OFR_2016_Financial-Stability-Report

Recommendations

Info

Financial Stability Board. Feasibility Study on Approaches to Aggregate OTC Derivatives Data, Basel: FSB, Sept. 19, 2014. www.fsb.org/wp-content/uploads/r_140919.pdf (accessed Sept. 7, 2016). Financial Stability Oversight Council. 2016 Annual Report, Washington: FSOC, June 21, 2016a. www.treasury.gov/ initiatives/fsoc/studies-reports/Documents/FSOC%202016%20Annual%20Report.pdf (accessed Oct. 28, 2016). Financial Stability Oversight Council. Update on Review of Asset Management Products and Activities, Washington: FSOC, April 18, 2016b. www.treasury.gov/initiatives/fsoc/news/Documents/FSOC%20Update%20on%20 Review%20of%20Asset%20Management%20Products%20and%20Activities.pdf (accessed Oct. 28, 2016). Fitch Ratings. TFC Ratio - An Alternate View of Leverage, New York City: Fitch, Nov. 17, 2015. http://www.alacra- store.com/fitch-credit-research/TFC-Ratio-8212-An-Alternate-View-of-Leverage-Year-End-2014-Results-for- North-American-Insurers-872405_report_frame (accessed Sept. 27, 2016). Fitch Ratings. Sector Outlook on U.S. Life Insurers Reduced to Negative. Press Release, Sept. 7, 2016, Chicago: Fitch. https://www.fitchratings.com/site/pr/1011325 (accessed Sept. 26, 2016). Fitzgibbons, Russell. Views on the Framework for Improving Critical Infrastructure Security, Herndon, Va., Financial Services Sector Coordinating Council, Feb. 9, 2016. http://csrc.nist.gov/cyberframework/rfi_comments_02_2016/20160219_Financial_Services_Sector_Coordinating_Council.pdf (accessed Oct. 13, 2016). Flood, Mark, Hosagrahar Jagadish, and Louiqa Raschid. “Big Data Challenges and Opportunities in Financial Stability Monitoring.” Financial Stability Review: Financial Stability in the Digital Era 110, no. 20 (2016, April): 129–142. https://www.banque-france.fr/fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/RSF20/FSR20-Full-text.pdf (accessed Sept. 26, 2016). Flood, Mark, and Phillip Monin. “Form PF and Hedge Funds: Risk-Measurement Precision for Option Portfolios.” OFR Working Paper no. 16-02, Washington: Office of Financial Research, March 23, 2016. www.financialresearch. gov/working-papers/files/OFRwp-2016-02_Form-PF-and-Hedge-Funds.pdf (accessed Sept. 8, 2016). Glasserman, Paul, and Peyton Young. “How Likely is Contagion in Financial Networks?” OFR Working Paper no. 13-09, Washington: Office of Financial Research, June 21, 2013. https://financialresearch.gov/working-papers/files/ OFRwp0009_GlassermanYoung_HowLikelyContagionFinancialNetworks.pdf (accessed Oct. 13, 2016). Gruber, Joseph, Andrew McCallum, and Robert Vigfusson. “The Dollar in the U.S. International Transactions (USIT) Model.” IFDP Notes, Washington: Board of Governors of the Federal Reserve System, Feb. 8, 2016. https://www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/the-dollar-in-the-us-international-transactions-model-20160208.html (accessed Oct. 13, 2016). Hartley, Daniel, Anna Paulson, and Richard Rosen. “Measuring Interest Rate Risk in the Life Insurance Sector: the U.S. and the U.K.” Working Paper no. 2016-02, Chicago: Federal Reserve Bank of Chicago, January 2016. chicagofed.org/publications/working-papers/2016/wp2016-02 (accessed Sept. 7, 2016). Heltman, John. “Fed Eyes Higher Stress Test Capital Levels for Biggest Banks.” American Banker, June 2, 2016. http://www.americanbanker.com/news/law-regulation/fed-eyes-higher-stress-test-capital-levels-for-biggestbanks-1081309-1.html (accessed Oct. 13, 2016). 110 2016 | OFR Financial Stability Report
