Monthly Archives: September 2015

IASB Webcast Series : Possible implications of the proposals—with provisions and contingent liabilities case study

The IASB staff are creating a series of recorded web presentations to help those with an interest in the Conceptual Framework get a better understanding of the proposed changes that are currently being consulted on.

Each presentation provides a detailed walk-through of the different parts of the Exposure Draft, providing further insight into the IASB’s thinking and the rationale behind the proposals. The Exposure Draft proposes a number of enhancements to the existing Conceptual Framework, for example:

  • refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses;
  • a new chapter on measurement that describes appropriate measurement bases (historical cost and current value, including fair value), and the factors to consider when selecting a measurement basis; and
  • confirming that the statement of profit or loss is the primary source of information about a company’s performance, and adding guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’.

A new presentation will be published every week and can be viewed on demand. Each presentation consists of slides and voice and runs approximately 10–25 minutes.

Possible implications of the proposals—with provisions and contingent liabilities case study Thursday 24 September Watch here

 

 

Webcast : Smart Beta: Check Your Emotions at the Door, Sept 30, 2pm EST

Investors today have more options than ever when constructing a portfolio. The rise in passive investing indicates that many are searching for ways to take the day-to-day human decisions out of the process. That’s a key message from the panelists in this Institutional Investor Journals webcast.

Human nature prevents many traditional active managers from separating out their emotions, or “gut” instincts, from the investment process. Smart beta allows the investor to construct an investment process to achieve a goal of enhanced returns through various market cycles while keeping emotions out of the picture.Smart beta, by nature, sticks to the plan! 

JOIN US for this informative webcast, which will be followed by a live Q&A session.


John Feyerer

Cameron Lilja
Cathy Scott

Dave Waldron

Live Webcast : Outlook For Latin America In 2016, October 1, 10am ET

Outlook For Latin America In 2016

Live Webcast and Q&A,

Date & Time: Thursday  October 1, 2015 10:00 a.m. ET

Please join our Latin America Analytical leadership on Thursday, October 1, 2015, at 10:00 a.m. Eastern Time, to discuss Standard & Poor’s Latin American outlook for 2016. Topics include credit trends and main risks to look for in 2016 in the sovereign, corporate, structure finance and financial institutions sectors.

The presentation will be done in English and after the prepared remarks, the team will be available to answer your questions.

Register for the webcast here.

The speakers are:

Roberto Sifon-Arevalo
Managing Director, Sovereign and International Public Finance Ratings
Sovereign and International Public Finance Ratings
Standard & Poor’s Ratings Services

Santiago Carniado
Managing Director, Lead Analytical Manager
Financial Services Ratings
Standard & Poor’s Ratings Services

Eduardo Uribe
Managing Director, Lead Analytical Manager
Corporate Ratings
Standard & Poor’s Ratings Services

Philip Galgano
Managing Director, Lead Analytical Manager
Structured Finance Ratings
Standard & Poor’s Ratings Services

Moderated by:

John Piecuch
Senior Director, Communications
Standard & Poor’s Ratings Services

A replay will be sent to all registrants.

 

Issue 3 of The Essentials: Sizing Up the Balance Sheet

 Investor Alert :  Issue 3 of The Essentials: Sizing Up the Balance Sheet
 
The Essentials aims to increase investors’ awareness of IFRS and to enhance the insights they obtain when analysing information produced by IFRS financial statements. Each issue aims to provide an overview of how a specific accounting Standard (or aspect of it) is relevant to financial statement analysis.

US GAAP and IFRS treat offsetting in different ways. This difference can affect the size of the balance sheet reported by banks.

In this issue of The Essentials we explain how investors can leverage the notes to the financial statements to make comparisons between the balance sheets of banks.

This issue also includes:

  • Offsetting explained
  • When do banks report a net figure?
  • Jargon-busting
  • How does this tie in with Basel III?

Click here for the latest full issue of The Essentials and here for more information about the IASB’s investor activities.

IASB Webcast Series : Proposed Conceptual Framework : objectives and qualitative characteristics

The IASB staff are creating a series of recorded web presentations to help those with an interest in the Conceptual Framework get a better understanding of the proposed changes that are currently being consulted on.

