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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Today’s Regulatory Landscape: Complying with Multiple Regulations Simultaneously
Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market
Intelligence. Not for distribution to the public. Copyright © 2016 by S&P Global Market Intelligence. All rights reserved.
Hans Crockett
Vice President
Innovation and Thought Leadership
Global Risk Services
Munich, May 10th, 2016
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Overview
• The global regulatory landscape and regulatory convergence
• Regulatory reporting: Common data challenges
• Risk-focused regulations: Overview of Basel III, Solvency II, and
IFRS 9
• Staying up-to-date with regulatory developments
• Appendix: Relevant S&P Global Market Intelligence offerings
2
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
The Global Regulatory Landscape And Regulatory Convergence
3
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
A Sea Of Acronyms And Expressions
EMIR
CVA
FINREP COREP
MIFID
II
RWA
CCP
CRD IV CCAR
UCITS MAR
MAD
FASB
AIFMD MIFIR
SIFI
"Regulatory Arbitrage"
"Substituted Compliance"
Solvency
II
Basel
II & III
IFRS
FATCA
4
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Conscious efforts of the G20, FSB, CESR, EBA-ESMA-EIOPA, BCBS, IAIS etc.,
Main themes: Risk-based capital, stress testing, credit risk assessments, transparency,
independent multifactor pricing, macroeconomic scenarios, provisions, liquidity
management
• Risk-based capital adequacy and reporting – Basel, Solvency II, IORP II, CCAR, Swiss Solvency Test for Insurers
• Scenarios and stress testing – Basel, CCAR, DFAST, Solvency II (Pillar 2 / ORSA), AIFMD, UCITS IV/V, IFRS 9
• Systematic credit quality assessments – Basel, Solvency II, IORP II, AIFMD, IFRS, CRA3
• Credit-sensitive valuations – IFRS 13, Basel, Solvency II
• Provisions against expected losses – IFRS 9, FASB’s CECL
Global Regulatory Convergence (1) Regulatory Backdrop
5
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• Measuring and managing liquidity – AIFMD, UCITS IV/V, Basel (LCR, NSFR), ’40 Act
• Electronification, OTC derivatives trading and transaction reporting – Dodd-Frank Title VII, EMIR, MiFIR/MiFID II
• Transparency and reporting (to regulators and to investors) – EMIR, Dodd-Frank, MiFID II, Solvency II, Basel III
• Data quality and governance – BCBS 239, Solvency II
• Equivalence / cross-border harmonisation – EMIR / Dodd-Frank, MiFID II, Solvency II, tax disclosure, and data sharing – e.g., FATCA, OECD tax
data sharing
Global Regulatory Convergence (2) Regulatory Backdrop
6
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• Global banking regulation – Basel II (including ICAAP), III, IV (soon) and regional implementations (e.g., CRD IV in the EU);
DFAST, CCAR, EBA stress testing and structure of banking operations, Swiss “too big to fail” regime
– General themes: Risk-based capital, scenarios and stress testing, funding provisions, liquidity
provisions, data governance
• Global OTC derivatives reform – EMIR, Dodd-Frank Title VII and national derivative trading, trade reporting and clearing regimes
– General themes: Transparency, electronification, central clearing, collateralisation and margining
• Global insurance regulation – EU’s Solvency II, China’s C-ROSS, South Africa’s SAM, Australia’s Prudential Standards, Swiss
solvency test
– General themes: Risk-based capital requirements, internal governance and supervision, data
governance, reporting
• Accounting standards – IFRS 9, IFRS 13, FASB’s CECL
– General themes: Credit-sensitive valuation of derivatives, provisions against credit impairment, asset
classifications
Families Of Regulation (1) Regulatory Backdrop
7
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• Fund-centric regulation (hedge funds and mutual funds) – AIFMD, UCITS, ’40 Act, PRIIPS
– General themes: Risk management, governance, disclosures and reporting, liquidity
• Global trading environment – MiFID II/MiFIR, Volcker Rule, MAD
– General themes: Electronification (including centralised platforms), transparency, reporting
• Global tax rules and tax transparency – US FATCA, OECD Automatic Exchange of Information, BEPS
– General themes: Sharing of tax position details between governments and jurisdictions, elimination of
“double non-taxation”
• Investor protection rules – AIFMD, UCITS, PRIIPS, ’40 Act, local regulator/supervisor rules
– General themes: Transparency, marketing and periodic reporting
Families Of Regulation (2) Regulatory Backdrop
8
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Regulatory Reporting: Common Data Challenges
