Enterprise Risk and Regulatory Compliance
|
|
- Reginald Joseph
- 5 years ago
- Views:
Transcription
1 Enterprise Risk and Regulatory Compliance May 2014 Stephen O Brien Head of Capital, Liquidity and Risk Policy Westpac Institutional Bank
2 The 2014 economic landscape shows the first real signs of recovery since the financial crisis In 2013 Outright recession in Europe Uncertainty around the impact of US tapering Protracted monetary easing in Australia In 2014 Advanced economies looking in better shape than at any time since the crisis though imbalances remain (e.g. Western government debt) Emerging markets including China are showing signs of slowing Policy-driven slow-down in China External financing vulnerability for India and commodity exporters Domestic outlook House prices have been rising strongly, construction set to lift as well. Non-mining investment remains weak Mining capital expenditure boom has peaked Terms of trade moving lower Fiscal policy is tightening Labour market indicates net balance is unfavourable for now Interest rates expected to be on hold Currency has firmed 2
3 While the regulatory change agenda continues to expand, with direct and indirect impacts Capital Market risk Derivative reform Basel III definitions and minimums Basel 2.5 Central clearing Capital buffers Conservation, counter-cyclical Leverage ratio Systemically important banks Stressed VaR, CVA Fundamental review of the Trading Book Interest Rate Risk in the Banking Book Counterparty credit risk SA-CCR, CVA, CCP Margin requirements Variation, initial Trade reporting Bail-ins Related market developments OIS discounting Liquidity risk Supervision and business structure FVA Liquidity Coverage Ratio Recovery and resolution planning Segregation, ring-fencing Other Net Stable Funding Ratio Volcker rule Data Conglomerate supervision Benchmark reviews Supervision Large exposures Remuneration Securitisation Disclosure Trader monitoring Conduct risk / risk culture 3
4 that need to be navigated in combination with other significant change drivers in the institutional banking world. Regulatory reform and market developments Cyclical Economic growth (developed / emerging) Liquidity flows Government policy Market uncertainty Competitive landscape Lower government / corporate investment Structural Product development Pricing differentiation / margin compression Technology and data Central clearing and trade repositories Balance sheet / capital structure Enterprise risk How can Risk respond to turn change into a sustainable competitive advantage? 4
5 Several key reforms are finalised but a substantial number of unknowns remain. Implementation Confirmed Basel 2.5 (CVA, stressed VaR) Recovery plans Derivative reporting Volcker rule Liquidity Coverage Ratio (LCR) Margin for non-centrally cleared derivatives Systemically Important Banks Capital cons. / countercyclical buffer In progress Conglomerate supervision Mandatory central clearing Capital for central counterparties Leverage Ratio Standardised Approach to CCR (SA-CCR) Internal Model Method to CCR Net Stable Funding Ratio Securitisation Bail-in provisions Large exposures Fundamental Review of the Trading Book Interest Rate Risk in the Banking Book Funding Valuation Adjustment Data management Trader monitoring Resolution plans Conduct risk 5
6 Derivative reform is a core area where regulatory change is resulting in increasing complexity and cost. Shift from bilateral to central clearing Bank X Bank X Centrally cleared: Variation margin Initial margin Mandatory clearing for some instruments Lower capital requirements Direct membership / clearing agreements (pass-through risk) Non-centrally cleared: Variation margin Non-centrally cleared: Variation margin Initial margin 6
7 Pricing systems need to be adapted to accommodate complex interactions and marginal impacts in real-time. Impact of collateral and central clearing on derivative pricing Normal bilateral (no CSA) Less frequent bilateral CSA Daily posting bilateral CSA Initial margin bilateral CSA Central clearing with initial margin Regulatory capital requirements Collateral requirements Administration requirements Marginal contribution of a derivative trade Change in Credit Valuation Adjustment (CVA) Change in CVA capital Change in Counterparty credit risk capital Change in margin Change in market risk capital Change in Funding Valuation Adjustment Marginal impacts of new trades will vary by bank in accordance with the composition of the portfolio at any given time. Customers may receive widely varying price quotes for the same transaction. 7
8 The Fundamental Review of the Trading Book (in consultation phase) is likely to be a game-changer. Capital based on stressed period (vs current + stressed period VaR) Market liquidity factored directly into the calculation through liquidity horizons Shift from Value-at-Risk to Expected Shortfall Revised standard method mandatory calculation, may be required to disclose publicly and may be treated as a floor on capital Diversification across risk factors constrained Model accreditation by trading desk, including desk-level back-testing Additional 'risk assessment tool' for desks with illiquid and/or complex products The standard method will be mandatory for securitisation positions Introduce a new default risk model consistent with the banking book Capital requirements likely to increase Significant additional computational and hardware requirements More onerous validation and accreditation process (by desk) May need to price market risk capital into some less liquid risks? CVA capital charge will move to expected shortfall and remain stand-alone Strengthened boundary between trading book and banking book to prevent arbitrage 8
9 Regulatory reforms are targeting to reduce risk but may also result in transferring or transforming risk. Regulatory change Potential impacts Derivative reform Initial margin Central clearing New processes Funding and liquidity risk Counterparty credit risk Collateral risk Operational risk Liquidity Coverage Ratio Liquidity risk Increase in liquid asset holdings Sovereign risk Credit and market risk Higher regulatory requirements Risks to financial system Increasing complexity Increasing operational costs Uneven implementation Smaller bank business models may become unviable Barriers to entry for new market participants Concentration risk Shift towards non-banks Arbitrage / inefficient liquidity and capital flows 9
10 The institutional banking business needs to respond to regulatory change dynamically Product design / offerings Does the risk/reward trade-off under new regulation require significant changes to product design? Are some product offerings now unviable? Pricing To what extent should higher capital / liquidity / implementation charges be reflected in customer pricing? Pricing per trade: dynamically assessing marginal contribution of a particular trade to the portfolio Balance sheet How do we optimise the asset / liability mix to go from the balance sheet we have to the one we want? How do we optimise balance sheet management strategies (e.g. where we book trades) Trader monitoring Implementing adequate monitoring systems and safeguards to mitigate market manipulation risk (eg LIBOR / FX / BBSW) and rogue trading Technology and data How can we leverage technology to stay ahead of the changes while getting the basics right? How can we use new technology to better serve customers? Customer relationships How do we keep our customers informed and prepared, partner with them and make it easy to do business with us? Responsiveness How do we make all of the above seamless and minimise disruption? 10
