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The following article was published in our article directory on September 29, 2010.
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Still No Good Way to Prevent Crisis

Article Category: Advice

Author Name: Amanda xzh

The financial crisis two years later, when the banking industry beginning to pick up, other industries are also gradually restore the same time, it prepared and began to reflect on the year before the crisis has done more to focus on risk management to banking, trying to establish the banking industry a "firewall."

Strengthen risk management

Government ministries have set up a separate Banking Committee, on how to reduce systemic risk of banking proposals, and to consider how to split the commercial banks and investment banks this complex issue.

The biggest risk management improvement, or coercion from the government. July 21 this year, is considered the United States since the 30s of last century the most important financial regulatory reform bill - "Dodd - Frank Wall Street Reform and Consumer Protection Act" signed into effect. The bill unavoidably, from the systemic risk prevention, the protection of consumers and investors, derivatives regulation, residential mortgage market regulation, banking supervision, supervision of hedge funds, the transparency of the Fed acts to rescue the market, Wall Street pay system, etc. a series of adjustments and reforms. The most eye-catching than, the provisions of the bill in principle, banks engaged in proprietary trading organization.

"Supervision departments to take a lot of hope but also effective measures, which will further help the banking sector risks and the capacity of institutions to maintain the same risk, for example, to ensure that agencies have sufficient funds, so we will not have a similar crisis. "Global Risk Managers Association president Aobo Si Road, Lick (Rich Apostolik) told reporters.

For the tube Dapeng, the biggest change after the financial crisis is the changes in income. Citigroup, the new rules in accordance with annual bonus, the more the stock is in the form of the proportion of payment by installments. Once the middle left, no shares were issued confiscated. The banks that practice in full swing, let the experts applauded.

"Compensation System on the global financial companies are a huge problem, is difficult to have a good solution." Aobo Si Road, Lick said, "Now the approach is to pay only part of the prize money. This is a reasonable way."

Two-track system defects

Risk management to track system. Stock trading department has its own risk management personnel, such personnel and traders in the same office, report to the traders, their salaries and bonuses directly linked to profitability and trading departments. The banks do have a lot of risk management. Normally, the risk management department will calculate various risk trader for the trading recommendations, risk management and the company level, mainly in the numbers required to ensure that traders in the context of transactions. This set of financial institutions in the United States is very common. In theory, complement the work of these two men, but in fact, they often conflict.

"They (the trading risk managers within the department) where the work is to help traders, not to say no. But the company-wide risk management is completely independent, they will move, a fair result in any significant risk to the company. The role of the two risk management are separate. "Aobo Si Road, Lick said.

Aobo Si Road Lick that traders internal risk management should gradually disappear, because they will benefit from the transaction will be inclined to take risks to some extent.

But the tube Dapeng told reporters in the practical work, the real deal for him is to play a central role of risk management within the department, because they do specific risk estimates. Although this design has been questioned, but the financial crisis, did not see any change.

The work of a former trader at Barclays believes that the set of risk management within the department team is really doing things to help them, and the company's risk management department is mainly to ensure the company's operations comply with government regulations, many of them do not understand business, only "from the lawmakers point of view, certainly find it useful, from the company point of view, do not care there is no use."

Still no good way to prevent crisis

Since the establishment of two-track system of risk management, although the data reported much, but the tube Dapeng told reporters, calculated each month by the time the risk is not too much, not more than 5 hours. The company's risk management, the ultimate is to reduce leverage.

"Every time the financial crisis, the total number of sectors to be condemned, to show some improvement. Bank has been condemned this time badly. If they just told society, and I gave the lever down, which is not accountable . Must list specific things to the public, in fact, these specific things, after all, is to reduce leverage. "tube Dapeng said.

Reduce the leverage in the end there is no use, expert advice is not consistent. Some experts suggested that systemic risk is difficult to prevent, for example, on the eve of the 2008 financial crisis, including banks and individuals, assumed to be real estate prices will not decline, this psychological speculation, pushed to the maximum financial risk .

In addition, although the media and the public generally believed that Wall Street greed and unlimited increase the risk to "gamble" is the main reason for causing the financial crisis, but many investment banks on Wall Street, workers do not think so. They believe that bad loans, rather than high-risk transactions, is the main reason for the financial crisis. But in fact, reckless lending and irresponsible derivatives trading - especially mortgage-backed securities, are mixed together is always difficult to separate.

Many politicians and central bank executives believe the separation of investment banking and commercial banking business, is to ensure that an important means of financial system stability. But now, this area has any specific plans have not yet surfaced.

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