Search results “Rating agencies regulation”
SEBI Credit Rating Agencies guidelines, Tighter norms for enhanced disclosures, Current Affairs 2018
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Views: 5611 Study IQ education
Capital Market - SEBI (Credit Rating Agencies)  Regulations 1999
SEBI (Credit Rating Agencies) Regulations 1999 - periodic reviews - certificate of registration Online Mock Tests - www.modelexam.in
Views: 353 MODELEXAM
Credit Rating Agencies (2/3) - 'Are there Conflicts of Interest'
Recorded coverage of the Treasury select committee session on credit ratings agencies, with evidence from Fitch, Moody's and Standard and Poor's from Wednesday 7 March 2012. Recorded from BBC Parliament 9 March 2012. - Dominic Crawley is Head of Financial Services Ratings, Standard and Poor's. - Paul Taylor is Group Managing Director, Fitch Ratings. - Frederic Drevon is Senior Managing Director, Moodys. - Alan Reid is Managing Director Europe, DBRS.
Views: 244 gmshadowtraders
Reporter: More transparent credit rating agencies?
Europe's financial crisis and subsequent bank and country downgrades have cast the spotlight on credit rating agencies. MEPs complain of their excessive influence and less than perfect methodology, and are bringing in new reforms and regulations, the third set in three years. EuroparlTV goes to the world of high finance to explore the arguments. The fast and furious floor of the London Metal Exchange. This is one of the last places in the West where trading is done manually, a quaint throwback to when metals were bartered around a ring in coffee houses, but with the frantic speed and big numbers of today. Like all big financial institutions, the exchange and its investor clients are locked in to modern globalised systems, at the heart of which is a body of agencies that many in Europe believe have become too powerful. They're credit rating agencies, depended on by banks, corporations and governments the world over. But a string of recent downgrades in Europe has outraged some in the EU and led to calls for deeper regulation. It's designed to improve the quality of ratings, remove conflicts of interest, and try to prevent eurozone crisis management from being hijacked by randomly-timed downgrades. With 75% of the financial services conducted in Europe done here in the markets of London, it's not difficult to find resistance to regulation. Change is a threat to revenue and livelihood and, as many argue here, particularly damaging if rushed and poorly thought through. I think there's a big risk that this latest set of proposals could be damaging to growth. Some forecast that Europe over the next five years in the non-financial sector will need something like 1,500 billion euros. The thrust of policy-making in our view should be towards making capital markets financing easier, not more difficult. There have been no fewer than three sets of legislation to curb what many in the EU Parliament see as the undeserved influence of the big three agencies. Martin Winn speaks for Standard & Poor's, and defends their record. We don't have a political agenda. We don't advise or tell governments what they should or should not do. What we look at is the impact, in our view, of policy-making on credit-worthiness. He says the new legislation could affect recovery and growth. There is a concern that some of these measures will actually disadvantage European companies, for instance, who use credit ratings to help access much-needed funding in the capital markets. But end users, like investment manager Rob Ford at 24AM, are not so convinced. Maybe they're perhaps a bit too big and a bit too macro. Not everybody can be an expert in everything and I think that means they have made and they will continue to make mistakes. Given the crisis, there is perhaps an opportunity for someone new to come in, perhaps with some sponsorship from the regulatory authorities, and to make a difference. That brings us to the German city of Düsseldorf where finance entrepreneur Markus Krall is doing just that, setting up a new European credit rating agency to compete with the big three here in his apartment. By the end of the year Dr Krall says he'll have a credit rating agency running and based in Frankfurt, with start-up capital of 300 million euros. He's already in close contact with European ratings regulators. Ratings are created on an expert-based qualitative analytical approach. That approach is open to a lot of degrees of freedom. We propose to start ratings in principle with a mathematical, tested model and to complement that with qualitative analytics. We'll put that on an internet platform. So ratings won't be performed and published. They will be produced in public and that's a big difference. When you think about a new rating system in Europe, it's useful to observe the American experience, especially after the disastrous triple-A ratings of spurious financial products. There, many are saying not much has changed. The banks are still cosy with the agencies and they're still operating on outdated models. As in Europe, many American legislators are saying it's time for new rules. It's not, they say, about meddling in the market and stifling competition, but rather creating conditions for growth by allowing capital markets to function consistently and confidently. The critical element if we don't want further downgrades, but we want to restore trust in the ratings of the eurozone countries, is whether we will see intelligent political decision-making that shows the markets there is a way out of this crisis. That there are stormy times ahead in the eurozone no one doubts, but EU politicians are moving slowly through the crisis using the new tools at their disposal and attempting to bring those not at their disposal under tighter regulation. EuroparlTV video ID: 1c9b08cb-3d64-4dd8-9e9a-a0c40122ba42
Views: 537 EuroparlTV EN
Are we smarter than credit rating agencies? :Dorian Crede at TEDxVienna
http://www.facebook.com/tedxvienna http://www.tedxvienna.at Dorian Credé is founder and chairman of Wikirating, the first non-profit community platform for credit ratings. He studied physics and mathematics and has a Master of Science from the Swiss Federal Institute of Technology (ETH Zurich), Switzerland. Since more than 12 years he is working in the IT and financial services industry. About TEDx In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
Views: 3078 TEDx Talks
Credit rating agencies regulation - How to deal with the conflict of interests?
