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• W269735611 abstract "The case for bringing bank customers into the debate on systemic risk How far are you going, friend? Across the aisle from the questioner, a salesman gazed past the train conductor to River City, the small Victorian town just emerging from corn fields, and answered: Wherever the people are as green as the money. Today, that exchange, from the opening scene of The Music Man, might be enough to jail a securities salesman if used as proof of intent to violate the SEC's suitability regulations. No longer can one hope to sell securities--or any investment service--just by stoking expectations with little regard for the buyer's needs. Consider that, just this past August, civic officials in western Pennsylvania sued a Long Island broker for selling, as unsuitable, $59 million in bonds secured by U.S. government guarantees. According to the suit, local school districts in 13 counties lost money after investing up to 90% of portfolios in collateralized mortgage obligations of Fannie Mae and Freddie Mac. Local newspapers justified the suit by explaining that the districts' investment results failed to meet expectations. The state auditor called for new controls on local government investing. Even sophisticated banks, observed the auditor, manage these complex and volatile CMO positions very carefully. The real focus of that story is the government auditor's use of banks as standard-setters among risk managers. If customer expectations are used to determine suitability, bankers should realize they are being seen as experts in controlling investment portfolio This view cuts both ways. Last May, newspapers around the world were quick to pick up on a prominent U.S. money manager's accusation of unspoken conspiracy among derivatives dealers to keep the end-user ignorant of global settlement risk. He wasn't talking about market or credit risk for derivatives, which is old news, but rather the operating risks that global custodians are expected to handle. This was new. Even if groundless, the media's reaction to the charge proved that everyone, from institutional accounts to individual pensioners, expects banks to protect their customers before themselves. Not only must bankers truthfully answer customers' questions about investments, but they are now expected to tell their customers which questions are the best to ask. Evolving standards of disclosure As implied by the examples, bankers are being held to a very high standard in their roles as risk managers for the more complex instruments and This can be ominous for bankers if tomorrow local school districts buy EuroUnion bonds denominated in European Currency Units; or if money managers expose their clients' portfolios to off-shore derivatives dealers. To keep customers' faith, bankers will have to disclose more global market risks. In that regard, central bankers can be seen as setting the model for full disclosure. In June, Federal Reserve Board Chairman Alan Greenspan told an international conference in Stockholm that sophisticated, high-volume banking has helped expand economic growth, but the resulting interdependencies among markets and market participants...may also have increased the potential for significant, adverse events to spread quickly to other markets. Bankers will have to include customers in more talks about how to prevent the kind of payment or settlement systems breakdowns that could create global market shocks. The added perspective could help, since there are still no fixed solutions despite the fact that it takes no great imagination to envisage such an event, nor to acknowledge the seriousness of the repercussions, as Brian Quinn, Bank of England's executive director for supervision and surveillance, said to New York bankers last winter. Above all, regulators fear those tests to market integrity which arise from within the non-bank and cross-border orbits. …" @default.
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• W269735611 title "New Wrinkle Emerging in Global Risk: The Case for Bringing Bank Customers into the Debate on Systemic Risk" @default.
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