2006年-FSB全球金融稳定委员会_Ongoing_and_Recent_Work_Relevant_to_Sound_Financial_Systems_3页_77kb

Financial Stability Forum Summary

Core Content

The Financial Stability Forum (FSF) held its meeting in Paris on 6 September 2006, chaired by Mario Draghi, Governor of the Bank of Italy. The forum focused on assessing the stability and resilience of the international financial system, identifying risks and vulnerabilities, and discussing strategies for mitigating them. It also addressed regulatory improvements, business continuity planning, and the role of offshore financial centres (OFCs) in global financial stability.

Main Concerns and Risks

The FSF identified several key areas of concern that could potentially strain the financial system:

• Household Debt Levels: Some countries face challenges in managing rising household debt, which may lead to financial instability if not addressed.
• Housing Market Adjustments: Possible adjustments in housing markets could create risks, especially if they lead to asset price declines.
• Leveraged Buyouts and Debt-Financed Acquisitions: The rapid pace of these activities raises concerns about financial leverage and potential market shocks.
• Complex Financial Instruments: The growing complexity of financial products increases the risk of mispricing and systemic vulnerabilities.
• Global Current Account Imbalances: Persistent imbalances may lead to financial instability if not corrected.

The forum emphasized the need for financial market participants to consider the full implications of a potential reversal of current favorable conditions, including less liquidity in markets.

Risk Mitigation Strategies

To enhance financial system resilience, the FSF encouraged the following actions:

• Strengthening Risk Management: Financial firms should improve their risk management practices, especially in simulating low-probability, high-impact events.
• Improving OTC Derivatives Infrastructure: Efforts should continue to enhance the trading and settlement infrastructure for over-the-counter (OTC) derivatives, including automation and reducing backlogs.
• Counterparty Risk Management: Financial firms must strengthen counterparty risk management, particularly for complex products, and maintain appropriate margin practices.
• Hedge Fund Oversight: Hedge funds should improve their risk management practices, and financial institutions must guard against weakened credit standards in prime brokerage relationships.

The FSF also highlighted the importance of reliable valuation practices for illiquid financial products.

Regulatory and Standard-Setting Enhancements

The FSF discussed ways to improve the effectiveness and efficiency of regulation, including:

• Enhancing Dialogue with Market Participants: The forum welcomed the Institute of International Finance (IIF)'s efforts to engage in regulatory discussions and encouraged continued collaboration.
• Standard Setting Arrangements: Members reviewed the standard-setting practices of key regulatory bodies (SSBs) and suggested that such stocktaking would be beneficial for future regulatory reviews.
• ICR Assessment Methodology: The FSF supported the development of a unified Insolvency and Creditor Rights (ICR) standard by the World Bank and UNCITRAL to facilitate the ROSC process.
• International Accounting Standards: There was a call for greater consistency in the interpretation of International Financial Reporting Standards (IFRS), with support for ongoing convergence efforts between the IASB, FASB, and other global regulators.
• Audit Quality: Concerns were raised about audit quality and the concentration of audit services among a few firms. The FSF welcomed the proposal to establish an International Forum of Independent Audit Regulators to improve global audit oversight.

Business Continuity and OFC Cooperation

• Avian Flu Pandemic Preparedness: The FSF discussed the importance of preparedness for a potential avian flu pandemic and encouraged the use of the Joint Forum's business continuity principles. A workshop on crisis planning and communication was planned for November.
• OFC Review Group: The FSF continued monitoring progress by member bodies in improving cross-border cooperation and information exchange with OFCs. It urged continued efforts and timely participation in the IMF's assessment program.

Upcoming Events

The next meeting of the Financial Stability Forum is scheduled for Frankfurt on 29 March 2007.

Institutions and Groups Attending

The following institutions and groups participated in the meeting:

National Authorities

• Australia: Reserve Bank of Australia
• Canada: Department of Finance, Bank of Canada, Office of the Superintendent of Financial Institutions
• France: Ministry of the Economy, Banque de France, Autorité des Marchés Financiers
• Germany: Ministry of Finance, Deutsche Bundesbank, BaFin
• Italy: Ministry of the Economy and Finance, Banca d'Italia, CONSOB
• Japan: Ministry of Finance, Bank of Japan, Financial Services Agency
• Netherlands: De Nederlandsche Bank
• Singapore: Monetary Authority of Singapore
• United Kingdom: H M Treasury, Bank of England, Financial Services Authority
• United States: Department of the Treasury, Board of Governors of the Federal Reserve System, Securities and Exchange Commission

International Financial Institutions

• International Monetary Fund (IMF)
• World Bank
• Bank for International Settlements (BIS)
• Organisation for Economic Co-operation and Development (OECD)

Committees and Groups

• Committee of Central Bank Experts (Committee on Payment and Settlement Systems)
• European Central Bank
• Institute of International Finance (IIF)
• International Regulatory and Supervisory Groupings:
  • Basel Committee on Banking Supervision
  • International Accounting Standards Board (IASB)
  • International Association of Insurance Supervisors (IAIS)
  • International Organization of Securities Commissions (IOSCO)
  • The Joint Forum