23/05/12 Pascal Canfin sur les agences de notations et les CDS.
Views: 184 Pascal Canfin
Credit Rating Agencies
Credit Rating Agencies Watch more Videos at https://www.tutorialspoint.com/videotutorials/index.htm Lecture By: Mr. Niranjan Pandey, Tutorials Point India Private Limited
Credit Rating Agencies, Panel 1
Credit Rating Agencies, Panel 1 - House Oversight Committee - 2008-10-22 - Product 281924-1-DVD - House Committee on Government Reform and Oversight. Financial and credit industry executives testified about credit industry operations, regulatory procedures, and financial mismanagement that influenced credit market turmoil and led to global financial instability. They focused on the role of credit rating agencies, standards for issuing AAA ratings, and the levels of transparency in accounting practices at financial institutions. Filmed by C-SPAN. Non-commercial use only. For more information see http://www.c-spanvideo.org/program/281924-1
Views: 10244 HouseResourceOrg
euronews U talk - Rating agencies in the spotlight
http://www.euronews.com/ Arnaud from Brussels asks: "My question for European officials is: how far are we going to let rating agencies dictate how European stock markets are run, and are we ever going to react against this speculative lobbying?" Arnaud from Brussels asks: "My question for European officials is: how far are we going to let rating agencies dictate how European stock markets are run, and are we ever going to react against this speculative lobbying?" Thierry Philipponnat, Secretary General of public interest association Finance Watch, responds: "That's a good question. We can't let this diktak continue. There's a very simple solution. It's to permit investors to follow the rating agencies' opinions without being obliged to. We're in an absurd system today in which, once an agency's opinion is given, the investor is obliged to follow that opinion. Why? Because the ratings are in the financial regulations. So we have to get rid of all reference to the ratings in the rules so investors can follow the ratings if they want to. They are free to - fine - but are not obliged to. That's really the key." Sébastien, from Brussels, asks: "My question is as follows: which of Europe's directives concern how the rating agencies are financed?" Philipponnat responds: "The alternative to the borrower paying the agency would be that the investor pays the agency. The potential conflict of interest would not be the same but it could be just as real. The essential question is to ensure that the whole system does not depend on a single opinion. The key to not having a system that degenerates is that when an agency issues an opinion it remains simply an opinion and not the truth with a capital 'T'. That's why one of the European Commission's proposals consists of establishing a European index of ratings, which would be given a framework and organised by the European financial market authorities. It's an excellent proposal, because index means averaging what's given by several agencies, and we'd depend less and less on the opinion of a single agency." Michael from Brussels asks: "I'd like to know when we're going to set up a European rating agency for sovereign debt." Philipponnat responds: "Yes, let's increase competition, yes, let's create European agencies - but that's not enough. Other measures must also be taken: a European ratings index, removing ratings from all financial regulation so that we find ourselves in a healthy situation in which, as I said earlier about what seems important to me, we would have analyses coming out, and not verdicts." Find us on: Youtube http://bit.ly/zr3upY Facebook http://www.facebook.com/euronews.fans Twitter http://twitter.com/euronews
New restrictions for rating agencies
MEPs agree regulatory measures for 'too powerful' credit rating agencies and support a new European body.
Views: 100 European Parliament
Silva Says Ratings Agencies Losing Influence to Media
June 3 (Bloomberg) -- Ralph Silva of Silva Research Network talks with Bloomberg's Maryam Nemazee about the outlook for the regulation of ratings agencies. The European Union yesterday called for a single supervisor of credit-rating companies as politicians in the 27-nation bloc demanded a new regional agency to increase competition in the wake of the sovereign debt crisis.
