assay：Market and Risk Management

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1、COMMENTARYMarketandRiskManagementInnovations:ImplicationsforSafeandSoundBankingERICS.ROSENGRENRosengrenisanexecutivevicepresidentintheBankingSupervision,Regulation,andCreditDepartmentattheFederalReserveBankofBoston.Thiscommentarywaspresentedattheconference"

2、SafeandSoundBanking:Past,Present,andFuture,"heldAugust17-18,2006,andcosponsoredbytheFederalReserveBanksofSanFranciscoandAtlantaandthefoundingeditorsoftheJoumalofFinancialServicesResearchhepaperbyFredFurlongandSimonKwan(2007),"SafeandSoundBankingTTwentyYears

3、Later:WhatWasProposedandWhatHasBeenAdopted,"isacomprehensivediscussionofthestatusofrecommendationsthatfirstappearedmPerspectivesonSafeandSoundBanking(Benstonetal.1986).Summarizingtherecommendationsthatappearedinabooktwentyyearsagoandprovidinganoverviewofall

4、theactionstakenrelatedtothoserecommendationscouldeasilyhavebecomeunwieldy.Fortunately,FurlongandKwanhavebeenquitesuccessfulinsuccinctlycoveringthemanyregulatoryandsupervisorychangesoverthepasttwodecadesthathaveresponded(orinsomecasesnotresponded)totheorigin

5、alrecommendations.OneofthemajorthemeshighlightedbyFurlongandKwanisthesurprisingnum-berofrecommendationsfromPerspectivesonSafeandSoundBankingthathavebeenadoptedduringthepasttwentyyears.Myconunentsprovideabriefoverviewofthreeofthemajorinnovationsthatweresugge

6、stedintheoriginalreconunendationsanddis-cussedbyFurlongandKwan;movementtowardgreaterrisk-sensitiveapproaches,anenhancedroleformarketdisciplineanddisclosure,andearlierinterventionfortroubledbanks.IvMthendiscusstheenvironmentalchangesthatmaynothavebeenanticip

7、atedatthetimeoftheoriginalrecommendationsandsomeimplicationsforbanksupervisionandregulation.Thefinalsectionwillprovidesomeconclusions.InnovationssincethePubiicationofPerspectivesonSafeandSoundBankingOneofthemajorsuggestionsintheoriginalreportwasthatbanksupe

8、rvisionandreg-ulationshouldadoptmorerisk-sensitiveapproaches.Duringthepasttwentyyears,bankregulatorshaveincreasinglyadoptedrisk-sensitiveregulations.Perhapsthemoststrikingexamplewastheadoptionofmoreris