11 Keeping pace with (and ahead of) innovation requires a vigilant, flexible approach to anticipate trends and prioritise actions. Key drivers Key innovation trends Evolving customer needs Digital and real-time Easier, faster, simpler Regulatory reform and related market change Payments innovation New market entrants Disintermediation / disruptors Financial Markets e-facilitation Competitor investment Simplification Process efficiency / customer experience Internal demands Competitiveness / internal efficiency Big Data / Analytics 11
12 The mandate of Risk and Compliance is to steer the business through regulatory change, while avoiding over-reaction. Response Understand changes, implications and interactions Drive regulatory and industry responses to influence change Clarity in communication Risk / return Clearly define risk appetite with supporting limit structures Transparent allocation mechanisms to drive the right behaviours Constantly strive for process improvements and simplification Infrastructure and data Robust, integrated and real-time measurement systems Sustainable and adaptive systems and technology Commitment to data integrity Culture and conduct Risk as an integral part of business strategy: Risk is everyone s business Embedded processes for risk identification, control and escalation Increasing focus on conduct risk, litigation risk and reputation risk Governance Consistency and clarity in policy settings Effective monitoring mechanisms Well-defined roles & responsibilities for Board, senior management and lines of defence 12
13 To recap We are here primarily to serve customers and fulfil their needs The global and local environment in which we do that is undergoing massive change that will continue for the foreseeable future get used to it and treat it as a glass half full Competitive advantage for those who understand the implications better, generating substantial, sustainable financial outcomes Risk management plays a much more active role in strategy and achieving business outcomes but there is a risk of overkill 13
14 Thank you 14
15 Legal Disclaimer. This document is prepared by Westpac Institutional Bank, a division of Westpac Banking Corporation ABN AFSL ( Westpac ). This document has been provided to you in your capacity as a wholesale client under the Corporations Act 2001 (Cth). This document is not to be distributed to retail clients. The information in this presentation is (a) current as at the date shown on the front page; (b) contains general commentary only and does not constitute investment advice or financial advice; and (c) has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. The information contained in this presentation has been derived from sources believed to be accurate. Worked examples are included for illustrative purposes only and are not intended to be indicative of the likely performance of the underlying product. Past performance is not an indicator of future performance. This presentation does not constitute an offer, or a solicitation of an offer, to subscribe for or purchase any securities or other financial instrument; is not an invitation to invest; is not an offer for finance; does not constitute an offer, inducement or solicitation to enter a legally binding contract; and is not to be construed as an indication or prediction of future results. Any projections given in the presentation are predictive in character. While every effort has been taken to ensure that the assumptions on which the projections are based are reasonable, the projections may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The results ultimately achieved may differ from these projections. This information should not be misconstrued as any opinion or recommendation in relation to the any product. While Westpac has made every effort to ensure the information is free from error, Westpac does not warrant the accuracy, adequacy or completeness of the information. This presentation may contain material provided by third parties. While such material is published with the necessary permission, Westpac does not accept responsibility for the accuracy or completeness of, or endorses any such material. Except where contrary to law, none of Westpac, their related entities, employees or directors gives any warranty of reliability or accuracy or accepts any responsibility or liability arising in any way in respect of such material. To the maximum extent permitted by law: (a) no guarantee, representation or warranty is given that any information in this presentation is complete, accurate, up to date, error or fault free or fit for any purpose; and (b) none of Westpac, any other company in the Westpac Group of companies or any of their employees or directors is in anyway liable or otherwise responsible to any person (including, without limitation, for negligence) or otherwise for any loss or damage arising as a result of or in connection with any reliance on this document or any information included in this document. This document was accompanied by an oral presentation and is not a complete record of the discussion held. No part of this presentation should be used elsewhere without prior written consent from Westpac. 15
16 Legal Disclaimer. Additional information if you are located outside of Australia New Zealand: The current disclosure statement for the New Zealand division of Westpac or Westpac New Zealand Limited can be obtained at the internet address Westpac Institutional Bank products and services are provided by either Westpac incorporated in Australia (New Zealand division) or Westpac New Zealand Limited. For further information please refer to the Product Disclosure Statement (available from your Relationship Manager) for any product for which a Product Disclosure Statement is required, or applicable customer agreement. Download the Westpac NZ QFE Group Financial Advisers Act 2008 Disclosure Statement at China, Hong Kong, Singapore and India: Westpac Singapore Branch holds a wholesale banking licence and is subject to supervision by the Monetary Authority of Singapore. Westpac Hong Kong Branch holds a banking license and is subject to supervision by the Hong Kong Monetary Authority. Westpac Hong Kong branch also holds a license issued by the Hong Kong Securities and Futures Commission for Type 1 and Type 4 regulated activity. Westpac Shanghai and Beijing Branches hold banking licenses and are subject to supervision by the China Banking Regulatory Commission. Westpac Mumbai Branch holds a banking license from Reserve Bank of India and subject to regulation and supervision by the RBI. U.K.: Westpac is registered