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Credit derivatives and market supervision

Author: LiuJingJing
Tutor: DingZhiJie
School: University of Foreign Trade and Economic
Course: Finance
Keywords: Credit derivatives Regulatory Capital requirements
CLC: F832.5
Type: Master's thesis
Year: 2006
Downloads: 357
Quote: 5
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Abstract


Credit risk is one of the most difficult financial risk aversion is always the main problems of troubled financial institutions. In recent years, the credit derivatives is one of the most important financial innovations in the international financial markets, it is following the traditional sense of the sale of loans, syndicated loans and credit asset securitization, credit risk transfer instruments developed financial innovations, to some extent, make up for the drawbacks of traditional credit risk management, to control credit risk, to make up for the defects of the credit market. Through the use of credit derivatives allow banks more flexibility to control the benefits and risks, effective way to avoid the risk of excessive concentration, increase the diversity of the portfolio, the emerging business of credit derivatives by the widespread concern of the major banks. Good credit derivatives can be a win-win situation of the banking system and financial markets, on the one hand help the healthy development of the banking system, on the other hand is also conducive to the financial markets of the rich active. Determines the demand for bank credit and the credit risk management objective requirements of the credit derivatives market has great potential for development in recent years, the credit derivatives momentum of rapid development in the international market as well as the frequency of occurrence in the international academic community has provided - credit derivatives concern is becoming more powerful proof. We have seen and can expect credit derivatives will surely have much room for development. However, everything has two sides, and we should pay attention to credit derivatives, there are many risks, will cause some negative impact on financial stability: it is to expand the impact of credit risk range, change the existing financial system risk allocation, financial safety net system extended to the rest of the financial sector; separation of the credit risk with the lender, which may lead to adverse selection and moral hazard problems, is not conducive to financial stability; many investors limited their degree of risk awareness and management capabilities of potential problems for financial stability; risk transfer is difficult in the long-term tracking of the flow of market risk and credit risk, it is difficult to detect the risk concentration problems to policymakers, regulators and participants. At present, China's banking industry is in a transition period, the major state-owned commercial banks and joint-stock commercial banks is poor: the huge amount of non-performing assets, lack of ability to control risk, credit risk management techniques are mostly limited to determine credit risk evaluation indicators and quantitative analysis of the original stage. Therefore, the international advanced credit risk management techniques used in the practice of China's financial institutions, strengthen our credit risk management, to improve the competitiveness of China's financial institutions, to protect the financial stability of our country is of great significance. The emergence of credit derivatives is a good medicine for our weak credit risk management, the introduction of credit derivatives is just around the corner, so in order to control the risk of credit derivatives to prevent financial institutions does not regulate the use of the tool, and maintain financial market stability, China's regulatory authorities must be one step ahead, planning the entire regulatory framework to be fully prepared for the introduction of credit derivatives. At present, China in the regulatory aspects of this new derivative can be said is blank, so it should be an early study of international organizations, countries and regions of the regulation of the credit derivatives market, provide a reference for our design credit derivatives market regulatory framework and reference. In this context, to explore this new credit risk management thinking and way of comparative international

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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