9
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• New types of data required – Much needs to be sourced externally from multiple parties (asset managers, vendors, fund
administrators, custodians, regulators etc.,)
• Vast quantities of data required – Challenges with data ingestion, storage, linking and aggregation
– Detailed investment/asset data requirements for all three pillars
• Emphasis on data quality, transparency and traceability – Look-through carries specific challenges: availability, timeliness, cost
• Requirements for robust data management processes and consistent use of data
• Different approaches, choices and results are possible for certain required data
elements
− e.g., asset classifications, CQS, ultimate parents, industry sectors, prices, credit scores, PDs etc.,
Common Data Challenges (1) Global Regulation
10
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• Licensing and redistribution issues for certain data types (e.g., credit ratings,
evaluated pricing, CUSIPs)
• Where some data is “free”/in the public domain, there can be misconceptions
− Credit ratings IP, instrument identifier IP, consultation vs databasing, challenges gathering and
maintaining data up-to-date, challenges mapping to correct entities and securities
• Management’s decisions are impacted by data and how these change
− Credit ratings, classifications, ownership/corporate hierarchies, pricing availability
Common Data Challenges (2) Global Regulation
11
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Basel III
12
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• Basel Regulation began in 1988 and has continued to evolve:
− BASEL I (1988): Defined Tier 1 and Tier 2 capital, introduced risk-weighted assets and the solvency
ratio. Focused mainly on credit risk (risk-weighted approach); market risk (VaR) model introduced in
1996
− BASEL II (2006): Introduced the 3-Pillar approach: Capital requirements, supervisory review and market
discipline. Major changes related to credit risk (Internal Ratings-Based Approach, IRB) and counterparty
risk on OTC derivatives (potential future exposure, IRB approach)
− BASEL “2.5” (2009): Revision of Basel II norms. Introduced stressed VaR, the Incremental Risk Charge
[IRC] to capture default and credit migration risk, and the Comprehensive Risk Measure [CRM] to
capture correlation risk. Introduced standardised charges for securitisations
− BASEL III (2010-11): Introduced multiple new components, including the addition of CVA for
counterparty risk
− BASEL IV (2013): A Fundamental Review of the Trading Book (FRTB) has been proposed. However, it
will be at least five years before this is implemented
• Today, Basel II rules are effectively still in place for the banking book (via the
Standardised and IRB approaches), while Basel 2.5 and III are replacing capital
requirements for the trading book and OTC Derivatives
Overview Of Basel Regulation: From 1988 To Today
13
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• The three Pillars of the existing Basel II framework remain largely in place
• Basel III aim to strengthen bank capital requirements by increasing the quality and
quantity of required capital, and also by increasing liquidity and decreasing leverage
• Basel III introduces several important new elements
− Minimum Common Equity Tier 1 (CET1) ratio to be maintained at all times
− Additional Tier 1 (AT1) ratio
− Capital Conservation Buffer
− Countercyclical Capital Buffer
− Two required Liquidity Ratios: a Liquidity Coverage Ratio (LCR) and a Net Stable Funding Ratio (NSFR)
− A minimum Leverage Ratio
− Trading Book Capital Requirements (Basel 2.5)
− Additional requirements for Systemically Important Banks (SIBs)
− OTC Derivatives: CVA for counterparty risk
Basel “2.5” And III:
Key Elements Of The New Framework
14
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• The CRD IV package transposes the new global standards on bank capital
(commonly known as the “Basel III agreement”) into the EU legal framework via a
regulation and a directive that entered into force on July 17th, 2013
• Banks started reporting under the new framework in January 1st, 2014. However,
some of the new provisions are being phased out to 2019
• The European Banking Authority (EBA) plays a key role in the implementation of the
new Basel regulatory framework in the European Union. Particularly, the EBA is now
mandated to produce a number of Binding Technical Standards (BTS), guidelines
and reports for the implementation of the CRD IV package
• In Europe Basel III will apply to all banks – more than 8,300 institutions
When Will Basel III Be Implemented In Europe?
