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Daniel Cash - One of the best experts on this subject based on the ideXlab platform.
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sigma Ratings adapting the credit Rating Agency model for the anti money laundering world
Journal of Money Laundering Control, 2019Co-Authors: Daniel CashAbstract:Purpose: Sigma Ratings is a new entrant to the AML marketplace and seeks to alleviate some of the inherent flaws within the AML regime. This paper exists to examine those flaws and ask whether Sigma may succeed in this bourgeoning marketplace. Design/Methodology: This paper is based upon a normative methodology, which takes place after reviewing the relevant literature in order to examine the potential success for Sigma Ratings. Findings: The paper finds that there is indeed a position for Sigma Ratings in the marketplace, and that it may alleviate key issues within the AML Regime. Originality: The paper presents Sigma Ratings to the literature for the first time and positions this against an examination of the role of banks within AML – Sigma’s main demographic.
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credit Rating Agency regulation has the rule 17g 5 program worked
International Company and Commercial Law Review, 2018Co-Authors: Daniel CashAbstract:As the formal regulation of the Credit Rating Industry only began in 2005/6, the aftermath of the Financial Crisis was identified as fertile ground for the effective and widespread regulation of an industry that is wedded to a number of important financial interactions. In that post-Crisis era, the sweeping regulations that were aimed at the financial sector included the Credit Rating Industry in its scope and, as such, aimed to establish a number of key principles within the sector. Whilst there were a number of aims, this article focuses upon the aim of increasing the level of competition within the Industry, and to that end focuses upon one Rule in particular. However, the question remains as to how effective this push to increase competition has been, and also as to how effective the regulation can be in light of the particular dynamics that essentially define the Credit Rating Industry.
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vladimir putin s analytical credit Rating Agency the importance of perception
2017Co-Authors: Daniel CashAbstract:The establishment of a wave of new regulatory measures against credit Rating agencies opeRating in Russia, in conjunction with pressures emanating from International sanctions, has resulted in an exodus of the established Rating agencies, like Moody’s and Fitch. In their place, the recently established ‘Analytical Credit Rating Agency’ is attempting to provide a different approach to the Rating of Russian debt. However, the Agency has been dogged by its apparent connection to the Kremlin, and in this article the focus will be upon the importance of perception in the Rating arena and why, ultimately, The ACRA will be dismissed on the global stage as a mere instrument of the Russian Government.
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Credit Rating Agency regulation after the UK's EU membership referendum
2016Co-Authors: Daniel CashAbstract:Assesses the implications of the UK's decision to withdraw from the EU for the regulation of its credit Rating industry. Discusses the current rules of the Credit Rating Agencies Regulations 2010. Considers how the likelihood that a "post-Brexit" UK will be increasingly dependent on its financial services sector might affect the approach taken towards its regulation.
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the international non profit credit Rating Agency the viability of a response
Company lawyer 2016 Vol.37(6) pp.195-200 [Peer Reviewed Journal], 2016Co-Authors: Daniel CashAbstract:Assesses the goals of the Bertelsmann Foundation's International Non-Profit Credit Rating Agency (INCRA) project, and the regulatory conditions needed to maximise its prospects of success. Examines the origins of the INCRA in response to the sovereign debt crisis, the operational conflicts associated with the leading credit Rating agencies, and key features of the project, including its governance structure and its support by endowment fund.
Amanda Winn - One of the best experts on this subject based on the ideXlab platform.
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evaluating proposed remedies for credit Rating Agency failures
The Accounting Review, 2014Co-Authors: Jane S Jollineau, Lloyd Tanlu, Amanda WinnAbstract:ABSTRACT: Regulators and the financial press have criticized credit Rating agencies (CRAs) for exacerbating the financial crisis by providing overly optimistic debt Ratings. Allegedly, CRAs departed from their quantitative models in order to please security issuers with higher credit Ratings. In response, the Dodd-Frank Act of 2010 required the Securities and Exchange Commission to conduct a study on alternative models for compensating CRAs. We conduct an experiment exploring how the credit Ratings of M.B.A. students, who assume the role of credit Rating analysts, are affected by two proposals for reform: (1) changing who pays the CRAs, and (2) requiring analysts to justify departures from a quantitative model. We find that credit Ratings are highest when the borrower pays CRAs for Ratings and a justification requirement is not in place. Implementing either proposed reform independently reduces credit Ratings, but credit Ratings are not further reduced when both reforms are implemented together. Data Avai...