Views: 78 Bloomberg
EU aiming to control credit rating agencies - Godfrey Bloom
Support: http://www.ukip.org/donations | http://www.ukipmeps.org • European Parliament, Strasbourg, 15 January 2013 • Speaker: Godfrey Bloom MEP, UKIP (Yorkshire & Lincolnshire), Europe of Freedom and Democracy (EFD) group - http://www.godfreybloommep.co.uk • Joint debate: Credit rating agencies Credit rating agencies Report: Leonardo Domenici (A7-0221/2012) Report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 1060/2009 on credit rating agencies [COM(2011)0747 - C7-0420/2011 - 2011/0361(COD)] Committee on Economic and Monetary Affairs Undertakings of collective investment in transferable securities (UCITS) and alternative investment funds managers Report: Leonardo Domenici (A7-0220/2012) Report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings of collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in respect of the excessive reliance on credit ratings [COM(2011)0746 - C7-0419/2011 - 2011/0360(COD)] Committee on Economic and Monetary Affairs Transcript: The Credit Rating Agencies were of course NOT blameless in the sub-prime crisis, nor the credit crunch that followed either: lord knows I castigated them in this chamber enough. BUT, since 2008, they have improved. They have been honest with the markets about the worthless government debt of Greece, Ireland, Portugal and others if not yet the UK. But are we to crush the Rating Agencies with regulation? • firstly, to control HOW they rate government debt, you require the Rating Agencies to get prior approval from the regulator, ESMA, for their methodologies: so that behind the scenes you can manipulate the calculations. • then, to control WHEN they publicise their work, you force the Rating Agencies to disclose to ESMA the dates on which they are going to provide ratings on government debt, and to limit those dates to 3 times a year: so that you won't suffer the embarrassment of a downgrade or negative outlook just before a critical auction of government paper. • then, to control WHERE the Rating Agencies work, you insist that some of the work is done in the jurisdiction of Government debt: so that you can intimidate the analysts in the same way that the offices of Credit Rating Agencies have been raided by government bodies in places such as Italy. • then, to control WHO does the work, you insist, not only on the rotation of Credit Rating Agencies themselves, but also on the individual analysts who work and have experience on particular debt and the assets that back them. • finally, to control the PURPOSE of providing Credit Ratings, you seek to remove references to, and reliance upon, ratings both within the workings of Government and in private investment funds. Much of this is actually an attack on free speech: the world is watching you frankly, can you be trusted? I believe that this regulation [will] castrate the Rating Agencies, and turn them into government eunuchs to vainly protect the chastity of the Euro, a currency born out of wed-lock and without a dowry. I fear we will find ourselves exactly back in the position where we started. .................................. • Video source: EbS (European Parliament) .................................. • EU Member States: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, United Kingdom
Views: 3096 UKIP MEPs
ESMA: regulating the Rating Agencies
The European Commission is acting to bring transparency to the market for Credit Rating Agencies. The European Securities and Markets Authority (ESMA) started work on 1st January, one of its tasks will be to supervise and maintain the register of Credit Rating Agencies.
What are Credit Rating Agencies?
Subprime the Musical- Series of light-hearted podcasts designed to explain the Subprime Mortgage Crisis. To learn more visit: www.subprimethemusical.wordpress.com E-mail: [email protected] In this podcast, I explain what credit rating agencies are and why debt ratings are so important. I also explain how credit ratings ended up screwing up in the mortgage market.
