Home‎ > ‎

News


RHUL event: Financial Markets & The Credit Crisis

posted 25 Mar 2012, 16:07 by Markus Krebsz

London, 22 March 2012

Markus Krebsz, Author & Capital markets practitioner, has been invited by the OMK Investment Club @ Royal Holloway University of London to share anecdotes and impressions from working for nearly two decades for various financial institutions in the Global Financial Markets.

As part of this student event & evening lecture, he
- gave an insight into his work as credit rating expert and advisor to the World Bank
- took a closer look at lessons learned from the recent Financial Crisis
- provided some practical advice for students who are looking at taking up a career in the financial
   sector and
- offered his unique views & useful tips - some of which you don't often hear.

The entertaining speech in the University's new Management building was well attended and received great reviews from students and faculty alike.

(Slides for this session are now available for download by following the link below).

6th Annual Stress Testing Conference, London

posted 30 Nov 2011, 16:25 by Markus Krebsz

London, 30 Nov 2011:

Markus Krebsz, Author and Consultant, will be presenting at this year's 6th Annual Stress Testing conference in London.

The session is entitled "Product taxonomy and model risk management: No coffee without beans?" and will cover the following
• What's it all about?
• How does this fit into the banking and risk management framework?
• The regulators' (evolving) view
• Classification approaches, taxonomy lifecycle and concrete examples
• Implementation and taxonomy adoption: Benefits and challenges

The full conference program is below.



CISI Evening event: "Demystifying Credit Ratings"

posted 18 Nov 2011, 05:14 by Markus Krebsz

London, 17 Nov. 2011

Markus Krebsz, Consultant and Author, presented an evening lecture at the Chartered Institute for Securities and Investment (CISI).

Entitled "Demystifying Credit Ratings - An Insiders View", the session provided an insight into the world of credit ratings, how rating agencies operate, inter- and intra-agency differences between ratings, risks that can be captured by and limitations of ratings. The session took also a brief look at failures of credit rating agencies and gave practical advice of how to use ratings more sensibly.

The interactive nature of this well-attended student event ensured lively involvement of the audience and has been very well received.

An audio stream will be made available on the CISI TV site (CISI membership required). The attendee slides are attached below to view/download and can be freely distributed.

An earlier version of the slide packs has also been published on the SEC website:
www.sec.gov/comments/s7-18-11/s71811-57.pdf

For further information and speaking requests, please contact Markus Krebsz @ www.markuskrebsz.info

SNEAK PEEK: EU Draft proposal for new CRA Regulation

posted 15 Nov 2011, 15:53 by Markus Krebsz   [ updated 15 Nov 2011, 15:53 ]

London/Brussels, 14 Nov. 2011

Markus Krebsz, Author and Consultant, managed to get hold of a copy of the EU draft proposal for CRA Regulation and is able to provide a sneak peek for capital market participants and other interested parties alike:

The draft proposal can be downloaded here (3rd party link):
http://www.euractiv.com/sites/all/euractiv/files/Draft_Regulation_CRAs_20111104%20clean%20FINAL-1.doc

More background information and other related links can be found here:
http://www.euractiv.com/euro-finance/eu-tighten-oversight-credit-rating-agencies-news-508913

DEADLINE EXTENDED for the Global ISO 31000 Survey

posted 2 Nov 2011, 00:24 by Markus Krebsz

London, October/November 2011:
Markus Krebsz, Author and Consultant, is proud to be able to support the Global ISO 31000 Survey, which has now been extended.

The first global survey of ISO 31000–Risk Management Principle and Guidelines started on 17th October 2011, has been extended and will run now until November 30th 2011.

The aim of the survey is to gauge how ISO 31000 is perceived by decision makers across all sectors and to provide input for the preparation of the ISO 31004 guide, due out in 2014 or earlier.

Members of more than 100 risk management associations, LinkedIn groups and interested entities around the world will participate in the study which is an initiative of the LinkedIn discussion group on ISO 31000.

Please visit www.iso31000survey.com to participate - it takes less than 5 MINUTES to complete.

The data collected for Global survey on ISO 31000 will be represented in aggregate form without naming in particular a risk management association, LinkedIn group or entity. No individual name or company name is asked.

Background:

The international risk management ISO 31000:2009 providing principles and generic
guidelines on risk management has been published in November 2009 and endorsed as a
national standard by more than 20 countries including Austria, Australia, Brazil, Canada,
France, Germany, Great-Britain, Italy, Ireland, the Netherlands, New-Zealand, Norway,
Spain, Sweden, Russia and the USA.

