{"id":7873,"date":"2009-09-14T12:21:29","date_gmt":"2009-09-14T16:21:29","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=7873"},"modified":"2009-09-14T12:21:29","modified_gmt":"2009-09-14T16:21:29","slug":"bis-releases-quarterly-review-september-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=7873","title":{"rendered":"BIS Releases Quarterly Review, September 2009"},"content":{"rendered":"<p>The Bank for International Settlements <a href=\"http:\/\/www.bis.org\/publ\/qtrpdf\/r_qt0909.htm?sent=090914\">has released<\/a> its <a href=\"http:\/\/www.bis.org\/publ\/qtrpdf\/r_qt0909.pdf\">Quarterly Review, September 2009<\/a> of International banking and financial market developments, with articles:<\/p>\n<ul>\n<li>Overview: cautious optimism on gradual recovery\n<li>Highlights of international banking and financial market activity\n<li>The future of securitisation: how to align incentives?\n<li>Central counterparties for over-the-counter derivatives\n<li>The cost of equity for global banks: a CAPM perspective from 1990 to 2009\n<li>The systemic importance of financial institutions<\/ul>\n<p>The essay on <a href=\"http:\/\/www.bis.org\/publ\/qtrpdf\/r_qt0909f.pdf\">central counterparties for OTC derivatives<\/a> is rather disappointing. It takes as an article of faith that regulatory oversight will improve the market&#8217;s stability; I am not so easily convinced. Politicians will always be more procyclical than the most manic-depressive market participant and while increased controls may reduce the frequency of financial crashes, I will assert that they will increase their severity. Unfortunately, the regulators now have a talking point and you can bet they&#8217;ll be using it to assure themselves of continued employment and prestiege &#8230; at least until the next paradigm shift.<\/p>\n<p>It is of particular interest that the big push for a central clearinghouse is coming simultaneously with the pretense of horror at the existence of systemically important banks (pretense? <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601109&#038;sid=aSbIT8GZjdKI\">Yes, pretense<\/a>.) The essay does not address this contradiction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank for International Settlements has released its Quarterly Review, September 2009 of International banking and financial market developments, with articles: Overview: cautious optimism on gradual recovery Highlights of international banking and financial market activity &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-7873","post","type-post","status-publish","format-standard","hentry","category-interesting-external-papers"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7873"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7873\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}