15
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The Basel Committee on Banking Supervision (2013) proposed a set of data-related principles aimed
at strengthening significantly risk management capabilities across the banking sector:
• Governance and infrastructure
− Governance
− Data Architecture and IT Infrastructure
• Risk data aggregation
− Accuracy and integrity
− Completeness
− Timeliness
− Adaptability
• Risk reporting
− Accuracy
− Comprehensiveness
− Clarity
− Frequency
− Distribution
• Supervisory review, tools and cooperation
These broad principles can readily
be extended to any kind of firms
Source: BCBS (January 2013).
“BCBS 239”
The Basel Committee Risk Data Principles
16
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Solvency II
17
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• EU Directive designed to unify the EU insurance market, enhance consumer
protection, reduce risks of insolvency, improve the competitiveness of EU insurers
and provide regulators with an improved view of systemic risks
• Introduced a new, harmonised EU-wide insurance regulatory regime, replacing 14
existing EU insurance directives
• Regulates the amount of capital that EU insurance companies must hold to reduce
the risk of insolvency. Also regulates governance and risk management processes.
• Encompasses all insurance and reinsurance firms with gross premium income
exceeding €5m or gross technical provisions in excess of €25m within the EU and
their subsidiaries outside of the EU. Also applies to European subsidiaries of global
insurance companies.
• EIOPA (the European Insurance and Occupational Pensions Authority) issues
Solvency II guidelines and recommendations and developed draft regulatory and
implementing technical standards
• Came into effect on January 1st, 2016
What Is Solvency II?
18
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• Insurers must hold capital against a range of risks, not just insurance risks
• Insurers are required to identify, measure and proactively manage risks; all risks and
their interactions must be considered
• Supervisory review process
• Greater public disclosure and reporting to regulators (QRTs, FSR, SFCR, ORSA, and
National Specific Templates)
• 2016 reporting timelines:
− Insurers with December 31st, year-ends must file their first quarterly reports by May 26th, 2016
− The first annual reports are due May 20th, 2016 (based on 2015 data)
− Reporting deadlines in the first year are longer and then reduce every year for three years.
− Some smaller firms can apply for certain reporting exemptions.
What Does Solvency II Involve?
19
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Solvency II compliance requires a wide range of information, from instrument and entity
reference data to pricing data, funds look-through, and security ratings
• Each Solvency II pillar involves specific data requirements:
• Data requirements can broadly be grouped into five categories:
1. Identifiers: Security codes, counterparty and issuer identifiers, fund IDs, etc.
2. Entity and Instrument Characteristics: External ratings, durations, LGDs, etc.
3. Categorisations: CIC Codes, industry sectors, asset categories, collateral type, etc.
4. Transaction data: Trade date, gains/losses, premium paid/received, etc.
5. Position data: Quantity, notional amount, accrued interest, etc.
Solvency II Data Requirements
Pillar 1
Capital Requirements
Requires asset and
liabilities data, reference
data, issuer data, credit-
related data and
pricing/valuations data
Pillar 2
Governance
and Supervision
Requires data
consistency, auditability,
transparency and history
Pillar 3
Transparency
and Reporting
Requires high-quality
multi-asset class and
entity-level data
20
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Solvency II And The Data Quality Challenge
• The data reported needs to be not only accurate, but also consistent with that used by
insurers for their Solvency Capital Requirement (SCR) and Minimum Capital Requirement
(MCR) calculations
• Solvency II requires asset data to be ‘complete’, ‘accurate’ and ‘appropriate’; data quality
assurance processes will be monitored by insurers and their supervisors
• Data has to meet the same quality standards irrespective of whether it is sourced internally
or externally. Insurers will want to be sure that the data obtained from their asset
managers, fund administrators and data vendors meets the required standards
• Data consistency may be challenging to achieve because different market data sources
can return different values for the same data field (although each can be accurate in its
own way)
21
Source:“CEIOPS’ Advice for Level 2 Implementing Measures on Solvency II: Technical Provisions – Article 86 f, Standards for Data Quality”, CEIOPS, October 2009.
