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Topic: Large and Complex Financial Institutions

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Bank for International Settlements

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	Bank for International Settlements article - Bank for International Settlements international organization 1930 ... (Site not responding. Last check: 2007-10-16)
		The Bank for International Settlements (BIS) is a financial international organization established under the Hague agreements of 1930.
		A "well-designed financial safety net, supported by strong prudential regulation and supervision, effective laws that are enforced, and sound accounting and disclosure regimes," are among the Bank's goals.
		Doubts about the Bank's mandate, its program, its effectiveness, and the desirability of any existing institution taking the lead role in accounting reform, especially in light of serious failures of money-laundering law enforcement, major breaches of prudence and supervision in the United States (e.g.
	www.what-means.com /encyclopedia/Bank_for_International_Settlements (397 words)

	Changes in the Structure of the U.S. Financial System and Implications for Systemic Risk - Federal Reserve Bank of New ...
		To put it differently, financial intermediaries that are not subject to consolidated risk-based capital frameworks and the full complement of supervisory constraints applied to banks and bank holding companies, now account for most of the assets of financial institutions in the United States.
		Financial innovation has brought about a dramatic increase in the opportunities for diversification and risk transfer and in the sophistication of risk management, but it is unlikely to have brought an end to the periodic tendency of markets to experience waves of mania and panic.
		Relative to the standards appropriate for a smaller financial institution with a similar risk profile, capital should be targeted to achieve a greater proportional ability to absorb shocks and thereby attain a lower ex ante probability of failure.
	www.newyorkfed.org /newsevents/speeches/2004/gei041001.html (3251 words)

	@1 st Century Financial Workplace (Site not responding. Last check: 2007-10-16)
		Modern technology enables financial institutions to make rapid adjustments in the characteristics of their investment portfolios, including the risk profile, and facilitates the efforts of non-financial corporations to develop global operations by providing for the separation of exchange rate fluctuations and other financial risks from their normal business operations.
		Mergers and acquisitions among very large financial institutions are becoming more frequent in markets around the world, attracting the attention of policy makers, researchers, and the financial press, and continually reshuffling the rankings of the world's largest financial service firms.
		Financial professionals should hone their risk management skills and managers of risk need new sources of knowledge to address the expanding list of technology-driven or related risks and because risk will be a far broader issue than is now the case.
	www.jiob.org.jm /conference/Centry21FinWKPlace.htm (6266 words)

	FRB: Speech, Ferguson -- Understanding financial consolidation -- April 26, 2001
		Clearly, in the event of financial difficulties at a very large and complex institution, central banks would need to evaluate carefully the appropriate level and duration of emergency liquidity provision, as well as the possible need to adjust, perhaps only for a short period of time, the stance of monetary policy.
		For example, we conclude that the potential effects of financial consolidation on the risk of individual financial institutions are mixed and that the net result is impossible to generalize.
		Financial consolidation is affecting the market structures for payment and securities settlement as well as banks' internal systems and procedures for payment and back-office activities.
	www.federalreserve.gov /BoardDocs/Speeches/2001/20010426/default.htm (3139 words)

	The implications of the global financial marketplace for New Zealand (Site not responding. Last check: 2007-10-16)
		Distinctions between different types of financial institutions are breaking down as a result of the growth of these conglomerate structures, the relaxation in regulatory constraints, and the way in which derivatives can be used to transform the risk characteristics of institutions' portfolios.
		This produces efficiency gains but it also means that financial institutions in the new environment have less of a buffer of protected profits and are therefore more vulnerable to distress caused by either mismanagement or misfortune.
		Most obviously, the trend towards large and complex global financial institutions, centralised risk management and the blurring of boundaries between different types of financial institutions is leading to a change in regulatory structures.
	www.rbnz.govt.nz /speeches/0091976.html (4935 words)

	RBA: Financial Stability Forum
		The Financial Stability Forum was established in 1999 to promote international financial stability through enhanced information exchange and co-operation in financial supervision and surveillance.
		It brings together senior representatives from international financial institutions, international groupings of regulators and supervisors, committees of central bank experts and national authorities responsible for financial stability in the G7 plus four other countries representing significant financial centres (Australia, Hong Kong, the Netherlands and Singapore).
		The potential for such institutions to complicate policy responses was considered in a study on consolidation in the financial sector by the G10 countries, as well as Australia and Spain.
	www.rba.gov.au /FinancialSystemStability/InternationalRegulatoryFora/fsf.html (920 words)