The new ISO committee ISO / TC 262 - Risk Management, the successor of the ISO TMB
WG on Risk Management, has just been created in order to prepare the ISO 31004: Risk
management -- Guidance for the implementation of ISO 31000.

In order to ensure continuity with the previous committee, the Chairman remains Kevin
Knight of Australia and BSI - British Standards Institute is in charge of the Secretariat. The
first meeting was scheduled from 12 to 16 September 2011 in London.

Based on survey comments, suggestions and questions, the result of this survey could also help
the ISO Working Group. The future document would provide implementation guidance to the
risk management principles, framework and processes defined in the generic document
ISO31000:2009 with greater details and information on how to establish risk management
within any organization building on the core elements of ISO 31000.

GREECE DOWNGRADED TO 'CCC' by Fitch Ratings - 13 July 2011

posted 13 Jul 2011, 14:03 by Markus Krebsz

Fitch Ratings-London-13 July 2011: Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'CCC' from 'B+. The Short-term foreign currency IDR is also downgraded to 'C' from 'B' and the Rating Watch Negative (RWN) on all three ratings has been removed. The agency has affirmed the euro area Country Ceiling at 'AAA', which is applicable to all euro area member states, including Greece.

(Please see the complete press release below.)

15 March 2011: Markus Krebsz' new book available from mid-April

posted 28 Feb 2011, 15:47 by Markus Krebsz   [ updated 17 Mar 2011, 02:47 ]

London, 15st March 2011

"Securitization and Structured Finance Post Credit Crunch - A Best Practice Deal Lifecycle Guide"


will available in bookshops in the UK and online from 15 April 2011 and from mid-June in the US and Asia (for a 30% discount on pre-orders please see the promotional code below).

Readers of the proofs have praised the book as a "fantastic practical guide", "very high quality","excellent and well-researched" and "a triumph".

Endorsers, from both academia and the capital markets arena wrote the following about this publication:

**********************************************************************************************************

"This is a fantastically researched in-depth publication that I learned a great deal from reading and will continue to consult on an ongoing basis. No matter which angle you come from this should be a must-read for all market participants both old and new.”

- Martin Sampson, European ABS Business Manager, Bloomberg L.P.


___________________________________________________________________________________________

"Markus Krebsz has written a book that is both encyclopaedic in its coverage of the structured products business and a model of clarity of exposition."

-
Paul Wilmott, Author, researcher, consultant and lecturer in Quantitative Finance.
    www.wilmott.com
___________________________________________________________________________________________

"Krebsz has provided a thorough and helpful reference book on all aspects of structured finance. For the layman, the opening chapters will provide a useful account of the processes and motivations behind structured finance products. For those involved in the ongoing management of data and risk processes, the detail in later chapters on systems and infrastructure available is unique and it is good to find all of this information in one place."

- Faten Bizzari, Principal at Eastfield Capital Ltd.
___________________________________________________________________________________________

"Markus Krebsz has written an authoritative text on the practicalities of securitization, providing a wealth of detailed information on the lifecycle of a typical deal. As the market for structured finance
products comes gradually back to life, this book is likely to become a valuable reference for market participants."


- Prof. Alexander J. McNeil

Department of Actuarial Mathematics and Statistics,
School of Mathematical and Computer Sciences,
Heriot-Watt University

___________________________________________________________________________________________

Markus Krebsz has achieved a rare feat. He has written a book about securitization that is practical and useful for practitioners but at the same time provides enlightenment to the general reader.

When the structured finance markets froze up as a result of sub-prime contagion in July 2007, many practitioners walked away, assuming the game was over for good. But Krebsz, who has worked for a variety of global financial institutions remained a firm believer, always confident the market would come back - albeit perhaps in modified form. He took advantage of the lean years to write this book.

The book provides real value-added for market practitioners of what is a mind-numbingly complex area, including easy-to-follow lifecycle charts of structured products, detailed checklists, graphs and illustrations. In the second half he also talks you through how to use some of the new analytical and risk management tools available from Principia Partners, Bloomberg, and others.

Given the recent dribbles of new issuance, Krebsz was right to persevere with the market, and one of his main predictions (which almost verges on a plea) is that when securitization does fully return, it will be characterized by "transparency, standardization and simplicity" - traits which seemed noticeable by their absence during the rapid growth years of 2003-07. In the introduction to his chapter on Bloomberg he reveals how the expected transformation of the market has been galvanized by the shift in power away from issuers and towards investors. Clearly, if the investors are in charge, they are going to be alot more discriminating about what what they actually buy.

Krebsz is a passionate believer in the need for a healthy securitization market. If all market participants and investors were to read learn and inwardly digest this book, common sense would doubtless prevail.