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IFRS 9
22
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Overview of IFRS 9
• IFRS 9 is a new accounting standard (replacing IAS 39) that will apply throughout
approximately 100 countries, including across the EU
• The goal is for institutions to set aside sufficient provisions to deal with potential future
credit losses
• From January 1st, 2018, IFRS 9 will require banks and listed companies to measure credit
loss impairment based on a forward-looking Expected Credit Loss (ECL) approach. These
will be recorded in their P&L as loss provisions
• IFRS 9 will have a significant impact on financial statements – the greatest impact will be
from credit impairment calculations (expected to increase provisions by >40% compared to
IAS 39). Financial institutions in particular will be significantly impacted
• IFRS 9 will have an impact on regulatory capital, potentially leading to a need to raise equity
• A vast number of institutions are currently unprepared for these new requirements
23
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IFRS 9 Requirements
• Institutions will need to monitor changes in credit quality and to calculate specific forward-
looking credit risk measures (“Point-in-Time” PDs and LGDs)
• These measures will need to be calculated for two key time horizons: Over the next twelve
months and over the lifetime of instruments, depending on how instruments are classified
into “performing”, “underperforming” or “non-performing”
• This will lead to the following needs:
− The ability to monitor credit quality on an ongoing basis
− Sourcing historical default information and other data required for credit quality assessments
− The ability to simulate realistic forward-looking scenarios
− Integrating the use of new data, models and analytics into accounting processes
− Large banks are likely already to have the required data, models and systems in place, though not
necessarily the required methodologies or analytics
• In the US, the Financial Accounting Standards Board (FASB) is currently developing a
similar proposal to require the calculation of “Current Expected Credit Losses” (CECL)
under US GAAP accounting rules
24
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Issues For Banks Implementing IFRS 9
Banks will need to adjust their Basel Internal Ratings-Based Models to comply with
IFRS 9. There are a number of differences between the two modelling approaches:
• IFRS 9 Point-In-Time (PiT) PDs vs Basel IRB Through-The-Cycle (TTC) PDs
• 1-year PDs under Basel vs 1-year and multi-year PDs under IFRS 9
• Point-In-Time LGDs under IFRS 9 vs downturn LGDs under Basel
• Migration risk needs to be explicitly monitored and modelled under IFRS 9; migration risk in Basel
can be proxied by residual maturity in the IRB formula
• IFRS 9 specifies a “30-day past due” trigger for loans and trade receivables to move to the
“underperforming” category
• Under IFRS 9, macroeconomic forecasts for PD purposes will include both positive and negative
scenarios, whereas for Basel Stress Testing, only worst-case macroeconomic scenarios are
considered
• Under IFRS 9, the calculation of PDs and LGDs is required for all exposures, irrespective of the
regulatory credit modelling approach (Standardised or Internal)
25
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Interactions Between Regulations
• Addressing multiple regulations simultaneously will require robust data infrastructures that
provide transparent and auditable outputs. Associated technology costs are likely to
increase
• Common data requirements exist across multiple regulations (e.g., LEIs and independent
valuations across Solvency II, EMIR, CRD IV, AIFMD, Dodd-Frank Title VII etc.,)
• Basel III and Solvency II both alter the preferred mix of bonds, including asset-backed
bonds
• IFRS 9 and CECL Credit Impairment provisions interact with Basel requirements
• EMIR will require highly-quality collateral (e.g., cash and highly-rated bonds)
• AIFMD, CRD IV, Dodd-Frank and Solvency II set similar conditions on retained ownership
of securitised instruments
• MiFID II, Dodd-Frank Title VII and EMIR will lead to new independent sources of pricing for
certain instruments (including specific OTCs)
• Strong interactions between Insurers and the Fund Management industry, favouring
“transparent” funds that are UCITS and AIFMD compliant
• CRA3 has implications on credit quality assessment methods throughout all types of
institutions that use credit ratings, including the fund management industry
26
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Staying Up-To-Date With Regulatory Developments
27
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Staying On Top Of Regulatory Developments
Source: www.snl.com.
28
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Regulatory News Commentary
29
Source: www.snl.com.
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Regulatory Profiles For Selected Markets
30
Source: www.snl.com.
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Appendix: Relevant S&P Global Market
Intelligence Offerings
31
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• Asset and Entity Classifications and Identification Codes: multiple security and entity
identification and classification schemes are in use. Clients need to be able to quickly map
between these for consistency and to analyse concentration risk.