	Réponse à la consultation sur les fusions de grandes banques
		This institution would be larger in size than the institutions which would have resulted if either of the two proposed mergers which the Minister of Finance rejected in 1998 had been allowed to proceed.
		Driving the consolidation of financial institutions has been a host of factors such as stockholder value, creation of national champions able to compete with global competition, the advantages of scale, and relative market capitalization as a defence against takeovers.
		Power Financial believes that each proposed merger of a financial institution should be assessed on its own merits in the context of the structure of the markets as then exists.
	www.fin.gc.ca /consultresp/mergersRespns_16f.html (10034 words)

	Economic Perspectives : Bankruptcy law and large complex financial organizations: a primer. @ HighBeam Research (Site not responding. Last check: 2007-10-16)
		This article considers the economic and legal issues surrounding the treatment of firms in financial distress, with a particular focus on the challenges posed by large complex financial organizations (LCFOs).
		The successive proposals of the Basel Committee on Banking Supervision (Basel Committee, 2001) to revise bank capital standards, which have preoccupied regulators' and bankers' attentions for several years now, are aimed at ensuring the safety and soundness of banks and indirectly influencing banks' risk taking incentives.
		Financial institutions have themselves been at the forefront in the quantification and management of risk and have developed a multitude of financial instruments for this purpose, both for their own uses and for the benefit of other sectors of the economy--credit and energy derivatives (1) to name two
	static.highbeam.com /e/economicperspectives/march222003/bankruptcylawandlargecomplexfinancialorganizations/index.html (231 words)

	SEC Speech: Coordination and Consultation — Strengthening the Partnerships Among Regulators of Financial Institutions ...
		A financial institution may disclose nonpublic personal information about a customer to unaffiliated third parties only if it notifies the customer about the potential disclosure and gives the customer the chance to opt out of the disclosure before it occurs — unless the third party markets products or services jointly with the financial institution.
		The Act required the financial regulators to "consult and coordinate" with one another to develop privacy rules that are "consistent and comparable." Therefore, you can expect the privacy rules issued by the Commission and banking agencies to bear a strong resemblance to each other.
		Because many foreign financial regulators subject financial institutions to consolidated regulation in their home countries, the G-L-B Act included provisions to enable broker-dealers to be supervised like banks without actually being subject to banking requirements that may not comport with their business models.
	www.sec.gov /news/speech/spch372.htm (2572 words)

	FDIC: FIL-61-2003: Federal Banking and Thrift Regulatory Agencies Are Seeking Comment on an Advance Notice of Proposed ...
		Based on the Agencies' current assessment of institutions' overall readiness for the advanced approaches, it is anticipated that some core banking organizations would not be fully able or prepared by that date to operate under the A-IRB or AMA capital methodologies.
		Also, during this transition period, capital levels at the affected banking institutions would not be allowed to fall below 90 percent of the current minimum risk-based capital requirement in the first year, nor below 80 percent of the current minimum requirement in the following year.
		Judgments about capital impacts on the large banks subject to these proposals must be based on two sources: the results of a recent quantitative study described below and inspection of the output of the capital formulas themselves, also presented below.
	www.fdic.gov /news/news/financial/2003/fil0361a.html (2490 words)

	Report explores legal underpinnings of the international financial system (BIS Press Releases 9 Dec 2002)
		Differences in countries' legal arrangements for coping with distress in financial institutions create vulnerabilities in the international financial system, a report released today by several large central banks and international organisations shows.
		The report by the Contact Group on the Legal and Institutional Underpinnings of the International Financial System is entitled Insolvency Arrangements and Contract Enforceability.
		Existing insolvency approaches often lag behind procedures needed to ensure prompt, fair and efficient resolution of large and complex financial institutions active in multiple jurisdictions, whereas markets increasingly require speedy resolution to preserve the remaining value in the financial institution.
	www.bis.org /press/p021210.htm (473 words)

