OFR_2016_Financial-Stability-Report

Recommendations

Info

Bulow, Jeremy, and Paul Klemperer. “Market-Based Bank Capital Regulation.” Working Paper no. 2132, Stanford, Calif.: Stanford University: Graduate School of Business, Sept. 2013. http://www.gsb.stanford.edu/faculty-research/ working-papers/market-based-bank-capital-regulation-0 (accessed Oct. 21, 2016). Burne, Katy. “J.P. Morgan to Exit Part of Its Government Securities Business.” New York: Wall Street Journal, July 21, 2016. http://www.wsj.com/articles/j-p-morgan-to-exit-part-of-its-government-securities-business-1469135462 (accessed Oct. 13, 2016). CME Group. Clearing – Balancing CCP and Member Contributions with Exposures, Chicago: CME Group, Jan. 20, 2015. http://www.cmegroup.com/education/balancing-ccp-and-member-contributions-with-exposures.html (accessed Sept. 7, 2016). Commodity Futures Trading Commission. Method and Timing for Real-Time Public Reporting. Regulatory Information, Washington: CFTC, Code of Federal Regulations 2, no. 43-3, April 1, 2016a. https://www.gpo.gov/ fdsys/pkg/CFR-2016-title17-vol2/pdf/CFR-2016-title17-vol2-sec43-3.pdf (accessed Oct. 14, 2016). Commodity Futures Trading Commission. Weekly Swaps Report. Online Content, Washington: CFTC, 2016b. http://www.cftc.gov/MarketReports/SwapsReports/Archive/index.htm (accessed Sept. 7, 2016). Crowley, Cornelius. “Setting Standards for Microdata.” Frankfurt: European Central Bank, July 6, 2016. www.ecb. europa.eu/pub/conferences/shared/pdf/160705_8th_stats_conference/Crowley.pdf?63f285a1d91290c061feff4afes- 6aba0e (accessed Oct. 13, 2016). Cummins, J. David, and Mary Weiss. “Systemic Risk and the U.S. Insurance Sector.” The Journal of Risk and Insurance 81, no. 3 (2014, September): 489–527. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2483534## (accessed Oct. 13, 2016). Dell’Ariccia, Giovanni, Deniz Igan, Luc Laeven, Hui Tong, Bas Bakker, and Jérôme Vandenbussche. “Policies for Macrofinancial Stability: How to Deal with Credit Booms.” IMF Staff Discussion Note no. 12/06, Washington: International Monetary Fund, June 12, 2012. http://www.imf.org/external/pubs/ft/sdn/2012/sdn1206.pdf (accessed Sept. 6, 2016). Deloitte Advisory and Securities Industry and Financial Markets Association. Quantum Dawn 3 After-Action Report, Washington: Deloitte and SIFMA, Nov. 23, 2015. http://www.fbiic.gov/public/2015/Quantum_Dawn_3_AAR_ Public_Report.pdf (accessed Oct. 20, 2016). Depository Trust & Clearing Corp. New Soltra Network Offering to Connect and Coordinate Cyber Threat Intelligence Sharing. Press Release, Oct. 12, 2015: DTCC. http://www.dtcc.com/news/2015/october/12/new-soltra-network-ofmfering-connect-coordinate-cyber-threat-intelligence (accessed Oct.20, 2016). Efing, Matthias. “Arbitraging the Basel Securitization Framework: Evidence from German ABS Investmen5.” Bundesbank Discussion Paper no. 40, Frankfurt: Deutsche Bundesbank, 2015. http://www.bundesbank.de/ Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2015/2015_11_27_dkp_40.pdf?__blob=publicationFile (accessed Sept. 6, 2016). Ennis, Huberto, and David Price. “Discount Window Lending: Policy Trade-offs and the 1985 BoNY Computer Failure.” Economic Brief no. 15-05, Richmond, Va.: Federal Reserve Bank of Richmond, May 2015. https:// 108 2016 | OFR Financial Stability Report