in England as a branch (branch number BR000106) and is authorised and regulated by The Financial Services Authority. Westpac Europe Limited is a company registered in England (number ) and is authorised and regulated by The Financial Services Authority. This material and any information contained therein is directed at a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services Act 2000 (Financial Promotion) Order 2005 or (b) high net worth entities, and other persons to whom it may otherwise be lawfully communicated, falling within Article 49(1) of the Order (all such persons together being referred to as "relevant persons"). The investments to which this material relates are only available to and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such investments will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely upon this material or any of its contents. In the same way, the information contained in this material is intended for "eligible counterparties" and "professional clients" as defined by the rules of the Financial Services Authority and is not intended for retail clients. With this in mind, Westpac expressly prohibits you from passing on the information on this material to any third party. In particular this material, and, in each case, any copies thereof may not be taken, transmitted or distributed, directly or indirectly into any restricted jurisdiction. 16
17 Legal Disclaimer. Additional information if you are located outside of Australia U.S.: Westpac operates in the United States of America as a federally licensed branch, regulated by the Office of the Comptroller of the Currency. Westpac is also registered with the US Commodity Futures Trading Commission ( CFTC ) as a Swap Dealer, but is neither registered as, or affiliated with, a Futures Commission Merchant registered with the US CFTC. Westpac Capital Markets, LLC ( WCM ), a wholly-owned subsidiary of Westpac, is a broker-dealer registered under the U.S. Securities Exchange Act of 1934 ( the Exchange Act ) and member of the Financial Industry Regulatory Authority ( FINRA ). This communication is provided for distribution to U.S. institutional investors in reliance on the exemption from registration provided by Rule 15a-6 under the Exchange Act and is not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors in the United States. WCM is the U.S. distributor of this communication and accepts responsibility for the contents of this communication. All disclaimers set out with respect to Westpac apply equally to WCM. If you would like to speak to someone regarding any security mentioned herein, please contact WCM on All disclaimers set out with respect to Westpac apply equally to WCM. Investing in any non-u.s. securities or related financial instruments mentioned in this communication may present certain risks. The securities of non-u.s. issuers may not be registered with, or be subject to the regulations of, the SEC in the United States. Information on such non-u.s. securities or related financial instruments may be limited. Non-U.S. companies may not subject to audit and reporting standards and regulatory requirements comparable to those in effect in the United States. The value of any investment or income from any securities or related derivative instruments denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related derivative instruments. The author of this communication is employed by Westpac and is not registered or qualified as a research analyst, representative, or associated person under the rules of FINRA, any other U.S. self-regulatory organisation, or the laws, rules or regulations of any State. Unless otherwise specifically stated, the views expressed herein are solely those of the author and may differ from the information, views or analysis expressed by Westpac and/or its affiliates. For the purposes of Regulation AC only: Each analyst whose name appears in this report certifies that (1) the views expressed in this report accurately reflect the personal views of the analyst about any and all of the subject companies and their securities and (2) no part of the compensation of the analyst was, is, or will be, directly or indirectly related to the specific views or recommendations in this report. 17
Winter is coming June 2016 quarter Westpac McDermott Miller Consumer Confidence Index: 106.0
June 16 Winter is coming June 16 quarter Westpac McDermott Miller Consumer Confidence : 6. Consumer confidence has fallen for a second quarter. Confidence is now well below the peak reached in 14, and
More informationWestpac Melbourne Institute Consumer Sentiment
Westpac Melbourne Institute Consumer Sentiment Unemployment expectations chart pack. October 214 Westpac Melbourne Institute Consumer unemployment expectations The Westpac-Melbourne Institute Unemployment
More informationState of play: Global and NZ economic update. Michael Gordon Acting Chief Economist NZ July 2017
State of play: Global and NZ economic update Michael Gordon Acting Chief Economist NZ July 17 Contributions to world growth, pre- and post-crisis 7 Advanced Other China 7 Westpac forecasts 3 3 1 1-1 -1
More informationWestpac Melbourne Institute Consumer Expectations
Westpac Melbourne Institute Consumer Expectations Unemployment expectations chart pack. November 213 Westpac Melbourne Institute Consumer unemployment expectations The unemployment expectations rose.9%
More informationLocal Knowledge 5 December 2014
Local Knowledge 5 December 214 Local Knowledge is our monthly compilation of activity indicators for the New Zealand economy. The aim is to build up a picture of what s happening in the domestic economy,
More informationBuy Side Engagement. Moderator: James Kanaris, Director Structured Finance, Westpac Institutional Bank
Buy Side Engagement Panellists: Scott Barker, Regional Head Asia Pacific, IFM Investors Jason Bounassif, Treasurer, AMP Bank Dylan Bourke, Portfolio Manager, Kapstream Capital Amy Green, Investment Manager,
More informationWestpac McDermott Miller Consumer Confidence Index
Westpac McDermott Miller Consumer Confidence Consumer confidence down 5.1 points to 3.5 in September Michael Gordon, Senior Economist +64 9 336 567 Dominick Stephens, Chief Economist +64 9 336 5671 Consumer
More informationThreading the needle NZ Half-Year Economic and Fiscal Update 2015
1 December 1 Threading the needle NZ Half-Year Economic and Fiscal Update 1 Treasury s weaker activity forecasts have put a dent in tax revenue. Consequently, the Treasury is now projecting lower surpluses
More informationWorkers in demand. Westpac McDermott Miller Employment Confidence Index, December Michael Gordon, Senior Economist
Workers in demand Westpac McDermott Miller Employment Confidence, December 18 Michael Gordon, Senior Economist +64 9 336 67 Confidence in the labour market rose strongly in December, reaching its highest
More informationHousing market slowdown to put the brakes on household debt
Housing market slowdown to put the brakes on household debt 3 April 218 In recent years, the combination of low interest rates and the favourable tax treatment of housing saw house prices rising rapidly.
