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posted 14-01-2010 16:52
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A lot less distressed debt workshops there than you might have expected.
I love all the "adapting to the new marketplace" stuff though. I will quote the over-under on the use of "paradigm shift" at 40.
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posted 14-01-2010 16:55
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I'd definitely suggest staying someplace else on your 'vacation' days. Unless you get a package rate of some kind, you can definitely find a better deal in a better location. Pretty much anything near a metro would save you tons of travel time to the mall or wherever you want to go.
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posted 14-01-2010 17:06
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You aren't going, by any chance, DGLH?
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posted 14-01-2010 17:21
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I am not, no. Shame - would have been good to meet. I get the impression I am going to be in Europe when that is on. My work there expands far beyond securitized products.
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posted 14-01-2010 17:33
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The agenda is pretty uninspired, I have to say. I'm mainly going for the chance to meet up with my US contacts and because of the regulatory focus. I'm going to miss the poker, though.
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posted 14-01-2010 17:35
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Who do you write/work for?
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posted 14-01-2010 17:56
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A London based financial newspaper. I'd rather not name it here for employer-Googling reasons, but I can PM you if you really want.
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posted 14-01-2010 17:57
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Oh, and DGLH, you may find this from Sheila Bair's testimony today interesting:One of the things that we will be doing is eliminating the ability of an institution for structured finance products to rely on a rating to set their capital unless they have actually identified, can identify the assets ultimately underlying that structured product and do their own loan level analysis of the credit quality of those assets,” said Bair. “And unless they can do their own due diligence and validate the risk associated with securitisation or the other structured product, they will not be able to rely on a rating.
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posted 14-01-2010 18:13
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Ginger Yellow wrote:
[quote]A London based financial newspaper./quote]
Oooo....the Daily Mail. Fancy.
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posted 14-01-2010 18:21
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Well, we are actually owned by the Mail.
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posted 14-01-2010 18:31
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I had never realised that before.
Ms. Blair is going to have a heck of a time turning that quote into actual legislation.
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posted 14-01-2010 18:33
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Ok, so an actual financial newspaper and not one of these Securitization Weekly-type things.
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posted 14-01-2010 18:42
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Ok, so an actual financial newspaper and not one of these Securitization Weekly-type things.
Not sure how to respond to that. We're probably closer to a "Securitization Weekly-type thing" than the FT. Slightly more broad based, but not much. Indeed, we used to have a bimonthly spin-off publication that became a securitisation weekly.
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posted 14-01-2010 19:00
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What is Bair actually saying there?
If you can price it yourself, you won't rely on rating (that has been the case for two years).
Or that of you can't then your capital won't be rating dependent. Which, taken as a read-across, means you can't consider the UK Gilt a AAA rated ten year investment unless you can model all the future cashflows...
Seems like a dangerous comment based on a sensible thought process, unless I miss quite what is trying to be said.
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posted 14-01-2010 19:07
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I'm not sure that she knows what she was trying to say.
A key initial question is what is considered a "structured product".
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posted 14-01-2010 19:11
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Sounds to me like she's talking about much the same thing as the EU implemented in their amendments to the CRD (article 122(a)4, specifically), though no doubt it will be implemented differently. In other words, if you can't do loan level analysis, you get a big capital hit over what the ratings based risk weight would be.
I'm less familiar with US bank capital rules than European, but I though most FDIC regulated banks were still on a fairly simplistic external ratings based approach for securities held in the banking book. And even large banks using something closer to the Basel II IRB won't have loan level data on all their positions.
Which, taken as a read-across, means you can't consider the UK Gilt a AAA rated ten year investment unless you can model all the future cashflows...
She's pretty clearly talking about structured products specifically.
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Last Edit: 14-01-2010 19:13 By Ginger Yellow.
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posted 14-01-2010 19:18
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Not sure how to respond to that. We're probably closer to a "Securitization Weekly-type thing" than the FT. Slightly more broad based, but not much. Indeed, we used to have a bimonthly spin-off publication that became a securitisation weekly.
Ah, I see. So no Sports section, then.
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posted 29-01-2010 13:59
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So, any thoughts on a thon?
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Last Edit: 29-01-2010 14:01 By Ginger Yellow.
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posted 29-01-2010 15:06
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We should do it. Thursday would be good for me (as I'd already be downtown that evening).
But any day is okay as long as I know ahead of time.
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posted 29-01-2010 15:12
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Thursday would be good. A colleague of mine who's not going to the conference should be arriving in DC then as well, and looking for something to do in the evenings, so it would be perfect timing.
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