www.richmondfed.org/~/media/richmondfedorg/publications/research/economic_brief/2015/pdf/eb_15-05.pdf (accessed Oct. 20, 2016). Ericson, Michael. “Group Annuity Risk Transfer Survey.” Windsor, Conn.: Life Insurance and Market Research Association, Aug. 16, 2016. http://www.limra.com/secureretirementinstitute/research/ (accessed Oct. 13, 2016). European Central Bank. Financial Stability Review, Frankfurt: ECB, May 2016. http://www.ecb.europa.eu/pub/ pdf/other/financialstabilityreview201605.en.pdf?e1a2bef79ed901d8ceaee004f2fcecdd (accessed Sept. 7, 2016). European Insurance and Occupational Pensions Authority. EIOPA Announces Results of the EU-Wide Insurance Stress Test 2014. Press Release, Nov. 30, 2014: EIOPA. https://eiopa.europa.eu/Publications/Surveys/2014-11-30%20 Stress%20Test%202014.pdf (accessed Oct. 20, 2016). European Securities and Markets Authority. Report: EU-Wide CCP Stress Test 2015, Paris: ESMA, April 29, 2015. https://www.esma.europa.eu/sites/default/files/library/2016-658_ccp_stress_test_report_2015.pdf (accessed Oct. 28, 2016). EY and Institute of International Finance. A set of blueprints for success: Seventh annual global EY/IIF bank risk management survey. Washington: EY and IIF, October 2016. https://www.iif.com/publication/regulatory-report/ iifey-annual-risk-management-survey (accessed Nov. 9, 2016). Federal Bureau of Investigation. Update on Sony Investigation. Press Release, Dec. 19, 2014: FBI. https://www.fbi. gov/news/pressrel/press-releases/update-on-sony-investigation (accessed Sept. 23, 2016). Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System. Agencies Announce Determinations and Provide Feedback on Resolution Plans of Eight Systemically Important, Domestic Banking Institutions. Joint Press Release, April 13, 2016: FDIC and Board of Governors. www.federalreserve.gov/newsevents/ press/bcreg/20160413a.htm (accessed Oct. 28, 2016). Federal Financial Institutions Examination Council. Cybersecurity Assessment Tool, https://www.ffiec.gov/: FFIEC, June 2015. https://www.ffiec.gov/pdf/cybersecurity/FFIEC_CAT_June_2015_PDF2.pdf (accessed Sept. 7, 2016). Federal Reserve Bank of New York. Tri-party Repo Infrastructure Reform: A White Paper, New York: FRBNY, May 17, 2010. www.newyorkfed.org/medialibrary/media/banking/nyfrb_triparty_whitepaper.pdf (accessed Sept. 7, 2016). Financial Industry Regulatory Authority. Regulatory Notice: Equity Trading Initiatives: Synchronization of Business Clocks. Request for Comment, Washington: FINRA (14-47), Nov. 3, 2014. http://www.finra.org/sites/default/files/ notice_doc_file_ref/Notice_Regulatory_14-47.pdf (accessed Sept. 26, 2016). Financial Industry Regulatory Authority. Clock Synchronization: SEC Approves Rule Change to Reduce the Clock Synchronization Tolerance for Computer Clocks Used To Record Events in NMS Securities and OTC Equity Securities. Rule Amendment, Washington: FINRA (16-23), July 16, 2016a. http://www.finra.org/sites/default/files/notice_ doc_file_ref/Regulatory-Notice-16-23.pdf (accessed Sept. 26, 2016). Financial Industry Regulatory Authority. Reporting Transactions in U.S. Treasury Securities: SEC Approves Rule Change to Require Reporting of Transactions in U.S. Treasury Securities to the Trade Reporting and Compliance Engine (TRACE). New Rule, Washington: FINRA (16-39), Oct. 19, 2016b. http://www.finra.org/sites/default/files/notice_doc_file_ ref/Regulatory-Notice-16-39.pdf (accessed Nov. 15, 2016). Bibliography 109