More informationThe beauty of hindsight Revisions will boost the levels of NZ GDP and current account balance
27 November 213 The beauty of hindsight Revisions will boost the levels of NZ GDP and current account balance Statistics NZ has signalled a range of improvements to the measurement of GDP and the balance
More informationSlow progress. Westpac McDermott Miller Employment Confidence Index, March March 2018
Slow progress Westpac McDermott Miller Employment Confidence, March 18 29 March 18 The Westpac McDermott Miller Employment Confidence rose two points in March to 11.9, its highest level since 8. Perceptions
More informationWill we see a sustained pick-up in inflation? 23 September 2015
Will we see a sustained pick-up in inflation? September Inflation will rebound over the coming months, but we don t expect this to be sustained. Looking beyond this temporary near-term rebound, we expect
More informationWestpac Corporate Lending Portal
Westpac Corporate Lending Portal Fast, efficient and secure online loan management Westpac Institutional Bank Date: 22 August 2018 Commercial in Confidence 2018 Contents Overview... 5 Functionality @ August
More informationMore jobs, but what about wages?
More jobs, but what about wages? Westpac McDermott Miller Employment Confidence, September 17 27 September 17 New Zealanders have become increasingly upbeat about their employment prospects. However, they
More informationNZ rates decoupling from US?
NZ rates decoupling from US? Westpac Strategy Imre Speizer, Auckland September The correlation between long term NZ yields and long term US yields has weakened. One explanation is unsynchronised RBNZ and
More informationNZ FX & Interest Rate Outlooks
NZ FX & Interest Rate Outlooks 22 June 2015 Imre Speizer Senior Markets Strategist 1 1 Contents 2 3 80 70 60 50 40 Index % 15 10 5 0-5 30 NZ data pulse, 8wk mov.av. (lhs) 20 NZD/USD, 8wk % change (rhs)
More informationFar away, so close. New Zealand inflation to linger below 2% 23 April Author: Tradables inflation to remain weak
Far away, so close New Zealand inflation to linger below % April 8 Several long lasting factors are continuing to dampen consumer price inflation in New Zealand. Consequently, a sustained return to levels
More informationWestpac McDermott Miller Consumer Confidence Index
Westpac McDermott Miller Consumer Confidence Consumer confidence down 5 points to 7.4 in December 19 December 17 Consumer Confidence Indices Dec-17 Sep-17 Change Average Consumer Confidence 7.4 112.4-5.
More informationDIB Treasury Dashboard Reference Guide. Last Updated: 06 December 2018
DIB Treasury Dashboard Reference Guide Last Updated: 06 December 2018 Legal entity view Snapshot - Navigation Overview of the Treasury Dashboard Refreshes every 15 min time is AEDT. View selector. Default
More informationThe ACCI Westpac Survey of Industrial Trends Q2 2013: 51.7 versus 46.5 prior. Partial recovery in Q2; outlook challenging.
Bulletin The ACCI Westpac Survey of Industrial Trends Q 13: 51.7 versus.5 prior Partial recovery in Q; outlook challenging. The Westpac ACCI Survey of Industrial Trends, the longest running business survey
More informationLocal Knowledge 4 August 2015
Local Knowledge 4 August 215 Local Knowledge is our monthly compilation of activity indicators for the New Zealand economy. The aim is to build up a picture of what s happening in the domestic economy,
More informationNow for the tough choices June 2014 MPS Review: OCR increased to 3.25%
12 June 214 Now for the tough choices June 214 MPS Review: OCR increased to 3.25 The Reserve Bank today increased to OCR from 3. to 3.25, and provided much the same guidance on future interest rates as
More informationSunny side up Westpac McDermott Miller Employment Confidence Index, March 2016
4 April 16 Sunny side up Westpac McDermott Miller Employment Confidence, March 16 Employment confidence improved further in the March quarter, and now sits a little above its five year average. The survey
More informationNZ FX & Interest Rate Outlooks
NZ FX & Interest Rate Outlooks 6 July 215 Imre Speizer Senior Markets Strategist 1 1 Contents 2 3 8 7 6 5 4 Index % 15 1 5-5 3 NZ data pulse, 8wk mov.av. (lhs) 2 NZD/USD, 8wk % change (rhs) Nov-12 Nov-13
More informationLooking for a new job?