Each presentation provides a detailed walk-through of the different parts of the Exposure Draft, providing further insight into the IASB’s thinking and the rationale behind the proposals. The Exposure Draft proposes a number of enhancements to the existing Conceptual Framework, for example:

  • refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses;
  • a new chapter on measurement that describes appropriate measurement bases (historical cost and current value, including fair value), and the factors to consider when selecting a measurement basis; and
  • confirming that the statement of profit or loss is the primary source of information about a company’s performance, and adding guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’.

A new presentation will be published every week and can be viewed on demand. Each presentation consists of slides and voice and runs approximately 10–25 minutes.

Chapters 1 and 2—objectives and qualitative characteristics Thursday 17 September Watch here

S&P Asia-Pacific Banking Webcast Series: China, Wednesday September 23, 2015 Hong Kong/China 2.30 p.m HKT

Please join us for a webcast September 23 2015 on the Chinese banking sector.

register-now

Date & Time: Wednesday  September 23, 2015  
Hong Kong/China  Singapore/Malaysia 2.30 p.m.

As part of our series of Asia-Pacific banking webcasts, we will be discussing the emerging credit issues for the Chinese banking system.

Register now for the webcast.  You will receive the replay as long as you register, even if you end up missing it.

Key Discussion points:

  • What’s behind the negative trend for economic risks facing Chinese banks?
  • How does this outlook revision affect the ratings on banks in China?

Speakers:

  • Qiang Liao, Senior Director, Financial Institutions Ratings
  • Gavin Gunning, Senior Director, Financial Institutions Ratings (Moderator)

You will need computer speakers or headphones to listen to the webcast. You may submit your questions for the speakers in real time via the web interface. Please test your system here at least 15min before the scheduled start time.

If you are not able to view a short flash video play with audio on both Internet Explorer and Firefox, you can still join the webcast via dial-in numbers provided in the confirmation email you will receive once you have registered online . Participants who listen by phone only will NOT be able to submit a question over the phone. Please email us your questions instead.
A Mandarin-language call on the same topic will be held at 3:30 p.m. Hong Kong / Beijing time. Please click hereto register.

 

Webinar- Everything You Need to Know About Fixed Income ETFs, Sept 23, 2pm EST

Dear Colleague,

Exchange-traded funds are an increasingly popular means of accessing the fixed income markets. Due in large part to their tax efficiency, liquidity and transparency, fixed income ETF volumes have grown to $336 billion and adoption rates continue to rise. 

Institutional Investor Journals with panel of experts from Invesco PowerShares, Cantor Fitzgerald,ValMark Advisers and Stringer Asset Management will cover everything you need to know about fixed income ETFs – from a high-level overview of the ETF landscape to the nuts and bolts of fixed income ETF trading methods.

Topics include the structure and uses of fixed income ETFs, the price discovery process, regulatory issues – including the ramifications of the Dodd-Frank Act’s Volcker Rule, outlets for fixed income ETF liquidity, and how fixed income ETFs have historically held up during periods of market uncertainty. 

JOIN US for this informative webcast, which will be followed by a live Q&A session.

Webinar : Made in “Chindia” – A New World Economy? Tuesday September 22, 2015; 2:00 P.M. (IST), 4:30 P.M. (HKT), 8:30 A.M. (GMT)

Made in “Chindia” –  A New World Economy?
Tuesday September 22, 2015; 2:00 P.M. (IST), 4:30 P.M. (HKT), 8:30 A.M. (GMT)
 Register 
Can Chindia, or the joint economies of China and India, alter their positions in the global economy? The impact of China’s latest stock market slump, as well as India’s emerging market slowdown, has certainly caused the world to take notice. But how powerful are the resounding economic forces of these economies both together and apart?

Join our webinar to explore:

The dramatic development of India and China in the last two decades.
Potential impacts of the devaluing Yuan on the global economy.
Whether these countries are economic friends or foes, and if friends, can they together challenge Western dominance?

 

Webinars 4: how Climate Bonds Standard v2.0 will make independent review easy. Co-hosted w PGGM, Aviva, CalSTRS, ASrIA – the investor view. Sept 21, 25, 29, 30, Europe/Asia/USA

SaveTheDate webinars x4: how Climate Bonds Standard v2.0 will make independent review easy. Co-hosted w PGGM, Aviva, CalSTRS, ASrIA – the investor view. Sept 21, 25, 29, 30, Europe/Asia/USA

Join the webinar to find out how the updated version of the Climate Bond Standard (v2.0) will make independent reviews of green bonds simpler and easier – and let us know if we can do even better. We’re in the last stretch ofpublic consultation and we would really value your feedback!