Her Majesty’s Government and Marsh. UK Cyber Security: The Role of Insurance in Managing and Mitigating the Risk, London: Her Majesty’s Government and Marsh, March 2015. https://www.gov.uk/government/uploads/system/ uploads/attachment_data/file/415354/UK_Cyber_Security_Report_Final.pdf (accessed Oct. 28, 2016). Huang, Xin, Hao Zhou, and Haibin Zhu. “Systemic Risk Contributions.” SSRN, May 17, 2011. http://papers.ssrn. com/sol3/papers.cfm?abstract_id=1650436 (accessed Sept. 7, 2016). Insured Retirement Institute. State of the Insured Retirement Industry: 2015 Review and 2016 Outlook, Washington: Insured Retirement Institute, December 2015. https://www.myirionline.org/docs/default-source/research/state-ofthe-insured-retirement-industry---2015-review-and-2016-outlook.pdf?sfvrsn=2 (accessed Oct. 13, 2016). International Monetary Fund. Global Financial Stability Report, Washington: IMF, April 2011. http://www.imf.org/ external/pubs/ft/gfsr/2011/01/pdf/text.pdf (accessed Sept. 6, 2016). International Monetary Fund. The People’s Republic of China: Article IV Consultation—Press Release; Staff Report; And Statement by the Executive Director for the People’s Republic of China, Washington: IMF, August 2016. https://www. imf.org/external/pubs/ft/scr/2016/cr16270.pdf (accessed Oct. 6, 2016). International Organization for Standardization. ISO 17442:2012, Financial Services – Legal Entity Identifier (LEI), Geneva: ISO, June 1, 2012. http://www.iso.org/iso/catalogue_detail?csnumber=59771 (accessed Sept. 8, 2016). Johnson, David. “Private Fund Data Shed Light on Liquidity Funds.” OFR Brief no. 15-05, Washington: Office of Financial Research, July 9, 2015. https://financialresearch.gov/working-papers/files/OFRwp-2016-08_Pilot- Survey-of-Securities-Lending.pdf (accessed Sept. 27, 2016). Kaserer, Christophe, and Christian Klein. “Systemic Risk in Financial Markets: How Systemically Important are Insurers?” SSRN, Aug. 15, 2016. https://ssrn.com/abstract=2786947 (accessed Oct. 20, 2016). Kiema, Ilkka, and Esa Jokivuolle. “Does a Leverage Ratio Requirement Increase Bank Stability?” Journal of Banking & Finance 39 (2014, February): 240–254. http://www.sciencedirect.com/science/article/pii/S0378426613004226 (accessed Sept. 7, 2016). King, Joseph. “An Inside Perspective on the Growth of LEIs.” DTCC Connection, New York: Depository Trust & Clearing Corp., May 24, 2016. http://www.dtcc.com/news/2016/may/24/an-inside-perspective-on-the-growth-ofleis (accessed Oct. 13, 2016). Kobayashi, Shinya. “How Should Resolution Regimes for Insurers Be Established? Experiences in Japan and Implications for Global Standard Setting.” Newsletter no. 5, Zurich: The Geneva Association, October 2014. https://www.genevaassociation.org/media/905874/ga2014-progres_sc5.pdf (accessed Sept. 7, 2016). Krebs, Brian. A First Look at the Target Intrusion, Malware. Online Content: Krebs on Security, Jan. 15, 2014. http:// krebsonsecurity.com/2014/01/a-first-look-at-the-target-intrusion-malware/ (accessed Sept. 6, 2016). LEI Regulatory Oversight Committee. Collecting Data on Direct and Ultimate Parents of Legal Entities in the Global LEI System — Phase 1, Basel: LEIROC, March 10, 2016. http://www.leiroc.org/publications/gls/lou_20161003-1. pdf (accessed Sept. 8, 2016). Bibliography 111
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 and 114: Board of Governors of the Federal R
Page 115: www.richmondfed.org/~/media/richmon
Page 119 and 120: Paul, Ruma. “Bangladesh hopes to
Page 121: Zetter, Kim. “That Insane, 18M Ba
show all

OFR_2016_Financial-Stability-Report

Create successful ePaper yourself

Delete template?

Save as template?