Looking for a new job? Westpac McDermott Miller Employment Confidence, December 17 16 January 18 Employment Confidence Indices Dec-17 Sep-17 Change Employment Confidence 113.9 113.8.1 Present Conditions
More informationStay on target. Review of the February 2018 Monetary Policy Statement. 8 February The best laid plans
Stay on target Review of the February 8 Monetary Policy Statement 8 February 8 As expected, the RBNZ left the OCR unchanged and repeated its neutral guidance for the OCR outlook. However the RBNZ s thinking
More informationNew Zealand debt and house prices climbing rapidly relative to other developed economies 12 July 2016
New Zealand debt and house prices climbing rapidly relative to other developed economies 12 July 216 Household debt levels in New Zealand have continued to break records, with the build-up in debt closely
More informationThey came, they saw, they re leaving:
They came, they saw, they re leaving: A look at recent migration trends in New Zealand 8 December 17 While still elevated, net migration has turned and it s set to fall sharply over the next few years.
More informationKicking the can down the road September 2014 MPS preview: OCR to remain 3.5%
2 September 2014 Kicking the can down the road September 2014 MPS preview: OCR to remain 3.5 The OCR will be left unchanged at 3.5 next week. Given the looming election, the RBNZ may opt for a low profile
More informationNew Zealand economic and travel outlook. Michael Gordon Senior Economist Westpac NZ
New Zealand economic and travel outlook Michael Gordon Senior Economist Westpac NZ Key points 1. Global economy prospects and challenges 2. Shifting travel patterns 3. Local economic outlook 4. Christchurch
More informationRetail spending by region: From Cape Reinga to Bluff (but only a short stop in Wellington) 29 September 2016
Retail by region: From Cape Reinga to Bluff (but only a short stop in ) 29 September 2016 Retail in the New Zealand economy has been growing at a solid pace. However, there are stark differences across
More informationHome Truths. 25 October 2017
Home Truths 2 October 17 Welcome to Home Truths, Westpac s regular update on the housing market. Home Truths has been absent for a while but is now back in action, so we will use our first month back to
More informationNew Zealand Half Year Economic and Fiscal Update 2017
New Zealand Half Year Economic and Fiscal Update 7 December 7 Wishful thinking The HYEFU forecasts suggested that the Government s spending plans will be matched by a lift in tax revenue, meaning no real
More informationIn with the new. Review of the May 2018 Monetary Policy Statement. 10 May The outlook for the OCR, GDP and inflation
In with the new Review of the May 8 Monetary Policy Statement May 8 The RBNZ has shaken up the form of its Monetary Policy Statement with an improvement in clarity. But the actual OCR outlook is much the
More informationNZ FX & Interest Rate Outlooks
NZ FX & Interest Rate Outlooks 4 May 2015 Imre Speizer Senior Markets Strategist 1 1 Contents 2 NZ FX & Interest Rate Forecasts 3 0.81 0.79 0.77 0.75 0.73 0.71 Nov-14 Jan-15 Mar-15 May-15 0.81 0.79 0.77
More informationNew Zealand Election Review 2017
New Zealand Election Review 17 25 September 17 New Zealand s 17 election: Implications for financial markets. Sunday s election has left NZ First in a monarch-maker position between National and Labour/Greens.
More informationSwings and roundabouts
Swings and roundabouts Westpac-McDermott Miller Regional Economic Confidence, December 217 quarter 19 January 218 Economic confidence rose in six regions in the December quarter. However, it was down in
More informationImportant Notices Disclaimer: This document has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ( NAB ). Any advice contained in this document has been prepared without
More informationQ2 Regional Economic Confidence Economic confidence declines in most regions
24 June 14 Q2 Regional Economic Confidence Economic confidence declines in most regions Regional economic confidence remains in optimistic territory throughout New Zealand. However the degree of optimism
More informationUS Rates Outlook: The Fed s Third Mandate
US Rates Outlook: The Fed s Third Mandate April 2016 Gennadiy Goldberg US Rates Strategist gennadiy.goldberg@tdsecurities.com 1 (212) 827-7180 Lopsided employment picture rapidly improving 2 Wage inflation:
More informationForewarned is forearmed 3 August 2015
Forewarned is forearmed August What will happen to Canterbury s labour force as the rebuild winds down? The Canterbury rebuild has peaked. Demand for construction workers in Canterbury is expected to fall
More informationFortnightly Agri Update
Fortnightly Agri Update 21 November 218 The changing global backdrop Many of the headlines looking at the global trade outlook in recent times have focused on the deteriorating relationship between China
More informationFortnightly Agri Update
Fortnightly Agri Update 4 July 218 A step lower Dairy prices fell sharply in last night s GDT auction. While we had been expecting prices to soften in the coming months, the size of last night s fall in
More informationTraded Risk & Regulation
DRAFT Traded Risk & Regulation University of Essex Expert Lecture 14 March 2014 Dr Paula Haynes Managing Partner Traded Risk Associates 2014 www.tradedrisk.com Traded Risk Associates Ltd Contents Introduction
More informationANZ-Roy Morgan NZ Consumer Confidence
Index ANZ Research ANZ-Roy Morgan NZ Consumer Confidence 1 December 18 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. Hark the