• Ultimate Parent, Parent and Subsidiary Relationships: very complex relationships can
exist. In order to asses concentration risks, these relationships need to be mapped and
understood.
• S&P Global Market Intelligence’s Solution: Cross Reference Services
− Our Business Entity Cross Reference Services link multiple entity identification schemes and help
identify Ultimate Parents
− Our Global Instrument Cross Reference Services link multiple security identification and
classification schemes
− Our Industry Sector Cross Reference Services provide multiple entity classification schemes
− Our Company Relationships package helps identify and map complex corporate relationships
Reference Data
32
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• Credit Ratings: referenced for investment assets and used to calculate capital
requirements (under the Basel and Solvency II Standard Approach/Formula).
• Credit Risk Analytics: proven methodologies and tools to score and track credit health
and risk across both rated and unrated investments (relevant for Internal Models).
• S&P Global Market Intelligence’s Solution: Credit Ratings, Indicators and Models
− Standard & Poor’s Credit Ratings: We are the official source for access to credit ratings and research
from Standard & Poor’s Global Ratings
− We also offer credit ratings from other ratings agencies, which can be delivered through a single feed
alongside Standard & Poor’s Global Ratings
− Credit analytics: We offer robust credit models to help score, track and benchmark credit risk across
both rated and unrated investments. In addition to models that calculate Probabilities of Default (PD),
we offer an extensive historical database of actual default rates, ratings transitions, recovery rates, and
Loss Given Default (LGD).
− Internal ratings methodologies: Our credit assessment scorecards deliver a fully documented and
transparent credit scoring process; outputs are mapped to the Standard & Poor’s credit ratings scale
− Independent model validation: Our validation services can be used to test the efficacy, soundness and
performance of your credit risk models rigorously and consistently
Credit Risk Offerings
33
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Credit Models
Expert Judgment Quantitative Fundamentals-Based Models Quantitative Market Signals Models
Public
Ratings
Scoring Template
(Fundamental)
Scoring Model
(Fundamental)
Probability of
Default
(Fundamental)
Peer
Analysis Model
Market Signals
CDS spreads
Market Signals
Stock Price
(Volatility & Returns)
Pro
du
ct
Standard & Poor’s
Ratings Services Scorecards CreditModel™
PD Model
Fundamentals
Credit Health
Panel
Market Derived
Signals (MDS)*
PD Model
Market Signals
Pri
ma
ry
Me
as
ure
Credit ratings* Credit Score -
Mapped to
“bucketed” PD
percentage
Credit Score -
Mapped to
“bucketed” PD
percentage
Continuous PD
percentage -
Mapped to credit
score
Relative score
Custom score
Credit Score -
Mapped to PD
percentage
PD percentage -
Mapped to credit
score
Des
ign
Analyst, committee
driven & credit
methodology driven
• Segment-focus
expert judgment
modeling
• Calibrated on
ratings
• Segment-focus
quantitative
modeling
• Calibrated on
ratings
• Segment-focus
quantitative
modeling
• Calibrated on
empirical defaults
• Fundamental-
based scores
and ratios for
peer group
assessment
• Market derived
signals based on
credit default swaps
• Calibrated on
empirical defaults
• Market derived
signals based on
stock price volatility
and returns
• Calibrated on
empirical defaults
DN
A
Medium/Long-term Medium/Long-term Medium/Long-term Medium-term Medium-term Short-term
(Point-in-time)
Short-term
(Point-in-time)
Co
ve
rag
e
•Global Coverage
•Daily monitored
• 6k companies
• Global Coverage
• No pre-scores
• Global Coverage
• Weekly pre-scored
• 36k+ companies
• Global Coverage
• Weekly pre-scored
• 370k+ companies
• Global Coverage
• Daily pre-scored
• 210k companies
• Rated Companies
w/ CDS coverage
• Daily pre-scored
• >1k companies
• Listed Companies
• Daily pre-scored
• 38k companies
Inp
uts
Rigorous analysis of
any relevant
qualitative and
quantitative inputs
• Qualitative and
quantitative inputs
• Country risk
• Industry risk
• Economic risk
• Sovereign risk
• Financial
statements +
quantifiable inputs
• Country risk
• Industry risk
• Economic risk
• Sovereign risk
• Financial
statements +
quantifiable inputs
• Country risk
• Industry risk
• Economic risk
• Sovereign risk
• Financial
Statements
• Operational
• Solvency
• Liquidity
• CDS spreads
• Industry risk
• Economic risk
• Sovereign risk
• Equity, Financials
• Country risk
• Industry risk
• Economic risk
• Sovereign risk
*From Standard & Poor’s Global Ratings. S&P Global Market Intelligence, as well as its products and services are analytically and editorially separate and independent from other analytical areas at S&P,
including S&P Global Ratings. For illustrative purposes only.
