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New Market Risk Framework – 20 years in the making

July 4, 2018

In May 2012, the Basel Committee on Banking Supervision (BCBS) issued the first paper in a series of consultative documents aimed at revising the curr...


Anti-Money Laundering and Counter-Terrorist Financing

June 25, 2018

Despite the regular updating of technologies and tightening of regulations to keep criminals at bay, criminals are finding increasingly clever ways to...


Liquidity at Risk: A Measurement Approach within Banking Institutions

September 6, 2017

The liquidity and credit crisis of 2007 and 2008 left the global financial community concerned over liquidity risk. Suddenly, multi-national banking g...


How to Blind a Pilot: Aluminium Price Manipulation

July 10, 2017

In 1994, airport officials in Rotterdam found it necessary to lodge a formal complaint against a company that they felt had begun to endanger the live...


The Art of Failure: Predicting Financial Distress Pre-Crisis

October 3, 2016

It is generally agreed amongst economists, bankers, politicians and the man on the street that the 2007/8 financial crisis was the worst economic cris...


Trading in the Wake: SA-CCR

September 8, 2016

The new Standardised Approach for calculating counterparty credit risk (SA-CCR) is set to replace the two current standardised approaches formally kno...


Basel III – Impact on Banks and Corporations

July 1, 2016

Executive Summary In the wake of the Global Financial Crisis, the G20 and Basel Committee for Banking Supervision introduced a raft of new banking reg...


IFRS 9 – Impairment of Financial Assets

May 1, 2016

Executive Summary IFRS 9 is the IASB’s envisaged answer to the criticisms cast at its current financial instruments standard, IAS 39. As part of the t...


Model Management and Monitoring

April 1, 2016

Executive Summary A model may be defined as a mathematical process, whether deterministic or stochastic in nature, which transfers raw data into a syn...


Fair Value Accounting – Political Economy Hot Potato (Part 2)

September 15, 2015

We know that fair value accounting doesn’t make sense for derivative instruments. A derivative can be potentially extremely volatile in terms of its v...


General guide to account opening – BIS

August 3, 2015

The Basel Committee on Banking Supervision released on the 16 July 2015 for public consultation a revised version of the “General guide to account ope...


Fair Value Accounting – Political Economy Hot Potato (Part 1)

July 15, 2015

June 2011 marked the deadline by which the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) were to hav...


Can CoCos cure the Too Big To Fail conundrum?

October 9, 2013

It has been interesting to notice over the past several months the invention of new ideas and the reinvention of old ideas that put flesh on the strin...


Monolines Disaster Myopia

August 12, 2011

I recently paged with interest through two Fitch reports on Credit Default Swap (CDS) spreads and subsequent default rates during the financial crisis...


PBLS Conference Speech

May 9, 2011

I’ve been asked to speak today about balance in the financial markets, and I have decided, to make my life more difficult, and in order to begin, to s...


Dark Pools and Dark Matter: Completing the Theories of Everything

April 12, 2010

The Johannesburg Stock Exchange (JSE) is in the process of launching its own non-displayed order functionality, taking into consideration internationa...


Cracks appear in the Dodd-Frank Act (Part 2)

March 17, 2010

This is the second part of a 2-part opinion article. It explores the reasons why regulators themselves have publicly questioned the clause that limits...


Cracks appear in the Dodd-Frank Act (Part 1)

February 11, 2010

One gets the sense, just three weeks after Barack Obama signed into law the 2300 page Dodd-Frank Act, that legislators may have put the cart before th...