Global Risks 2015 10th Edition (12)

Box 1.4: Recent advances in the global regulation of the financial system

The global financial system is undergoing massive structural change as a result not only of the crisis but of the regulatory changes in its wake. The very fact that the whole post-crisis regulatory overhaul has been spearheaded by the Financial Stability Board and G20, i.e. with explicit political backing by a global set of policy-makers, is very innovative and has not been the case in setting international regulatory standards before. The past five years have witnessed a profound change of international regulatory standards for banks and non-banks alike.

undergoing massive structural change:大規模な構造的な変化を遂げる
 in its wake:その跡をおって
regulatory overhaul:制度改革

・Banks’ regulatory rules have been revised (usually subsumed under the Basel III heading), resulting in stronger capital requirements, the first-ever globally agreed liquidity standards (for a short-term liquidity and a structural funding measure), and new standards for constraining large exposures and improving risk management. Also, supervisory standards are being raised and the international standard setter (Basel Committee) has launched a programme to assess national implementation, which exerts peer pressure on jurisdictions to implement the reforms in a consistent manner.

Basel III heading:銀行の自己資本比率規制のさらなる厳格化を促す「バーゼルIII」は、審議途上にあるが、規制強化派と反対する銀行界のロビー活動によって、「導入時期は先延ばしされ、内容に抜本的変更はない」という骨抜きの結論となろうとしている
exposure:与信額 エクスポージャーは、投資家の持つ金融資産(ポートフォリオ)のうち、マーケット(市場)の価格変動リスクにさらされている資産の割合(度合い)をいう。また、金融機関や事業会社などで、リスクにさらされている投融資や保証の総額(総量)などをいうこともある。
exert peer pressure on: 〜に周囲の圧力をかける[加える]

・Cross-border resolution difficulties witnessed in the crisis are reflected in the new set of expectations with regard to effective resolution regimes and a process of recovery and resolution planning for the largest banks, complete with setting up cross- border crisis management groups composed of authorities from the (most prominent) jurisdictions where these banks operate.

Key Attributes of Effective Resolution Regimes:金融機関の実効的な破綻処理の枠組みの主要な特性

・Regarding non-banks, the international community is finalizing a basic solvency requirement for global insurers who are systemically important – to date there has been no global solvency standard; over-the-counter derivatives markets are undergoing major overhaul with measures aimed at mandating and/or incentivizing central clearing and trading on organized platforms with reporting to trade repositories of all contracts. In terms of insurance regulation, many countries in Europe, Latin America and Asia are adopting variants of the Solvency II regime. New insurance regulation has a strong emphasis on corporate governance, disclosure and accountability. These measures are relevant as they aim to change the broader corporate behaviour.

Solvency Capital Requirement:支払能力資本基準(略SCR)
 insurer :保険会社
to date:今まで
over-the-counter derivatives markets:店頭デリバティブ市場
central clearing:一元決済/中央決済
trade repositories:取引情報蓄積機関 その起源をOTCデリバティブ市場に持つ機関であり、公開されているOTCデリバティ ブ取引記録(契約)の電子データベースを保存する集中登録機関(centralised registry)である。
Solvency II regime:Solvency II is the name given to the European Union's fundamental and wide-ranging review to establish a solvency (支払い能力) system that better matches the risks of insurers. It reflects a trend throughout the EU towards the convergence (集中)of the economic and regulatory management of insurance companies. Solvency II is based on the realization that ultimately, companies that are profitable and well-managed are those most likely to remain solvent.

・International accounting standards are being changed, in particular to make loss recognition more forward-looking (newly issued IFRS9).


・Some supervisory authority over the financial sector has been relocated to central banks, most notably in Europe, where the European Central Bank has taken on additional responsibilities.

Still, of course, challenges remain. Addressing the issue of “too-big-to-fail” remains a key issue. Efforts are needed to: (i) finalize living wills and identify and remove barriers to firms’ resolvability; (ii) reach consensus on banks’ loss-absorbing capacity to ensure that they can be resolved; (iii) address obstacles to cross-border cooperation and recognition of resolution measures; (iv) ensure recovery and resolution of non-banks; and (v) promote better regulation of the shadow banking sector. Cross-border challenges persist also in over-the-counter derivatives reform. As regulatory regimes developed in parallel in the two largest markets (European Union and United States), they resulted in a framework that overlaps and is not completely consistent. Regulatory decisions allowing reliance on home regulatory regimes (known as “deference”) are urgently needed. Trade reporting requirements have been adopted in key countries but legal barriers frustrate implementation. Progress on trading standardized contracts on exchanges and electronic trading platforms continues to slip. Political commitment is needed to advance reforms in all these areas.

living will:《主に米国で用いられる》 リビングウィル, 生前の意思表示,死亡選択遺言
result in:もたらす
GLAC(gone-concern loss absorbing capacity)あるいはTLAC(total loss absorbing capacity) :自己資本に加えて銀行の債務を対象に破綻時の損失吸収力の確保を G-SIB(グローバルなシステム上重要な銀行) に要求する新たな規制
home regulatory regimes :母国の規制制度

Source: This box draws on the latest Global Financial Stability Report and related IMF work.
Note: In addition to the current regulatory reforms described above, some experts believe that profound changes in the corporate culture and incentive systems in the financial sector are needed to reduce excessive risk-taking.

Box 1.5: Black Sky – risks to critical infrastructure

The world has more to lose than ever before from massive failure of critical infrastructure. To improve efficiency and lower cost, various systems have been allowed to become hyperdependent on one another. The failure of one weak link – whether from natural disaster, human error or terrorism – can create ripple effects across multiple systems and over wide geographical areas.

ripple effects:波及効果

Large-scale power outages might be the most visible illustration. The initiating event in the August 2003 power failures in the United States occurred in Ohio but the worst consequences were felt by 55 million people in the north- eastern part of the United States and Canada. The July 2012 India blackout was the largest in history, affecting 670 million people, about 10% of the world population, and was partially triggered by high demand during a heat wave.

power outage:停電

In many countries, infrastructure has not been maintained well enough to withstand the kinds of catastrophes that could spark such cascading effects. This is often the result of procrastination, the perception that the risk is so small that it is not worth considering or crowding out by other priorities, and the fact that investing in preparedness is rarely immediately rewarded in the electoral process. The challenge is financial, and incentives are misaligned. For example, in the United States, over 80% of infrastructure is owned or managed by private sector firms, which are not responsible for the negative externalities that failure of their part of the infrastructure could have elsewhere. To increase investment in infrastructure, a coordinated, global, long-term and multistakeholder approach is required. Upgrading infrastructure is essential, in recognition that resilient infrastructure has become the backbone of a competitive economy.

1 Auerswald, Branscomb, LaPorte and Michel-Kerjan, 2006.

cascading effect: カスケード効果 影響が連鎖的に伝わる現象。
crowding out:おしのける
electoral process:選挙過程


swingby_blog at 07:43コメント(0)トラックバック(0) 



  情報を記憶: 評価:  顔   星



海野 恵一



Swingby 最新イベント情報
海野塾のイベントはFacebookのTeamSwingbyを参照ください。 またスウィングバイは以下のところに引っ越しました。 スウィングバイ株式会社 〒108-0023 東京都港区芝浦4丁目2−22東京ベイビュウ803号 Tel: 080-9558-4352 Fax: 03-3452-6690 E-mail: clyde.unno@swingby.jp Facebook: https://www.facebook.com/clyde.unno 海野塾: https://www.facebook.com TeamSwingby

Recent Comments
  • 今日:
  • 累計:


社長ブログ ブログランキングへ