More informationFortnightly Agri Update
Fortnightly Agri Update 22 August 218 Low for longer Interest rates are important for farmers, both directly in terms of borrowing costs, and indirectly through their effects on the exchange rate. In this
More informationMajor Bulk Commodities: Trends and Outlook
Major Bulk Commodities: Trends and Outlook June 19, 2013 Christopher LaFemina European Metals and Mining Equity Research US: 212 336 7304 UK: +44 (0)207 029 8131 clafemina@jefferies.com Jefferies LLC Seaborne
More informationANZ-ROY MORGAN NZ CONSUMER CONFIDENCE
ANZ RESEARCH April 1 CONTACT Sharon Zollner Chief Economist Telephone: + 9 357 9 E-mail: sharon.zollner@anz.com The next issue of the ANZ-Roy Morgan Consumer Confidence is scheduled for release on 7 April
More informationHair of the dog Why a rising housing market will boost household spending
1 June 13 Hair of the dog Why a rising housing market will boost household spending New Zealand consumers have had a long hangover. After, saving rates rose, household borrowing slowed sharply, and consumer
More informationANZ New Zealand Business Outlook
ANZ Research ANZ New Zealand Business Outlook 31 October 18 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. CONTACT: Sharon Zollner
More informationAggregate activity indicators fell across the board. ANZ Business Confidence Index and ANZ Own Activity Index
ANZ RESEARCH May 218 CONTACT Sharon Zollner Chief Economist Telephone: +64 9 357 494 E-mail: sharon.zollner@anz.com The next issue of the ANZ Business Outlook is scheduled for release on 27 June 218 at
More informationANZ-Roy Morgan NZ Consumer Confidence
ANZ Research ANZ-Roy Morgan NZ Consumer Confidence 1 February 219 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. Pretty happy
More informationBasel III Pillar 3. Capital Adequacy and Risks Disclosures as at 31 December 2017
Basel III Pillar 3 Capital Adequacy and Risks Disclosures as at 31 December 2017 Commonwealth Bank of Australia ACN 123 123 124 7 February 2018 Images Mastercard is a registered trademark and the circles
More informationBasel III - Implementation issues facing the Industry. Patricia Jackson Head of Financial Regulation Advisory EMEIA
Basel III - Implementation issues facing the Industry Patricia Jackson Systemically Important Banks FSB paper on intensive supervision Other elements are under discussion Contains a number of components:
More informationManaging capital and liquidity impacts on collateral management
Managing capital and liquidity impacts on collateral management Ben Watson ben.watson@maroonanalytics.com www.maroonanalytics.com About your presenter Ben Watson has worked for more than 20 years as a
More informationANZ-ROY MORGAN NZ CONSUMER CONFIDENCE
ANZ RESEARCH August 18 CONTACT Sharon Zollner Chief Economist Telephone: + 9 357 9 E-mail: sharon.zollner@anz.com The next issue of the ANZ-Roy Morgan Consumer Confidence is scheduled for release on 8
More informationFinancial Policy Committee Statement from its policy meeting, 12 March 2018
Press Office Threadneedle Street London EC2R 8AH T 020 7601 4411 F 020 7601 5460 press@bankofengland.co.uk www.bankofengland.co.uk 16 March 2018 Financial Policy Committee Statement from its policy meeting,
More informationIMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S.
IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S. IMPORTANT: You must read the following before continuing. The following applies to the Information Memorandum
More informationMIXED MESSAGES. KEY POINTS The ANZ Truckometer indexes lifted in August.
ANZ RESEARCH 11 September 18 CONTACT: Sharon Zollner Chief Economist Telephone: +6 9 357 9 Email: Sharon.Zollner@anz.com The next issue of the ANZ Truckometer is scheduled for release on 9 October 18 at
More informationWestpac 2008 Full year results
Westpac 2008 Full year results 30 October 2008 Westpac 2008 Full year results Gail Kelly Chief Executive Officer Key messages Performed well in a challenging environment, delivering a robust financial
More informationFortnightly Agri Update 6 April 2016
Fortnightly Agri Update 6 April 216 Hook line and sinker Last week Westpac Economics released an Industry Insight report on the Fishing, Aquaculture and Seafood Industry written by Industry Economist David
More informationANZ-ROY MORGAN NZ CONSUMER CONFIDENCE
ANZ RESEARCH February 218 CONTACT Sharon Zollner Chief Economist Telephone: +64 9 357 494 E-mail: sharon.zollner@anz.com The next issue of the ANZ-Roy Morgan Consumer Confidence is scheduled for release
More informationLombard Odier Group Pillar 3 Disclosures at 30 June 2018
Lombard Odier Group Pillar 3 Disclosures at 30 June 2018 Contents Introduction 5 Consolidation scope 5 Composition of capital 7 Risk-weighted assets and minimum capital requirements 9 Market Risks 10
More informationLondon Stock Exchange Group response to the CPMI-IOSCO, FSB and BCBS consultation on incentives
London Stock Exchange Group response to the CPMI-IOSCO, FSB and BCBS consultation on incentives to centrally clear OTC Derivatives Introduction The London Stock Exchange Group (LSEG or the Group) is a
More informationUDIA NSW Annual State Conference
UDIA NSW Annual State Conference Westpac Institutional Bank Presented by Bill Evans September 217 The Big Issues Inflation and Central Bank policies; Australia s growth challenge; Australia s construction
More informationAn Introduction to trading CitiFirst GSL MINIs OPPORTUNITY.