The webinars are being co-hosted by major investors Aviva (UK), PGGM (Netherlands) and CalSTRS (USA) and the Association for Sustainable & Responsible Investment in Asia (ASrIA). They will share an investor perspective.

Four options – pick that one that best suits your time zone:

Monday 21 September9:00 NYC / 14:00 London / 15:00 Amsterdam / 17:00 Dubai
Co-host: PGGM
Register here

Friday 25 September 11:00 Dubai / 12:30 Delhi / 15:00 Beijing & Hong Kong / 17:00 Sydney
Co-host: ASrIA
Register here

Tuesday 29 September11:30 London / 12:30 Paris / 14:30 Dubai  /18:30 Beijing & HK
Co-host: Aviva Investors
Register here

Wednesday 30 September10:00 San Francisco / 13:00 NYC / 18:00 London / 19:00 Berlin
Co-host: CalSTRS
Register here

The webinars will include:

  • How the Climate Bonds Standard v2.0 works and how it’s designed to make independent reviews simpler and easier
  • Benefits of Climate Bonds Certification
  • Investor perspectives on what is necessary to scale up the market
  • Climate Bonds criteria for a range of asset such as Low Carbon Buildings, Low Carbon Transport, Forests & Agriculture and Water.

Choose your webinar (above) and register now!

 

ADB Webcast : Currency Turbulence and Banking Crises

Alan Greenspan’s The Age of Turbulence describes the volatility in financial markets in the last forty years. But why have the prices of real estate, stocks and bonds, and commodities been so variable? This distinguished speaker seminar given on April 13 presented the view that a floating currency arrangement is necessary because of the large changes in the prices of these assets.

Robert Z. Aliber is professor of international economics and finance emeritus at the Booth School of Business, University of Chicago.

Watch the video here

Webinar : Oil’s in the Middle: Who Moved My Oil? Sept 17, 9am ET, 630pm IST, 9pm HKT

Oil’s in the Middle: Who Moved My Oil?
 Register now
S&P DJI invites you to the live streaming of our seminar that brings together key decision-makers for thought-provoking discussions on topical issues driving the commodities industry.

The Three Big Disruptors
How are booming U.S. shale production, OPEC’s increase in oil supply, and growing Chinese demand changing the commodities landscape?

Navigating Global Uncertainty After the Oil Crash
Will the new equilibrium push oil prices higher or lower?

Out of the Ground Versus To Be Grown
or Enjoying the Taste of Other Commodities
How can agriculture, metals, and natural gas help diversify a commodities portfolio?

After the Dip, Do Commodities Represent an Opportunity?
Where is the commodity money going today, and what strategies have been working?

IASB Webcast Series : Proposed Conceptual Framework : the reporting entity

The IASB staff are creating a series of recorded web presentations to help those with an interest in the Conceptual Framework get a better understanding of the proposed changes that are currently being consulted on.

Each presentation provides a detailed walk-through of the different parts of the Exposure Draft, providing further insight into the IASB’s thinking and the rationale behind the proposals. The Exposure Draft proposes a number of enhancements to the existing Conceptual Framework, for example:

  • refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses;
  • a new chapter on measurement that describes appropriate measurement bases (historical cost and current value, including fair value), and the factors to consider when selecting a measurement basis; and
  • confirming that the statement of profit or loss is the primary source of information about a company’s performance, and adding guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’.

A new presentation will be published every week and can be viewed on demand. Each presentation consists of slides and voice and runs approximately 10–25 minutes.

Chapter 3—the reporting entity Watch here

S&P Webinar : Oil’s in the Middle: Who Moved My Oil? 17 SEPTEMBER 2015 6:30 PM IST, 9:00 PM HKT

S&P DJI invites you to the live streaming of our complimentary seminar that brings together key decision-makers for thought-provoking discussions on topical issues driving the commodities industry.
Register now for Live webcast on Sept 17, 630pm IST/9 pm HKT
The Three Big Disruptors
How are booming U.S. shale production, OPEC’s increase in oil supply, and growing Chinese demand changing the commodities landscape?

