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Record Nr. |
UNINA9910965593603321 |
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Autore |
Aitken James |
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Titolo |
Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties / / James Aitken, Manmohan Singh |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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9786612843853 |
9781462364848 |
1462364845 |
9781452774282 |
1452774285 |
9781451873207 |
1451873204 |
9781282843851 |
1282843850 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (17 p.) |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Credit - Risk assessment |
Risk management - United States |
Banks and banking - United States |
Finance - United States |
Asset and liability management |
Banking |
Banks and Banking |
Banks and banking |
Banks |
Central counterparty clearing house |
Clearinghouses |
Collateral |
Currencies |
Depository Institutions |
Derivative markets |
Derivative securities |
Finance |
Finance: General |
Financial Institutions and Services: Government Policy and Regulation |
Financial institutions |
Financial Instruments |
Financial markets |
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General Financial Markets: General (includes Measurement and Data) |
Government and the Monetary System |
Industries: Financial Services |
Institutional Investors |
International Finance Forecasting and Simulation |
International finance |
International Financial Markets |
International liquidity |
Investment Decisions |
Loans |
Micro Finance Institutions |
Monetary economics |
Monetary Systems |
Money and Monetary Policy |
Money |
Mortgages |
Non-bank Financial Institutions |
Payment Systems |
Pension Funds |
Portfolio Choice |
Regimes |
Standards |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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At head of title: Monetary and Capital Markets Department. |
"August 2009." |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Counterparty Risk; Figures; 1. Illustrative Repricing of Derivatives When a Large Financial Institution Fails; III. The Changing Profile of Counterparty Risk in the United States; IV. The Adverse Impact of Counterparty Risk on Global Liquidity; 2. Counterparty Liabilities of Major U.S. Banks; Tables; 1. Snapshot of Reduced Collateral Posting Among LCFIs; 2. Securities Lending by Major Custodians; V. Regulatory Thrust for a Central Counterparty; 3. Cash Holding by Major LCFIs; VI. Conclusions and Policy Implications; Appendixes |
1. Methodological Issues in Computing Connectedness in Counterparty RiskReferences |
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Sommario/riassunto |
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Counterparty risk in the United States stemming from exposures to OTC derivatives payables (after netting) is now concentrated in five banks?Goldman Sachs, JPMorgan, Bank of America, Morgan Stanley and Citi. This note analyzes how such risks have shifted over the past year. We estimate that the adverse impact of counterparty risk on high-grade collateral flows and global liquidity due to decrease in rehypothecation, reduced securities lending, and hoarding of cash by major banks is at least $5 trillion. In order to mitigate counterparty risk, there have been regulatory initiatives to establish central counterparties (CCPs). From a |
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policy perspective, counterparty risk remains large at present and recent experience has shown that OTC derivative positions are not supported by sufficient capital, constituting a major risk for participants in this market. |
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