34
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
Credit And Market Risk Assessments
S&P Global Market Intelligence deliver key data and analytics which help banks comply with requirements
related to credit and market risk on multi-asset classes.
• For trading books, market risk data is required to estimate volatility and VaR-based risk statistics
• For Banking books, historical fundamental data, estimates, ratings, and probability of default models
are required to comply with the Internal Ratings-Based (IRB) approach and the new IFRS 9 accounting
principle
• Credit default swap spreads are needed to calculate the new Credit Value Adjustment (CVA) capital
charge formulas for ITC derivatives
Credit And Market Risk Assessments
Ratings Credit Analytics and PD and LGD
Credit Assessment Scorecards Fundamental Data
• Credit ratings
• Credit research
• Low latency ratings alerts
• Ratings press releases
• Default, transition and recovery data
• PD Model Fundamental for public and
private companies
• CreditModel 2.6
• PD Model Market Signals (equity-
based)
• CDS-based signals for entities
• PD and LGD credit Assessment
Scorecards for low-default portfolios
• Standardised global company data
• Extended global fundamentals
• Ratings fundamentals (CreditStats
Direct)
• Industry sector classifications
• Internal Ratings Development
35
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• LEI: Legal Entity identifier used to identify counterparties, issuers and ultimate parent entities (to
monitor concentration risk) - S&P Global Market Intelligence’s Business Entity Cross Reference Service
includes LEI codes and mappings to ultimate parent entities
• NACE: European Standard Industry Classification - S&P Global Market Intelligence’s Industry Sector
Cross-Referencing Services offerings include multiple standard industry classification schemes (e.g.,
NACE and GICS)
• CIC: Complementary Identification Code for asset classification - S&P Global Market Intelligence’s
offerings also include core data required to construct CIC codes (whose determination can involve
subjective elements)
• Instrument characteristics and risk-related metrics including multi-level pricing and valuations
data, security terms & conditions, instrument identifier cross reference services, and Duration metrics
• Credit Risk measures and indicators including S&P Ratings, external ratings (from multiple ratings
agencies), Credit Models, Scorecards, Loss Given Default (LGD) measures, historical default
statistics, Probabilities of Default (PDs), Ratings transition matrices, and market-derived signals
• Other relevant S&P Global Market Intelligence’s offerings include transparency measures, corporate
actions, company fundamentals, and yield curves
Solvency II – Specific Examples
36
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http://www.spcapitaliq.com/client-solutions/regulatory-solutions
Engaging The Market On Timely Regulatory Issues Ongoing Market Interaction Supporting The Development Of Regulatory Solutions
Source: www.spcapitaliq.com.
37
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written approval of S&P Global Market Intelligence. Not for distribution to the public.
• Attractive Standard & Poor’s credit rating universe, from the source
• Credit Models and Credit Analytics trained on extensive data and Standard & Poor’s
methodologies
• We are originators for significant datasets
• Data available on multiple feeds and platforms
• Most data available in a relational database, linked and mapped, ready to use, bringing
together key external datasets required (e.g., ratings/credit, company financials, cross-
reference services, pricing, and security reference data)
• Single vendor relationship for multiple needs
• Extensive experience in sourcing, aggregating, scrubbing, managing and delivering market
and reference data
• Strong Cross-Referencing offering, including links to ultimate parents
• Commercial offers specific to ratings redistribution by asset managers, fund administrators,
custodians and other relevant third parties for regulatory compliance purposes
Benefits
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Permission to reprint or distribute any content from this presentation requires the prior
written approval of S&P Global Market Intelligence. Not for distribution to the public.
Thank You
Hans Crockett
Vice President
Innovation and Thought Leadership
Global Risk Services
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