Navigating Global Uncertainty After the Oil Crash
Will the new equilibrium push oil prices higher or lower?

Out of the Ground Versus To Be Grown
or Enjoying the Taste of Other Commodities
How can agriculture, metals, and natural gas help diversify a commodities portfolio?

After the Dip, Do Commodities Represent an Opportunity?
Where is the commodity money going today, and what strategies have been working?

 

Webcast : IDR15, 000 To US$1 Could Strain The Ratings On Indonesian Companies, Monday September 14, 2015 HKT 3.00 p.m.

IDR15, 000 To US$1 Could Strain The Ratings On Indonesian Companies

Live Webcast And Q&A: 

Date & Time: Monday September 14, 2015 HKT 3.00 p.m.

register-now

Please join us for a webcast and Q&A on September 14 for an update on the major credit developments in the Indonesian corporate sector, following soft GDP growth figures and the rupiah depreciation.

Key discussion points:

  • What are the emerging trends for corporate credit quality in Indonesia?
  • How critical is the currency depreciation as a rating driver for Indonesian companies and what could be the pressure point?
  • How much rating headroom does the rated corporate sector have?
  • How well are companies equipped to deal with the weaker currency and tougher operating conditions?

Register for the complimentary webcast now.

Speakers from corporate ratings team:

  • Xavier Jean, CFA, Director, Southeast Asia
  • Kah Ling Chan, Director, Southeast Asia (Q&A)
  • Abhishek Dangra, FRM,, Director, South and Southeast Asia (Q&A)
  • Vishal Kulkarni, CFA, Associate Director, South Asia (Q&A)

You will need computer speakers or headphones to listen to the webcast. You may submit your questions for the speakers in real time via the web interface. Please test your system here at least 15min before the scheduled start time.

If you are not able to view a short flash video play with audio on both Internet Explorer and Firefox, you can still join the webcast via dial-in numbers provided in the confirmation email you will receive once you have registered online. Participants who listen by phone only will NOT be able to submit a question.

A replay will be sent to all registrants a few hours after the live webcast.

 

Webinar : How effective are hedging practices of corporates in containing some of the impact on their profitability? Join us on 16 September 2015 at 1.30 PM

The recent volatility in the currency markets has taken everyone by surprise. A rate hike by US Fed now seems more a question of ‘when’ rather than ‘if’. Ind-Ra looks at how India’s largest corporates are positioned to handle adverse currency movements.

Register now, Join us on 16 September 2015 at 1.30 PM

In this webinar, India Ratings will discuss the challenges faced by India’s top 500 corporate borrowers, in managing risks from the falling rupee. We look at the sensitivity of their profitability to currency movements and provide in-depth perspective on some well entrenched myths relating to importers and exporters.

How robust is the credit profile of corporate India to be able to withstand a sustained depreciation in the currency?

Are exporters likely to derive benefits of a fall in the rupee and become competitive?

Which sectors are likely to benefit and which are likely to see a negative impacted in the event of a currency depreciation?

How effective are hedging practices of corporates in containing some of the impact on their profitability?

INDIA: The specter of credit starvation

Source: Live Mint

“Do Indian banks have enough capital to lend in case the elusive economic recovery materializes later this year? The answer seems to be no, especially since minimum total capital requirements are set to rise this financial year. According to the Reserve Bank of India (RBI)’s timeline for implementing Basel III norms, banks have to provide for a capital conservation buffer of 0.625% of risk-weighted assets by the end of this financial year.

Including this, the minimum total capital requirement will increase to 9.625%. In the next financial year, this increases to 10.25%. While the big state-owned banks such as State Bank of India, Bank of Baroda and Punjab National Bank have relatively comfortable capital positions, the situation is dire for mid-cap public sector banks, which account for around one-third of bank credit.”

Full article: http://www.livemint.com/Money/bC1dVaOmTBDDPnJ2ChbLRP/The-spectre-of-credit-starvation.html

IASB Webcast Series : Proposed Conceptual Framework : derecognition of assets and liabilities

The IASB staff are creating a series of recorded web presentations to help those with an interest in the Conceptual Framework get a better understanding of the proposed changes that are currently being consulted on.

