Global SIFIs, Derivatives and Financial Stability:
This paper looks at Global Systemically Important Financial Institutions (GSIFIs) and the global derivatives business. The derivatives business has grown exponentially versus global GDP in sharp contrast to the primary securities on which derivatives are based. Inter-connectedness risk and unconstra...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2011
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| Zusammenfassung: | This paper looks at Global Systemically Important Financial Institutions (GSIFIs) and the global derivatives business. The derivatives business has grown exponentially versus global GDP in sharp contrast to the primary securities on which derivatives are based. Inter-connectedness risk and unconstrained potential leverage remain the most urgent tasks still facing the financial reform process. Concentrated oligopolistic derivatives markets and the ability of banks to shift promises and/or use their IRB models to estimate ex-ante risk capital - capital that might be needed in the event of a crisis - undermine the intent of financial reform. Nor do netting and clearing eliminate aggregate risk of losses and bankruptcy. The paper repeats the need to implement two of the OECD's long-standing reform recommendations: a binding leverage ratio based on equity and the separation of high risk investment banking activities from traditional banking. A derivatives transactions tax is also put forward as a possible option that would counter the cross-subsidisation of risk from the too-big-to-fail (TBTF) problem. |
| Beschreibung: | 1 Online-Ressource (34 p.) 21 x 28cm. |
| DOI: | 10.1787/fmt-2011-5kg55qw0qsbv |
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| 520 | |a This paper looks at Global Systemically Important Financial Institutions (GSIFIs) and the global derivatives business. The derivatives business has grown exponentially versus global GDP in sharp contrast to the primary securities on which derivatives are based. Inter-connectedness risk and unconstrained potential leverage remain the most urgent tasks still facing the financial reform process. Concentrated oligopolistic derivatives markets and the ability of banks to shift promises and/or use their IRB models to estimate ex-ante risk capital - capital that might be needed in the event of a crisis - undermine the intent of financial reform. Nor do netting and clearing eliminate aggregate risk of losses and bankruptcy. The paper repeats the need to implement two of the OECD's long-standing reform recommendations: a binding leverage ratio based on equity and the separation of high risk investment banking activities from traditional banking. A derivatives transactions tax is also put forward as a possible option that would counter the cross-subsidisation of risk from the too-big-to-fail (TBTF) problem. | ||
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| spelling | Blundell-Wignall, Adrian VerfasserIn aut Global SIFIs, Derivatives and Financial Stability Adrian, Blundell-Wignall and Paul, Atkinson Paris OECD Publishing 2011 1 Online-Ressource (34 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This paper looks at Global Systemically Important Financial Institutions (GSIFIs) and the global derivatives business. The derivatives business has grown exponentially versus global GDP in sharp contrast to the primary securities on which derivatives are based. Inter-connectedness risk and unconstrained potential leverage remain the most urgent tasks still facing the financial reform process. Concentrated oligopolistic derivatives markets and the ability of banks to shift promises and/or use their IRB models to estimate ex-ante risk capital - capital that might be needed in the event of a crisis - undermine the intent of financial reform. Nor do netting and clearing eliminate aggregate risk of losses and bankruptcy. The paper repeats the need to implement two of the OECD's long-standing reform recommendations: a binding leverage ratio based on equity and the separation of high risk investment banking activities from traditional banking. A derivatives transactions tax is also put forward as a possible option that would counter the cross-subsidisation of risk from the too-big-to-fail (TBTF) problem. Finance and Investment Atkinson, Paul MitwirkendeR ctb Enthalten in OECD Journal: Financial Market Trends Vol. 2011, no. 1, p. 167-200 volume:2011 year:2011 number:1 pages:167-200 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-2011-5kg55qw0qsbv Volltext |
| spellingShingle | Blundell-Wignall, Adrian Global SIFIs, Derivatives and Financial Stability Finance and Investment |
| title | Global SIFIs, Derivatives and Financial Stability |
| title_auth | Global SIFIs, Derivatives and Financial Stability |
| title_exact_search | Global SIFIs, Derivatives and Financial Stability |
| title_full | Global SIFIs, Derivatives and Financial Stability Adrian, Blundell-Wignall and Paul, Atkinson |
| title_fullStr | Global SIFIs, Derivatives and Financial Stability Adrian, Blundell-Wignall and Paul, Atkinson |
| title_full_unstemmed | Global SIFIs, Derivatives and Financial Stability Adrian, Blundell-Wignall and Paul, Atkinson |
| title_short | Global SIFIs, Derivatives and Financial Stability |
| title_sort | global sifis derivatives and financial stability |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-2011-5kg55qw0qsbv |
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