- Ian Fraser is a Financial Times correspondent and
   consulting editor at Bloomsbury Publishing's Qfinance


___________________________________________________________________________________________

The book will be available in all major bookshops and online stores and directly from the publisher's website www.wiley.com

A 30% discount is currently available for pre-orders when ordering from www.wiley.com and entering the promotion code "VA817".


More information on the author is available at www.markuskrebsz.info


Feb 2011: Markus Krebsz featured in "The Actuary"

posted 28 Feb 2011, 15:34 by Markus Krebsz   [ updated 28 Feb 2011, 15:47 ]

Markus Krebsz, Author of "Securitization and Structured Finance Post Credit Crunch" has been featured in the Feb 2011 edition of "The Actuary" after giving the inaugural opening presentation at the launch of the Scottish Financial Risk Academy in Edinburgh in Nov 2010:

__________________________________________________________________________________________

Financial Risk Academy launched in Edinburgh

01 February, 2011
On 4 November the Scottish Financial Risk Academy was launched at a colloquium in Edinburgh. The Academy is the brainchild of professor Alex McNeil, Maxwell Professor at Heriot-Watt University and an honorary fellow of the Profession.

At the ceremony, held in the famous Bank of Scotland building on the Mound, he introduced the Academy of which the Actuarial Profession is a founder member. Services to be provided by the Academy include seminars and colloquia, access to training and research, interaction with academia, and a focus for inter-activity on financial risk management. Knowledge Transfer Workshops will take place monthly and Special Topics Courses are also planned. Business people are targeted who may not afford the time to attend the technical sessions in the afternoon but would be interested in the strategic early evening discussions.

The afternoon sessions on this occasion, given by professor Damiano Brigo of King’s College, London, Martin Baxter, of Nomura International and Markus Krebsz, a securitisation consultant, covered the Credit Crisis in the context of Credit Models, Counterparty Risk and Credit Rating Agencies.

Bill Jamieson of The Scotsman newspaper chaired a panel discussion including Colin Ledlie, an actuary with Standard Life, and four other eminent panellists. Topics included reasons why the financial crisis was not seen coming, the role of the Central Bank in the crisis, whether the retail and investment functions of banks should be separated, and how Scotland could thrive in the aftermath of the crisis.

During one of these discussions professor John Hibbert of Barrie & Hibbert paid a great compliment to the actuarial profession by referring to our ethical culture. The colloquium concluded with a typically robust speech from Lord McFall, former chairman of the House of Commons Treasury Committee on the risk lessons from the financial crisis.

The second colloquium will be on 17 March on Absolute Returns and Hedge Funds — once again covering technical and bigger picture aspects. The November colloquium launched what promises to be an exciting enterprise for the Scottish financial community. The Actuarial Profession is proud to be a part of it."

(Source: http://www.the-actuary.org.uk/875352)

___________________________________________________________________________________________

More infos on the Scottish Finacial Risk Academy, the academy's bi-annual Risk Colloquia and Markus Krebsz's slides for download can be found here:
http://www.sfra.ac.uk/
http://www.sfra.ac.uk/SFRA_Risk_Colloquium_on_CRAs




Euromoney SF Yearbook 2011 - Book chapter

posted 2 Nov 2010, 16:25 by Markus Krebsz

Markus Krebsz, Consultant & Author has recently joint-authored a book chapter  entitled "Investor requirements for 2011 and beyond: Due diligence and Risk analysis in a Post-crisis world for Euromoney's Structured Finance Handbook.

The chapter was co-authored together with Rick Watson, Managing Director of the Association for Financial markets in Europe.

AFME and Euromoney have kindly given permission for posting the chapter on this website and it is now available for download below.

18/11/2010 - Financial Planning & Analysis Summit, London

posted 28 Oct 2010, 16:30 by Markus Krebsz   [ updated 2 Nov 2010, 16:08 ]

Markus Krebsz, Author & Consultant is to speak at the Financial Planning & Analysis Summit on 18 November 2010 in London.

This summit will focus on the solutions offered by innovative financial planning and business forecasting. The Summit will comprise of learning objectives, illustrated intermittently with a number of illustrative case studies, to include:
- Strategies to engage senior leadership around financial forecasts and reviews, as well as methods to facilitate this
- Using the financial forecast as the vehicle to drive accountability for results
- Learn how to optimize the role of Financial Forecasting & Planning in your company
- Budget, Financial Plan and Forecasting - an approach to a single repeatable financial planning cycle

Markus' talk at the London summit will take a balanced view on Rating agencies by discussing credit ratings and giving concrete advice how to use them sensibly.

The full brochure is now available for download - please see below.

1-10 of 27