 2011)
Please see Part I of the book attached for your kind reference:
30