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Operational Risk - Study Identifies Companies With the World's Most Sophisticated Hedging Strategies
Four energy companies and two airlines receive top honors for having the world’s most sophisticated strategies for hedging energy exposure, according to a new survey of companies around the world by Greenwich Associates.
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Headline News, Saturday, May 17, 2008
May 16: Industry Risk - Global Futures and Options Trading Rises 28 Percent in 2007
The global volume numbers are once again astonishing. More than 15 billion futures and options contracts changed hands during 2007 on the 54 exchanges that report to the FIA, an increase of 28% from the previous year. That is a remarkable increase for any year, and what’s even more impressive is that the growth rate is actually accelerating.
May 16: Industry Risk - Executive Survey Reveals Oil Costs a Key Economic Concern
In a recent survey of more than 100 of its top corporate clients, DLA Piper found that a majority of senior executives from many of the nation’s leading businesses have a pessimistic view of the U.S. economy for the second half of 2008.
May 16: Credit Risk – S&P Report Announces New Approach to Rating Speculative-Grade Credits
As part of its ongoing efforts to provide greater insight and transparency to market participants, Standard & Poor's Ratings Services announced yesterday that it will introduce several enhancements to its analytical approach to rating speculative-grade debt. These enhancements are outlined in a report published earlier today, titled "Standard & Poor's Revises Its Approach to Rating Speculative-Grade Credits."
May 16: Energy Risk – Burning Issues Over Ethanol
Detractors of ethanol are trying to decelerate its take off. Ethanol production is ramping up to meet federal mandates, which critics say has created global food shortages and potentially more greenhouse gas emissions.
May 16: Energy Risk – Report Finds Wind Can Provide 20 Percent of US Electricity Needs by 2030
Wind power is capable of becoming a major contributor to America’s electricity supply over the next three decades, according to a report released today by the U.S. Department of Energy. The groundbreaking report, 20% Wind Energy by 2030: Increasing Wind Energy’s Contribution to U.S. Electricity Supply, looks closely at one scenario for reaching 20% wind energy by 2030 and contrasts it to a scenario of no new U.S. wind power capacity.
May 16: Energy Risk – What People Know and Don’t Know About Energy & Environment
I recently attended Goldman Sachs' third annual alternative energy conference in New York, along with 1,000 others. The take away is that is there is increased investor interest in the sector, but the key stumbling block is still the lack of regulatory certainty for the deployment of more capital. Public policy in the climate change arena is diffuse as a patchwork of state actions has replaced the lack of federal action on both energy and environmental issues.
May 16: Market Risk - US Mortgage Rates Drift Lower Amid Hopes of Market Recovery
Freddie Mac (NYSE:FRE) yesterday released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.01 percent with an average 0.6 point for the week ending May 15, down from last week when it averaged 6.05 percent. Last year at this time, the 30-year FRM averaged 6.15 percent.
May 15: Market Risk - ERM Identified as Critical Issue for Life Insurance CFOs
Chief financial officers (CFOs) of life insurance companies continue to recognize enterprise risk management (ERM) as a critical management issue, as demonstrated both through the prominence they give ERM within the organization and the resources they devote to building ERM capabilities, according to a recent survey on “Embedding Enterprise Risk Management,” the latest in a series of Towers Perrin surveys aimed at life insurance CFOs.
May 15: Market Risk - Fitch Ratings Updates Market on Analytical and Organizational Initiatives
Fitch Ratings yesterday released an update on the range of its initiatives to enhance the quality and transparency of its credit ratings.
May 15: Credit Risk - Fitch Says Most Subprime-Related Bank Losses Have Already Been Disclosed
Fitch Ratings says global banks have already written down more than 80% of their losses from subprime mortgage assets. In a special report published yesterday, the agency estimates total market losses from subprime mortgage assets at USD400bn, though estimates may be as high as USD550bn, depending on the method of calculation used.
May 15: Industry Risk - SEC Proposes New Way For Investors to Get Financial Information on Companies
The Securities and Exchange Commission yesterday voted unanimously to formally propose using new technology to get important information to investors faster, more reliably, and at a lower cost.
May 15: Market Risk - Institutional Investors Continuing to Pursue Private Equity Opportunities in Emerging Markets
Institutional investors continue to increase their commitments to private equity funds in emerging markets despite recent developed market turmoil, according to a recently released survey by the Emerging Markets Private Equity Association (EMPEA).
May 15: Industry Risk - Study Identifies Leading Risk Factors at 100 Largest Public Retailers
Research released yesterday by BDO Seidman, LLP, identifies strong competition (90%) and general economic conditions (83%) as the most common risk factors among the 100 largest public U.S. retailers. An increasing concern, as compared to 2007, was the risk associated with international suppliers, reflecting unease over recent product safety issues with China (79% and the 3rd highest risk).
May 14: Operational Risk - Central Bankers Call for More Action to Reduce Foreign Exchange Settlement Risk
In a report published yesterday the Committee on Payment and Settlement Systems (CPSS), central bankers have highlighted the need for further action to reduce foreign exchange settlement risk.
May 14: Market Risk – Global Commodities Boom, Companies Turn to Top Derivatives Dealers for Help in Hedging
As the prices of energy and other commodities soar to historic highs, companies around the world are making the hedging of their energy commodities exposures a top strategic priority. This development would seem to be a boon for investment banks and other dealers looking to build or expand their franchises in OTC commodity derivatives. A study suggest that although the ongoing commodities boom is creating new opportunities for dealers across the board, the firms benefiting most are the handful of dealers that have historically dominated the market.