Each presentation provides a detailed walk-through of the different parts of the Exposure Draft, providing further insight into the IASB’s thinking and the rationale behind the proposals. The Exposure Draft proposes a number of enhancements to the existing Conceptual Framework, for example:

  • refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses;
  • a new chapter on measurement that describes appropriate measurement bases (historical cost and current value, including fair value), and the factors to consider when selecting a measurement basis; and
  • confirming that the statement of profit or loss is the primary source of information about a company’s performance, and adding guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’.

A new presentation will be published every week and can be viewed on demand. Each presentation consists of slides and voice and runs approximately 10–25 minutes.

Chapter 5—derecognition of assets and liabilities Thursday 3 September Watch here

 

Webinar : Opportunities in Emerging Markets Debt, Sept 10, 830pm IST

Join Babson’s emerging markets fixed income portfolio managers to discuss how the macroeconomic environment is impacting the short-term and long-term trends driving emerging markets debt.

Dr. Ricardo Adrogué, Babson’s Head of Emerging Markets Debt, Brigitte Posch, Head of Emerging Markets Corporate Debt, and Cem Karacadag, Emerging Markets Sovereign Debt portfolio manager, will provide insights into their respective asset classes and discuss how Babson is seeking value in today’s markets. Register now

Review of the Credit Valuation Adjustment (CVA) risk framework – comments due by 1 Oct

A Review of the Credit Valuation Adjustment Risk Framework is being undertaken by the Basel Committee. The objectives of the review are to (i) ensure that all important drivers of credit valuation adjustment (CVA) risk and CVA hedges are covered in the Basel regulatory capital standard; (ii) align the capital standard with the fair value measurement of CVA employed under various accounting regimes; and (iii) ensure consistency with the proposed revisions to the market risk framework under the Basel Committee’s Fundamental review of the trading book.

The Basel III capital framework already establishes a minimum capital charge to capture the potential mark-to-market losses faced by a bank from the deterioration in a counterparty’s creditworthiness. This capital treatment addresses any variability in CVA that arises due to changes in credit spreads but does not take account of variability arising from daily changes in market risk factors (ie account exposure variability).

This consultative paper envisages a CVA risk framework that takes into account the market risk exposure component of CVA along with its associated hedges. The regulatory capital requirement for CVA risk would be based on exposure models that banks also use to determine their accounting CVA, subject to conditions intended to reduce potential variability due to risk-weighted asset (RWA) calculations or remaining discrepancies in financial reporting practices across banks and jurisdictions.

For a broad range of internationally active banks, accounting CVA is fair-valued through the profit and loss (P&L) account and is sensitive to the same risk factors as instruments held in the trading book. The consultative paper therefore proposes an internal models approach and a standardised approach for CVA risk that have been adapted from the revised market risk framework under the Committee’s Fundamental review of the trading book. A basic approach for CVA risk is also proposed for banks that are less likely to regularly compute CVA sensitivities to a large set of market risk factors, owing to the nature of their trading operations.

Comments on these proposals should be uploaded here by Thursday 1 October 2015. All comments may be published on the website of the Bank for International Settlements unless a respondent requests confidential treatment.

https://www.bis.org/bcbs/publ/d325.htm

Asia-Pacific Banking Webcast Series: ASEAN, Date & Time: Friday , Sep 4 2015 , Hong Kong/China 230pm, 12pm IST

Date & Time: Friday , Sep 4 2015 , Hong Kong/China 230pm, 12pm IST

register-now

Please join us for a webcast on this afternoon on banking systems in ASEAN.

As part of our series of Asia-Pacific banking webcasts, we will be discussing the emerging credit issues for banking systems in the ASEAN region.

Register now. This webcast is provided on a complimentary basis. You will receive the replay as long as you register, even if you end up missing it.

Key discussion points:

  • Emerging banking sector trends across ASEAN
  • Relative strengths and weaknesses of banking systems in the region

Speakers:

  • Ivan Tan, Director, Financial Institutions Ratings
  • Sharad Jain, Director, Financial Institutions Ratings (Moderator)

You will need computer speakers or headphones to listen to the webcast. You may submit your questions for the speakers in real time via the web interface. Please test your system here at least 15min before the scheduled start time.

If you are not able to view a short flash video play with audio on both Internet Explorer and Firefox, you can still join the webcast via dial-in numbers provided in the confirmation email you will receive once you have registered online . Participants who listen by phone only will NOT be able to submit a question over the phone. Please email us your questions instead.