2008年-FSB全球金融稳定委员会_Joint_Letter_of_the_FSF_Chairman_and_the_IMF_Managing_Director_to_G20_Ministers_and_Governors_3页_86kb

FSF Report on Enhancing Market and Institutional Resilience Summary

Core Content

The Financial Stability Forum (FSF) report from October 10, 2008, outlines a series of measures and recommendations aimed at enhancing the resilience of financial markets and institutions in the wake of the global financial crisis. The report focuses on six main areas: prudential oversight, transparency and valuation, changes in the role of credit ratings, strengthening authorities' responsiveness to risks, robust arrangements for dealing with financial stress, and publications by the private sector.

I. Strengthened Prudential Oversight

This section emphasizes the need for improved oversight of capital, liquidity, and risk management practices in the banking sector. Key recommendations include:

• BCBS (Basel Committee on Banking Supervision) issued several guidelines:

  • Principles for Sound Liquidity Risk Management and Supervision to ensure banks maintain adequate liquidity.
  • Proposed revisions to the Basel II market risk framework to better reflect current market conditions.
  • Guidelines for Computing Capital for Incremental Risk in the Trading Book to enhance capital adequacy.
  • Range of practices and issues in economic capital modelling to address inconsistencies in risk assessment.
  • Steps to strengthen the resilience of the banking system as a comprehensive response to the crisis.

• The Joint Forum also contributed by addressing:

  • Credit Risk Transfer developments from 2005 to 2007.
  • Cross-sectoral review of group-wide identification and management of risk concentrations, highlighting the need for better risk aggregation and management.

• The New York Federal Reserve Bank provided a Summary of OTC Derivatives Commitments, offering insights into the scale and risks of over-the-counter derivatives.

• The President's Working Group on Financial Market issued a report on the market turmoil, detailing the challenges and responses to the crisis.

II. Enhancing Transparency and Valuation

This section addresses the importance of transparency and accurate valuation in financial markets, especially during times of stress. Key documents include:

• BCBS published a report on fair value measurement and modelling, assessing the challenges and lessons learned from the market stress.

• IOSCO (International Organization of Securities Commissions) released a Final Report on the Subprime Crisis, providing a detailed analysis of the crisis and its implications.

• IOSCO also issued a report urging greater transparency in financial markets, highlighting the need for improved disclosure practices.

• SSG (Standing Committee on Banking Supervision) published Leading-Practice Disclosures for Selected Exposures, offering guidance on how to disclose risk exposures effectively.

• CEBS (Committee of European Banking Supervisors) issued a report on banks' transparency on activities and products affected by the recent market turmoil.

• IASB (International Accounting Standards Board) and FASB (Financial Accounting Standards Board) updated their Memorandum of Understanding and provided guidance on fair value accounting, including draft guidance for measuring and disclosing fair value in inactive markets.

• The SEC and FASB issued clarifications on fair value accounting, including a proposed FASB Staff Position to illustrate fair value measurement.

• The IAASB (International Auditing and Assurance Standards Board) addressed challenges in auditing fair value accounting estimates in the current market environment.

III. Changes in the Role and Uses of Credit Ratings

This section discusses the evolving role of credit ratings in the financial system and calls for reforms. Key documents include:

• IOSCO published a Final Report on the Role of Credit Rating Agencies in Structured Finance Markets, identifying shortcomings in the credit rating process.

• IOSCO also released a Code of Conduct Fundamentals for Credit Rating Agencies, setting standards for ethical and transparent practices.

• IOSCO urged for greater international coordination in the oversight of credit rating agencies.

• CGFS (Committee on the Global Financial System) issued a report on ratings in structured finance, analyzing what went wrong and suggesting ways to improve the system.

IV. Strengthening Authorities' Responsiveness to Risks

This section outlines the measures taken by regulatory authorities to respond to emerging risks. Key contributions include:

• UK authorities issued consultations on financial stability and depositor protection, including a special resolution regime to address potential bank failures.

• US Treasury released the Blueprint for a modernized financial regulatory structure, aiming to improve oversight and coordination.

• European G8 Members issued a Summit Statement, emphasizing the need for global cooperation in financial stability.

• IMF (International Monetary Fund) published an Initial Assessment of the Recent Financial Turmoil, highlighting policy lessons and implications for fund surveillance.

V. Robust Arrangements for Dealing with Stress in the Financial System

This section focuses on the need for resilient financial systems capable of withstanding stress. Key documents include:

• CGFS published a report on central bank operations in response to the financial turmoil, outlining the role of central banks in stabilizing markets.

• BIS (Bank for International Settlements) released the MC Compendium, detailing monetary policy frameworks and central bank market operations.

• IADI (International Association of Deposit Insurers) provided Core Principles for Effective Deposit Insurance Systems, emphasizing the importance of deposit insurance in maintaining financial stability.

VI. Publications by the Private Sector

Private sector contributions to financial stability include:

• The Counterparty Risk Management Policy Group (CRMPG III) published "Containing Systemic Risk: The Road to Reform", outlining steps to mitigate systemic risk.

• The Institute of International Finance (IIF) released a Final Report on market best practices, providing principles of conduct and best practice recommendations.

• European and Global Trade Associations called for further steps toward improving transparency, reflecting industry-wide efforts to enhance financial stability.

Key Information

• The report highlights the need for comprehensive reforms in prudential oversight, transparency, and credit rating practices.
• International cooperation is emphasized across all areas, particularly in the oversight of credit rating agencies and the development of global standards.
• Fair value accounting and liquidity risk management are identified as critical areas requiring attention and improvement.
• Central banks and regulatory authorities are called upon to enhance their responsiveness and coordination in managing financial risks.
• The private sector also plays a role in promoting transparency and systemic risk mitigation.

Main Views

• Prudential reforms are essential to ensure the stability of the banking sector.
• Transparency and accurate valuation are crucial for maintaining market confidence and preventing future crises.
• Credit rating agencies need to be more transparent, ethical, and internationally coordinated.
• Regulatory authorities must be more agile and proactive in addressing financial risks.
• Robust frameworks and international standards are necessary to handle financial stress effectively.
• The private sector has an active role in promoting reforms and improving market practices.