2007年-FSB全球金融稳定委员会_FSF_Working_Group_on_Market_and_Institutional_Resilience_2页_67kb

Summary of Mario Draghi's Statement at the FSF Committee Meeting

Core Content

At the Financial Stability Forum (FSF) eighteenth meeting held in New York on 25-26 September 2007, Mario Draghi, Chairman of the FSF, outlined the key issues and responses to the recent financial market turmoil. The meeting focused on assessing and addressing risks in the global financial system, establishing a working group to enhance market and institutional resilience, reviewing the status of hedge funds and counterparty risk management, discussing effective and efficient regulation, and evaluating the role of offshore financial centres (OFCs).

Main Issues and Views

• Financial System Risks and Vulnerabilities:
  The FSF members reviewed the recent strains in global financial markets. They noted that while there were signs of stabilisation in money and credit markets, liquidity remained low in several segments. The re-pricing of risk is expected to take time, depending on the restoration of confidence in credit instrument valuations and counterparty creditworthiness.

  • The FSF encouraged the adoption of common guidelines for valuation, especially for complex and illiquid products.
  • It welcomed the progress made in implementing Basel II.

• Market and Institutional Resilience:
  A working group was established to investigate the causes of recent market events, identify weaknesses, and recommend actions to enhance market discipline and institutional resilience.

  • The group will focus on liquidity and credit risk management at regulated financial institutions.
  • It will also examine valuation, risk disclosure, and accounting practices related to structured credit instruments.
  • The role of credit rating agencies in the structured finance market will be reviewed.
  • The group will assess the effectiveness of authorities' responses and facilitate coordinated reporting to G7 Finance Ministers and Governors for their April 2008 meeting.

• Hedge Funds and Counterparty Risk Management:
  The FSF updated its report on Highly Leveraged Institutions (HLIs) in May 2007, highlighting the importance of sound counterparty risk management at regulated institutions and the need for information exchange between hedge funds and their counterparties.

  • Progress on addressing the recommendations was reviewed at the New York meeting.
  • An international supervisory review group is working to improve risk management practices of core intermediaries.
  • Private-sector initiatives in the UK and US were welcomed to enhance guidance for hedge fund managers and investors.

• Effective and Efficient Regulation:
  The FSF and its national regulatory members conducted a stocktaking exercise on the principles and procedures used in developing and interpreting new regulations and policy initiatives.

  • The information gathered will be published on the FSF website for transparency and reference.

• Offshore Financial Centres (OFCs):
  The FSF reviewed its OFCs initiative based on a report from the OFC Review Group.

  • Significant progress has been made by OFCs, although some concerns remain.
  • The FSF reaffirmed its commitment to fostering compliance with international standards, including better cooperation and information exchange.
  • Political support for the OFCs initiative remains strong, and the range of potential follow-up actions identified in 2005 is still available for implementation.

Key Information

• Meeting Details:

  • Date: 25-26 September 2007
  • Location: New York
  • Chairman: Mario Draghi
  • Purpose: Address financial system risks and vulnerabilities, enhance market resilience, and review regulatory and OFC initiatives.

• Global Financial Conditions:

  • Global macroeconomic conditions remain strong.
  • Credit problems are limited to a small proportion of credit instruments.
  • Capital levels of regulated institutions are sound.

• Follow-Up Actions:

  • A working group will be formed to address market and institutional resilience.
  • The FSF will submit a final report and recommendations to G7 Finance Ministers and Governors for their April 2008 meeting.
  • Progress on HLI recommendations will be reported to G7 in October 2007.

• Regulatory Transparency:

  • National regulatory members have completed a stocktaking exercise on their regulatory principles and procedures.
  • This information will be made publicly available on the FSF website.

• OFC Commitment:

  • The FSF continues to support the work of OFCs in compliance with international standards.
  • Cooperation and information exchange are key areas of focus.
  • Follow-up actions from 2005 remain available for use.

This summary reflects the key points and recommendations from the FSF meeting, highlighting the collaborative efforts and ongoing initiatives to strengthen the global financial system.