	Neural Networks & Connectionist Systems
		Think of a sort of "analogy" between the complex webs of interconnected neurons in a brain and the densely interconnected units making up an artificial neural network (ANN), where each unit--just like a biological neuron--is capable of taking in a number of inputs and producing an output.
		A self-organizing ANN (often called a Kohonen after its inventor) is exposed to large amounts of data and tends to discover patterns and relationships in that data.
		Large financial institutions have used ANNs to improve performance in such areas as bond rating, credit scoring, target marketing and evaluating loan applications...
	www.aaai.org /AITopics/html/neural.html (3667 words)

	JS-1115: Secretary John Snow Remarks at the Enterprise Conference, London, UK (via satellite)
		It is also in large measure due to President Bush's tax cut package that put money in the hands of consumers when the economy needed it and set the basis for higher levels of capital formation and investment in the future.
		It's no coincidence that the UK was able to avoid the major slowdown seen in other large European economies in the last few years or that it ranks with the US in leading industrial countries in information technology investment as a share of GDP, a key to productivity growth.
		Together we also are addressing issues such as the supervision of large complex financial institutions, the evolution of Basle II and clearing and settlement processes.
	www.ustreas.gov /press/releases/js1115.htm (1662 words)

	Case 1 Financial Markets FNAN 321 (Site not responding. Last check: 2007-10-16)
		Recurring themes in the development of financial markets and institutions in the 1980's, for the 1990's and the new millennium are financial deregulation, disintermediation, globalization, securitization and global financial stability.
		Additionally, the financial instability that occurred with the Asian Crisis in 1997 and the insolvency of Long Term Capital Management (LTCM) in 1998 following the Russian default and ruble depreciation are given as examples of the need for global financial oversight of risk exposures taken by large, complex financial institutions.
		While the current turmoil has significant interaction with the international financial system, the recent crisis would arguably have been better contained if long-maturity property loans had not accentuated the usual mismatch between maturities of assets and liabilities of domestic financial systems that were far from robust to begin with.
	www.som.gmu.edu /sba/321case1.htm (1461 words)

	Biblioteka Depozytowa Międzynarodowego Funduszu Walutowego (IMF)
		This paper examines the regulatory and supervisory implications stemming from the dominance of large and complex financial institutions, drawing on the recent Financial Sector Assessment Program (FSAP) mission work on Sweden.
		The analysis highlights the importance of consolidated supervision, of a greater emphasis on effective management and corporate governance structures, and of measures strengthening the disciplinary role of the private sector.
		Strengthened supervisory and regulatory responses will enable financial markets to better assess the nature and sources of residual risks they have to face and, on this basis, to develop more effective risk-mitigating measures.
	kangur.ae.krakow.pl /Biblioteka/Imf/karta_kat.php?lang=ang&nr=759 (147 words)

	UniBg - Convegni e seminari : EUMOptFin3 workshop
		This workshop concentrates on state-of-the-art developments in financial modeling applications (including simulation and optimization methods) for financial institutions: banks, insurance and investment firms, pension funds, etc. Emphasis is given on methods for effective risk management.
		This workshop will examine the performance of financial institutions and current efforts to develop a general framework that links operations, profitability, quality of services and financial intermediation by optimization models.
		Uncertainty modeling, stochastic optimization tools and the focus on practical applications for financial institutions constitute the unifying themes for the series of the three workshops.
	www.unibg.it /EUMOptFin3 (1194 words)

	[No title]
		Because fluctuations in interest rates affect the value of those assets, the home-loan banks engage in hedging strategies using complex financial instruments known as derivatives, and it was a failure of hedging that sent the Pittsburgh bank's profits plummeting in the second quarter.
		While the details are complex and highly contentious, the basic problem here is that we have a set of government-chartered entities that are supposed to encourage homeownership, with the least cost and financial risk to the government and the least intrusion into the private marketplace.
		Not even gross financial excess would sufficiently stimulate a broad-based recovery with sufficient vigor to unnerve the cowardly Fed. Moreover, the premise has been that the global economy and financial system were exceptionally distorted and unbalanced.
	www.moneyfiles.org /housingcrash9.html (8313 words)