OPPORTUNITY www.citifirst.com.au/minis GSL MINIS MINIS INSTALMENTS SELF FUNDING INSTALMENTS TURBOS TRADING WARRANTS An Introduction to trading CitiFirst GSL MINIs For more information and to subscribe
More informationPRODUCT DISCLOSURE STATEMENT
PRODUCT DISCLOSURE STATEMENT MARGIN FOREIGN EXCHANGE AND CONTRACTS FOR DIFFERENCE CHARTERPRIME PTY LTD Issued on: 31 January 2017 ABN 65 156 005 668 AFSL 421210 Level 35, One International Towers, 100
More informationBasel III Pillar 3. Capital Adequacy and Risks Disclosures as at 31 December 2016
Basel III Pillar 3 Capital Adequacy and Risks Disclosures as at 31 December 2016 COMMONWEALTH BANK OF AUSTRALIA ACN 123 123 124 15 FEBRUARY 2017 This page has been intentionally left blank Table of Contents
More informationDiscussion Paper on Margin Requirements for non-centrally Cleared Derivatives
Discussion Paper on Margin Requirements for non-centrally Cleared Derivatives MAY 2016 Reserve Bank of India Margin requirements for non-centrally cleared derivatives Derivatives are an integral risk management
More informationLiquidity Coverage Ratio Disclosures Report. For the Quarterly Period Ended September 30, 2017
Liquidity Coverage Ratio Disclosures Report For the Quarterly Period Ended September 30, 2017 U.S. LCR DISCLOSURES REPORT For the quarterly period ended September 30, 2017 Table of Contents Page 1 Morgan
More informationBasel Committee proposals for Strengthening the resilience of the banking sector
Banking and Capital Markets Basel Committee proposals for Strengthening the resilience of the banking sector New rules or new game? 2 PricewaterhouseCoopers On 17 December, the Basel Committee on Banking
More informationTHE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC
This document is issued by The Scottish Oriental Smaller Companies Trust PLC (the "Company") solely in order to make certain particular information available to investors in the Company before they invest,
More informationPricing indicators were broadly steady. ANZ Business Confidence Index and ANZ Own Activity Index
ANZ RESEARCH March 218 CONTACT Sharon Zollner Chief Economist Telephone: +64 9 357 494 E-mail: sharon.zollner@anz.com The next issue of the ANZ Business Outlook is scheduled for release on 3 April 218
More informationA strategic approach to global derivative trade reporting
A strategic approach to global derivative trade reporting Perspective for the buy side kpmg.com Aim: Key considerations for buy-side firms to evaluate a global derivative trade reporting approach that
More informationWestpac Banking Corporation Pillar 3 Report - September 2017 Mumbai Branch
Westpac Banking Corporation Pillar 3 Report - September 2017 Mumbai Branch Incorporating the requirements of the Reserve Bank of India Incorporating the requirements of the Reserve Bank of India A branch
More informationS&P Dow Jones Disclaimer
S&P Dow Jones Disclaimer S&P Dow Jones Disclaimer: The State Street Liquid Private Equity Sector Select Investable Indices (the Index ) is the property of State Street Bank and Trust which has contracted
More informationBasel III Pillar 3 Disclosures 30 June 2018 J. Safra Sarasin Holding Ltd.
Basel III Pillar 3 Disclosures 30 June 2018 J. Safra Sarasin Holding Ltd. Table of contents Basel III Pillar 3 Disclosures (FINMA circ. 2016/1) Table 39 (MR1): Market risk: Capital requirements under the
More informationFortnightly Agri Update
Fortnightly Agri Update 7 February 218 A positive start to 218 Export commodity prices have started 218 on a firm footing thanks in part to the buoyant global trade backdrop. The weaker NZ dollar over
More informationFX Swaps and Forwards
Dollar Funding of Second-to-Last Resort September 218 Zach Pandl Goldman, Sachs & Co. +1 212-92-5699 zach.pandl@gs.com Co-Head of Global FX, Rates and EM Strategy Goldman Sachs does and seeks to do business
More informationTRANSLATING REGULATORY CHANGE TO BALANCE SHEET ACTION
TRANSLATING REGULATORY CHANGE TO BALANCE SHEET ACTION ACTUARIES INSTITUTE CONFERENCE PLENARY 1 August 2016 Shaun Dooley, Group Treasurer CONTENTS Dimensions of regulatory change Net Stable Funding Ratio
More informationSEPTEMBER 2014 INCORPORATING THE REQUIREMENTS OF THE RESERVE BANK OF INDIA
MUMBAI BRANCH SEPTEMBER 2014 INCORPORATING THE REQUIREMENTS OF THE RESERVE BANK OF INDIA 1 Table of contents Introduction 3 Controlling and managing risk 4 Capital Overview 6 Credit risk management 9 Market
More informationGlobal. Commodities Strategy. Too much too soon. 23 January 2018
Global Commodities Strategy 23 January 2018 Gold Too much too soon As detailed in our 2018 outlook, we entered the year with a constructive view on gold prices. Arguing that US inflation will continue
More informationANZ-ROY MORGAN NZ CONSUMER CONFIDENCE
ANZ RESEARCH June 1 CONTACT Sharon Zollner Chief Economist Telephone: + 9 357 9 E-mail: sharon.zollner@anz.com The next issue of the ANZ-Roy Morgan Consumer Confidence is scheduled for release on 7 July