May 14: Market Risk – Intraday Liquidity Management, a Tale of Games Banks Play
The Federal Reserve Bank of New York yesterday released Intraday Liquidity Management: A Tale of Games Banks Play—a new forthcoming article in the Bank’s Economic Policy Review series.
May 14: Speech – Yue on Islamic Finance
The following is an address by Eddie Yue, Deputy Chief Executive, Hong Kong Monetary Authority, and Executive Board Chairman, Treasury Markets Association, at the Hong Kong Showcase on Islamic Finance.
May 14: Market Risk - IMF Says Inflation Risks Have Emerged
The prospect for continued relatively strong growth in emerging and developing economies suggests that demand growth for energy and commodities will remain solid, even as global growth is slowing, IMF First Deputy Managing Director John Lipsky said.
May 14: Commentary - A Forward View of the US Economy
On April 7, I wrote Risk Analysis Update – A Forward Looking View Of The U.S. Economy, where I listed events to unfold due to the current recession. While I was projecting events to occur well into the 1Q 2009, some of the events have already occurred or are in the process of occurring...
May 14: Credit Risk - Bill of Rights Would Cut Credit Availability
The chairman of CompuCredit Corp., the Atlanta-based branded card issuer for consumers with subprime credit scores, says that price controls on credit card products “would cause a large reduction in credit available to a large portion of the American population.”
May 14: Market Risk - UAE Banks to Extend Strong Performance in 2008
Fitch Ratings says in a special report issued yesterday that the positive trend in UAE banks' performances continued in 2007 and is expected to persist in the current year.
May 14: Operational Risk - SEC Action Halts $72 Million International Internet Fraud Scheme
The Securities and Exchange Commission has obtained an emergency court order freezing the assets of the alleged perpetrator of an Internet fraud scheme that reaped approximately $72 million from more than 3,000 investors in all 50 states and at least 30 foreign countries.
May 14: Speech - Cabral Speaks Regarding the Economic Stimulus Package
The following is a speech by Treasurer Anna Escobedo Cabral regarding the current economic stimulus package.
May 14: Speech - McCormick Remarks on Current Global Financial Turmoil
The following is a speech by Treasury Under Secretary for International Affairs David McCormick Remarks on Global Financial Turmoil and its Implications for China.
May 13: Credit Risk – Asian Companies Remain Confident Amid Global Financial Crisis
Asia’s largest companies remain bullish about their prospects for the rest of 2008, despite the lingering crisis in global credit markets and a growing consensus that the United States is on the brink of economic recession. The results of a recent Asian Corporate Finance Research Study reveal several indications that Asian markets have weathered the credit crisis in better condition than markets in North America and Europe, and that companies across Asia are confident in their ability to secure credit and other essential services from their banks.
May 13: Operational Risk - Industry Associations Release Exposure Draft of ''Structured Products, Principles for Managing Distributor-Individual Investor Relationship''
These global Principles reflect collective industry expectations of integrity, professionalism, and ethical conduct in the retail structured products market. The Principles provide common sense guidance on how firms can continue to enhance services targeted toward a growing number of individual investors.
May 13: Energy Risk - Unconventional Gas May Explode
Accessing natural gas supplies are difficult because of environmental laws. And getting to unconventional sources is not any easier. But the difference is that the conventional fields are becoming depleted while output from coal-bed methane and shale are expanding. Today, such fuel sources that can be transformed into natural gas represent a trend in energy production.
May 13: Economic Risk - Globalization is ‘Inevitable, Accelerating and Positive’ Say Leading Business Executives from Around the World
Globalization is viewed by top executives at leading organizations around the world as an inevitable, but positive, business challenge that is here to stay and rapidly growing, according to an in-depth study of business leaders revealed by EquaTerra and World 50. The findings also reveal that politically - led trade protectionism or a major economic downturn are seen by study participants as the only major threats to the continued growth of globalization.
May 13: Credit Risk - Japan's Major General Trading Companies Saw Record Profits In Fiscal 2007
Standard & Poor's Ratings Services yesterday published a Japanese-language report discussing how Japan's six major rated general trading companies (GTCs) continued to post record consolidated earnings in fiscal 2007 (ended March 31, 2008), backed by strong earnings growth in the energy, metals & mineral resources, automobiles, equipment, and chemicals segments.
May 13: Energy Risk - Transforming the Utility Bill
In recent years, the utility sector has done a good job of refocusing on its core utility businesses. As utilities continue to focus on the core utility business, methods to improve customer service are increasingly being devised and implemented. Utilities are attempting new ideas and using technological innovations to ensure that customers are satisfied.
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Escalating Risk Visibility - The Professional Risk Management View of the Role of the CRO 
Counterparty Risk in Structured Finance Transactions: Swap Criteria 
Risk Manager’s Toolkit - Sure-Fire Spreadsheet Tips and Tricks for the Practicing Risk Manager Enterprise Risk - Fighting Risk Measurement Myopia, Creating a Risk Inventory and Gap Analysis, and Dealing with Obstacles to Enterprise-Wide Risk Management Risk Reporting - Creating Incentives for Proper Data and Risk Reporting and Disclosure 
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