Page 1:
OFFICE OF FINANCIAL RESEARCH 2016 F
Page 5:
Contents Executive Summary ........
Page 8 and 9:
Chapter 2 provides deeper analysis
Page 10 and 11:
of sharp decreases in U.S. equity a
Page 13 and 14:
1 Financial Stability Assessment Ov
Page 15 and 16:
Figure 3. Real GDP Growth (year-ove
Page 17 and 18:
Figure 8. Ten-Year U.S. Treasury Yi
Page 19 and 20:
Monitoring Shadow Banking Risks The
Page 21 and 22:
An earlier OFR paper proposed an ac
Page 23 and 24:
Figure 17. Size, Liquidity, and Con
Page 25:
Figure 19. Top Systemic Risk Scores
Page 28 and 29:
The analysis pointed to seven key t
Page 30 and 31:
could. In early 2016, investor conc
Page 32 and 33:
earnings or share issuance. But red
Page 34 and 35:
Fund Monitor, the OFR assessed expo
Page 36 and 37:
2.2 Risks in U.S. Nonfinancial Corp
Page 38 and 39:
Figure 31. U.S. Nonfinancial Corpor
Page 40 and 41:
Figure 36. U.S. Corporate Bond Defa
Page 42 and 43:
Commercial Real Estate Prices Have
Page 44 and 45:
2.3 Cybersecurity Incidents Affecti
Page 46 and 47:
Hackers Breach Bangladesh’s Centr
Page 48 and 49:
Figure 42. Banks that Include an Op
Page 50 and 51:
The industry is working with the pu
Page 52 and 53:
Figure 46. U.S. Financial Regulator
Page 54 and 55:
48 2016 | OFR Financial Stability R
Page 56 and 57:
eleased the results of an unprecede
Page 58 and 59:
Figure 49. CCP Default Waterfall ($
Page 60 and 61:
Figure 50: CCP Ratios and Amounts f
Page 62 and 63:
cause more-prudent CCPs to appear m
Page 64 and 65: 2.5 Pressure on U.S. Life Insurance
Page 66 and 67: The experience of Japan’s life in
Page 68 and 69: 2015). These benefits are effective
Page 70 and 71: Figure 55. Life Insurance Securitie
Page 72 and 73: Drivers of Insurers’ Systemic Ris
Page 74 and 75: 2.6 Systemic Footprints of Largest
Page 76 and 77: Interest Rates and Derivatives Expo
Page 78 and 79: Figure 63. Components of U.S. G-SIB
Page 80 and 81: Figure 66. Five-Year Changes to G-S
Page 82 and 83: 2.7 Deficiencies in Data and Data M
Page 84 and 85: Figure 68. Examples of Key Post-Cri
Page 86 and 87: Broader Adoption of Data Standards
Page 88 and 89: Better Regulatory Sharing Needed Th
Page 90 and 91: The U.S. Census Bureau surveys publ
Page 92 and 93: The group will also consider how th
Page 94 and 95: and contracts would be crucial. The
Page 96 and 97: Figure 72. Scaling of Data Validati
Page 99 and 100: Glossary 10-Year, 10-Year Forward R
Page 101 and 102: Conditional Value-at-Risk (CoVaR) C
Page 103 and 104: Fire Sale Form N-MFP Form PF Fundin
Page 105 and 106: Liquidity Risk Liquidity Transforma
Page 107 and 108: Pension Funded Ratio Pension Risk T
Page 109 and 110: Stress Test Supplemental Leverage R
Page 111 and 112: Bibliography Adrian, Tobias, and Ma
Page 113: Board of Governors of the Federal R
Page 117 and 118: Her Majesty’s Government and Mars
Page 119 and 120: Paul, Ruma. “Bangladesh hopes to
Page 121: Zetter, Kim. “That Insane, 18M Ba
show all

OFR_2016_Financial-Stability-Report

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?