More informationChina Recovery pace is moderating in Q2
Dec- Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-1 17 May 21 ECONOMIC ACTIVITY PULSE China Recovery pace is moderating in Q2 Jinyue Dong Le Xia Gonzalo de Cadenas Economic activity indicators
More informationAustralia: Economic and Financial Outlook
Australia: Economic and Financial Outlook Greg Noonan Head of Business Markets Queensland & Agribusiness 5 June 2015 Australian economy and financial markets continue to be impacted by a large number of
More informationFigure 1. ANZ Heavy Traffic Index and GDP. Heavy traffic index, 3-month avg (LHS) Figure 2. ANZ Light Traffic Index and GDP
ANZ Research ANZ NZ Truckometer 1 March 19 This is not personal advice. It does not consider your objectives or circumstances. Please refer to the Important Notice. CONTACT: Sharon Zollner Chief Economist
More information2014 Pillar 3 Report. Incorporating the requirements of APS 330 Half Year Update as at 31 March 2014
Pillar 3 Report Incorporating the requirements of APS 330 Half Year Update as at 31 March This page has been left blank intentionally Contents Contents 1. Introduction 4 1.1 The NAB Group s Capital Adequacy
More informationPresentation Global private equity trends
Presentation Global private equity trends Alex Scott Partner Pantheon Ventures Global Private Equity Trends Alex Scott July 2018 Hitting the headlines IPOS ARE DWINDLING, SO IS THE NUMBER OF PUBLIC COMPANIES
More informationANZ-ROY MORGAN NZ CONSUMER CONFIDENCE
ANZ RESEARCH June 1 CONTACT Miles Workman Economist Telephone: + 3 1951 E-mail: miles.workman@anz.com Liz Kendall Senior Economist Telephone: + 3 1995 Email: elizabeth.kendall@anz.com The next issue of
More informationFortnightly Agri Update
Fortnightly Agri Update 8 August 218 A woolly outlook While prices for most of the agricultural products New Zealand produces have enjoyed a strong run over the last couple of years, strong wool prices
More informationGeelong Chamber of Commerce breakfast. Westpac Institutional Bank Presented by Bill Evans August 2018
Geelong Chamber of Commerce breakfast Westpac Institutional Bank Presented by Bill Evans August 18 Current Forecasts July 17 Latest Dec-17 Mar-18 Jun-18 Dec-18 RBA Cash 1. 1. 1. 1. 1. FED FUNDS 1.12 1.37
More informationECOSCOPE. Real GDP growth eases on lower net indirect taxes. The Economy Observer. Real GVA growth exactly as expected
31 August 2016 ECOSCOPE The Economy Observer Real GDP growth eases on lower net indirect taxes Real GVA growth exactly as expected India s real gross domestic product (GDP) grew at the slowest pace in
More informationA Mixed Bag. Westpac-McDermott Miller Regional Economic Confidence, June 2018 quarter. Paul Clark, Industry Economist
A Mixed Bag Westpac-McDermott Miller Regional Economic Confidence, June 218 quarter Paul Clark, Industry Economist +64 9 336 5656 Six of eleven regions posted an improvement in regional economic confidence.
More informationBasel Committee on Banking Supervision. Fourteenth progress report on adoption of the Basel regulatory framework
Basel Committee on Banking Supervision Fourteenth progress report on adoption of the Basel regulatory framework April 2018 This publication is available on the BIS website (www.bis.org). Bank for International
More informationA Narrative Progress Report on Financial Reforms. Report of the Financial Stability Board to G20 Leaders
A Narrative Progress Report on Financial Reforms Report of the Financial Stability Board to G20 Leaders 5 September 2013 5 September 2013 A Narrative Progress Report on Financial Reforms Report of the
More informationAUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook. Ken Hanton May 2018
AUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook Ken Hanton May 2018 Australian Bond Market Source: Australian Fixed Income Securities in a Low Rate World. Christopher Kent, RBA, Assistant
More informationAUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED INDIA BRANCHES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED INDIA BRANCHES Basel III: Pillar 3 Disclosures as at 30 June 2017 1. Background Australia and New Zealand Banking Group Limited, India ( ANZ India or the
More informationNZ Economic Outlook. 15 July 2015 Felix Delbruck Westpac. Page 1
NZ Economic Outlook 15 July 215 Felix Delbruck Westpac Page 1 Overview The construction outlook The dairy downturn Interest rates and exchange rates The housing market Page 2 Gauging the Canterbury rebuild
More informationLiquidity Coverage Ratio Disclosures Report. For the Quarterly Period Ended March 31, 2018
Liquidity Coverage Ratio Disclosures Report For the Quarterly Period Ended March 31, 2018 LCR DISCLOSURES REPORT For the quarterly period ended March 31, 2018 Table of Contents Page 1 Morgan Stanley 1
More information