	University of Toronto: Technology Transfer Great Ideas (Site not responding. Last check: 2007-10-16)
		A typical large financial institution, such as a bank, holds an extensive and highly complex portfolio consisting of stocks, bonds, options, derivatives, foreign exchange contracts and positions and so forth.
		There is also very large potential value in the fast turnaround time which permits using "What if?" analysis to tune a portfolio to a desired stability given the current market factors.
		A strategic partner with worldwide reach into financial institutions who would be willing to market globally and share in the proceeds would be welcome.
	www.research.utoronto.ca /greatideas_value.html (229 words)

	WV Class Spec: 9186 FINANCIAL INSTITUTION EXAMINER, CHIEF
		May act as an Examiner-In-Charge in the examination of the largest institutions or in those institutions cited by the Commissioner or Board of Banking and Financial Institutions as experiencing extraordinary problems or demonstrating serious violations of consumer protection rules, regulations and laws.
		The Financial Institution Examiner, Chief classification is distinguished from other Examiner classifications by supervising the Financial Institution Examiner staff through planning, assigning and reviewing subordinates' work; performing evaluation appraisals; instructing, training, developing and directing work procedures.
		Supervises examination of large, complex or problematic financial institutions; discusses examination results with institution officials and federal officials; may prepare final examination report.
	www.state.wv.us /admin/personnel/clascomp/specs/9186.htm (642 words)

	Advisors
		She is a recognised authority on diseases of tropical forest plantation trees and her research on mycorrhizas has established her as one of the very few dipterocarp mycorrhizal researchers and also one of the few mycologists in Southeast Asia with a good knowledge of tropical macrofungi.
		He was elected by the Board of Governors to be director of the Biology Institute of the UNAM for two consecutive periods, and he held this post from 1979 until 1987.
		In February 1987, he was appointed Vice Chancellor for Science at the UNAM, and in December 1988, he was elected by the Board of Governors as Rector of this university for the period 1989-1993 and reappointed for the same post for the period 1993-1997.
	www.all-species.org /advisors.html (9005 words)

	FRBSF: Computer-Related Crimes, etc. (12/18/97)
		Framework for Risk-Focused Supervision of Large Complex Institutions, to enhance the effectiveness of its supervisory processes for state member banks, bank holding companies, and foreign banking organizations.
		However, despite encouraging advances in disclosure practices by a number of institutions in the G-10 countries, many institutions continued to disclose very little about their trading and derivatives activities.
		To request copies of Framework for Risk-Focused Supervision of Large Complex Institutions and the Basle Committee and IOSCO joint report on the public disclosure of trading and derivatives activities of banks and securities firms via mail, please contact our Corporate Services Department at (415) 974-2748.
	www.sf.frb.org /banking/letters/1997-98/sr9724-28.9712.html (540 words)

	Library of Economics and Liberty: Biographies in Brief
		Charles Mackay was a famous song-writer and poet, journal editor and colleague of Charles Dickens, and a reporter whose joy was to take the wind out of the sails of cheats and frauds of all kinds.
		His lively writing style and ability to document the facts of extraordinary financial bubbles and political upheavals from the South Sea Bubble to tulipomania to the Crusades influenced reporters and economists from his time to this day.
		He returned to London and made a large fortune as a stockbroker, and eventually was elected to Parliament; but he also enjoyed reading about economics.
	www.econlib.org /library/briefbios.html (3890 words)

	Fourth District Conditions: Volume One, Number One
		Although financial holding companies (FHCs) may be thought of as large, complex financial institutions, most bank holding companies that declare FHC status are small organizations.
		The act authorizes national banks to own or control “financial subsidiaries” that engage, as principal or agent, in activities that national banks are not permitted to engage in directly.
		State member banks may own or control subsidiaries that engage as principal in activities that national banks may conduct through a financial subsidiary, if the bank and its subsidiary comply with the conditions and limitations applicable to national banks.
	www.clevelandfed.org /bsr/conditions/v1n1/fhcstat.htm (307 words)

	Bankruptcy law and large complex financial organizations: a primer
		Large complex financial organization (LCFOs) are exposed to multiple problems when they become insolvent.
		The special financial instruments that comprise a substantial portion of LCFO assets are exempted from the usual "time out" that permits the orderly resolution of creditor claims.
		Please be patient as the files may be large.
	ideas.repec.org /a/fip/fedhep/y2003iqip48-58nv.27no.1.html (208 words)

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