Andreas Stephan - One of the best experts on this subject based on the ideXlab platform.
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credit Rating Agency downgrades and the eurozone sovereign debt crises
Journal of Financial Stability, 2016Co-Authors: Christopher F Baum, Dorothea Schafer, Andreas StephanAbstract:This paper studies the reaction of the Euro's value against major currencies to sovereign Rating announcements from Moody's, S&P and Fitch CRAs during the Eurozone debt crisis in 2010–2012 based on event study methodology combined with GARCH models. We also analyze how the yields of French, Italian, German and Spanish government long-term bonds were affected by CRA announcements. Our results reveal that CRA downgrades, watchlist and outlook announcements had no impact on the value of the Euro currency but increased exchange rate volatility. At the same time, downgrades as well as negative outlook announcements increased the yields of French, Italian, and Spanish bonds and even affected the German bond's yields. This shows that the monetary union has led to a breakdown of the consequences of the Rating shocks between currency value and sovereign bond yields. The reason is that part of the Rating shock is absorbed by an internal repricing of sovereign bonds.
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credit Rating Agency downgrades and the eurozone sovereign debt crises
EcoMod2014, 2014Co-Authors: Christopher F Baum, Margarita Karpava, Dorothea Schafer, Andreas StephanAbstract:This paper studies the impact of credit Rating Agency (CRA) downgrade announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012.GARCH modeling of sovereign bond yields and the value of the EuroCRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond's yields. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone.
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credit Rating Agency announcements and the eurozone sovereign debt crisis
2013Co-Authors: Christopher F Baum, Margarita Karpava, Dorothea Schafer, Andreas StephanAbstract:This paper studies the impact of credit Rating Agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond's yields, although Germany's Rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to Rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states' debt into more stable borrowers' securities.
Jane S Jollineau - One of the best experts on this subject based on the ideXlab platform.
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evaluating proposed remedies for credit Rating Agency failures
The Accounting Review, 2014Co-Authors: Jane S Jollineau, Lloyd Tanlu, Amanda WinnAbstract:ABSTRACT: Regulators and the financial press have criticized credit Rating agencies (CRAs) for exacerbating the financial crisis by providing overly optimistic debt Ratings. Allegedly, CRAs departed from their quantitative models in order to please security issuers with higher credit Ratings. In response, the Dodd-Frank Act of 2010 required the Securities and Exchange Commission to conduct a study on alternative models for compensating CRAs. We conduct an experiment exploring how the credit Ratings of M.B.A. students, who assume the role of credit Rating analysts, are affected by two proposals for reform: (1) changing who pays the CRAs, and (2) requiring analysts to justify departures from a quantitative model. We find that credit Ratings are highest when the borrower pays CRAs for Ratings and a justification requirement is not in place. Implementing either proposed reform independently reduces credit Ratings, but credit Ratings are not further reduced when both reforms are implemented together. Data Avai...
Lloyd Tanlu - One of the best experts on this subject based on the ideXlab platform.
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evaluating proposed remedies for credit Rating Agency failures
The Accounting Review, 2014Co-Authors: Jane S Jollineau, Lloyd Tanlu, Amanda WinnAbstract:ABSTRACT: Regulators and the financial press have criticized credit Rating agencies (CRAs) for exacerbating the financial crisis by providing overly optimistic debt Ratings. Allegedly, CRAs departed from their quantitative models in order to please security issuers with higher credit Ratings. In response, the Dodd-Frank Act of 2010 required the Securities and Exchange Commission to conduct a study on alternative models for compensating CRAs. We conduct an experiment exploring how the credit Ratings of M.B.A. students, who assume the role of credit Rating analysts, are affected by two proposals for reform: (1) changing who pays the CRAs, and (2) requiring analysts to justify departures from a quantitative model. We find that credit Ratings are highest when the borrower pays CRAs for Ratings and a justification requirement is not in place. Implementing either proposed reform independently reduces credit Ratings, but credit Ratings are not further reduced when both reforms are implemented together. Data Avai...
