Understanding Risk Management and Compliance, What Is Different After Monday, March 10, 2014 [NOOK Book]

Overview

When you can not define liquidity, how do you define liquidity risk?

Too many definitions = no definition

Verena Ross, Executive Director of the European Securities and Markets Authority (ESMA), a really good choice for ESMA, knows what she is talking about.

"But what is liquidity?

It is easier to recognise...

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Understanding Risk Management and Compliance, What Is Different After Monday, March 10, 2014

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Overview

When you can not define liquidity, how do you define liquidity risk?

Too many definitions = no definition

Verena Ross, Executive Director of the European Securities and Markets Authority (ESMA), a really good choice for ESMA, knows what she is talking about.

"But what is liquidity?

It is easier to recognise than to define.

As a starting point one can say that liquidity is the likelihood of being able to trade at a price equal or close to the price of the last transaction.

But how does one make that operational?

Since the creation of ESMA three years ago we have had many discussions - to be honest often very difficult ones - on how to define liquidity in the context of EMIR, the Central Securities Depository Regulation (CSDR), International Financial Reporting Standards (IFRS) etc. yet so far no single definition has emerged.

And yes, our colleagues at the EBA and EIOPA are having similar debates and may well come to different conclusions.

That is not necessarily a problem in itself as we always need to keep in mind what we are trying to achieve and for what purpose we are defining liquidity.

The EBA, EIOPA and ESMA have in that context even different regulatory goals."

Ok. So, what is liquidity? It is easier to recognise than to define.

When supervisors ask "what is liquidity risk", can we also answer "it is easier to recognise than to define"?

Can we use the words of T.S. Eliot, "Only those who will risk going too far can possibly find out how far one can go"? It applies to liquidity risk too.

T.S. Eliot has also said: "Genuine poetry can communicate before it is understood". What would T.S. Eliot say about liquidity risk?

Read more at Number 8 below. Welcome to the Top 10 list.

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Product Details

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
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