Views: 7706 moneyandsociety
Regulating The Rating Agencies - Bloomberg
Jefferies says Moody's regulatory concerns "overstated". (Bloomberg News)
Views: 65 Bloomberg
Recent Norms of SEBI on Credit Rating Agencies
references;THE HINDU and wikipedia
Views: 350 LAD education
Credit Rating | Meaning | Importance | How Credit Rating work | Rating Agency in India |
Meaning Credit Rating It is an opinion on the future ability and legal obligation of an issuer to make timely payments of principal and interest on a specific fixed income security. As per credit rating agencies regulations 1999. Rating means– An opinion regarding securities– Expressed in the form of standard symbols– Assigned by a credit rating agency– Used by an issuer of such securities Evaluates the credit worthiness of a debtor, especially a business (company) or a government. It is an evaluation made by a credit rating agency of the debtors ability to pay back the debt and the likelihood of default. Some credit rating agencies; ICRA, CRISIL, S & P, Moody‟s Importance For The Money Lenders 1. Better Investment Decision: No bank or money lender companies would like to give money to a risky customer. With credit rating, they get an idea about the credit worthiness of an individual or company (who is borrowing the money) and the risk factor attached with them. By evaluating this, they can make a better investment decision. 2. Safety Assured: High credit rating means an assurance about the safety of the money and that it will be paid back with interest on time. Credit rating agency in india 1.) CRISIL - Credit Rating Information Services of India Limited. 2.) ICRA - Investment Information and Credit Rating Agency of India 3.) CARE - Credit Analysis and Research Limited (CARE) 4.) ONICRA - Onida Individual Credit Rating Agency of India 5.) SMERA - Small Medium Enterprises Rating Agency Of India Limited
Views: 5262 Smart Education
Mason Says Regulators Won't Make Rating Agencies Change: Video
Jan. 15 (Bloomberg) -- Joseph Mason, professor of banking at Louisiana State University, talks to Bloombergs Betty Liu about the performance of credit rating agencies during the financial crisis. Mason, speaking from Dallas, also discusses prospects for regulatory changes to rating agencies, the need for transparency and the role of Congress in enacting financial reform. (Source: Bloomberg)
Views: 75 Bloomberg
McCreevy disappointed on rating agencies compromise
European Commissioner for Internal Market Charlie McCreevy tells the European Parliament today that he is disappointed with some of the changes adopted by the parliament to the plan to address problems caused by credit rating agencies. Charlie MC CREEVY, European Commission: "The agreement reached on a regulation of credit rating agencies will help address one of the problems that contributed to this crisis and thus will offer some prospects to restore market confidence, The EC proposal sets some clear objectives for improving integrity transparency responsibility and good governance of the CRAs" "I am disappointed with certain aspects of the compromise, the desist of the group support regime which I consider one of the most innovative aspects of the Commission's proposal means that we will not be able to modernise as much as we wanted the supervisory arrangements for insurers and re -insurers operating on a cross border basis, some of the amendments regarding equity risk could result in the introduction of an imprudent regime for investment and risk based capital, this is particularly the case for amendments which we introduced , the so-called duration approach as a Member 's adoption " background: Credit Rating Agencies: partially responsible for the current financial crisis Jean-Paul GAUZÈS (EPP-ED, FR) for the Economics Committee will be putting forward a legislative report on Credit Rating Agencies. MEPs and the Council have reached a first-reading deal on this. A credit rating agency (CRA) is a company that provides opinions on the future value of companies, securities or obligations. These ratings, despite being just opinions, are used by investors, lenders, issuers and securities regulators and therefore influence global financial transactions. Given this influence on the financial market, CRAs' decisions have to be taken in transparent and independent way. Solvency II: better financial supervision of the insurance industry Peter SKINNER (PES; UK) will be putting forward a legislative report on Solvency II, taking up and pursuit of the business of insurance and reinsurance. A first-reading deal has been reached with Council. The new legislation seeks to achieve a major overhaul of the supervisory framework to enhance the financial stability of the insurance industry.
Views: 782 EURACTIV
Credit Rating Agencies, Panel 2
Credit Rating Agencies, Panel 2 - House Oversight Committee - 2008-10-22 - Product 281924-2-DVD - House Committee on Government Reform and Oversight. Financial and credit industry executives testified about credit industry operations, regulatory procedures, and financial mismanagement that influenced credit market turmoil and led to global financial instability. They focused on the role of credit rating agencies, standards for issuing AAA ratings, and the levels of transparency in accounting practices at financial institutions. Filmed by C-SPAN. Non-commercial use only. For more information see http://www.c-spanvideo.org/program/281924-2
Views: 3516 HouseResourceOrg
Warren Buffett on the Financial & Housing Crisis and Credit Rating Agencies (2010)
A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves. In some cases, the servicers of the underlying debt are also given ratings. More on Buffett: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=22f3a19f1003df6e04ad734879f32fb7&camp=1789&creative=9325&index=books&keywords=warren%20buffett In most cases, the issuers of securities are companies, special purpose entities, state and local governments, non-profit organizations, or national governments issuing debt-like securities (i.e., bonds) that can be traded on a secondary market. A credit rating for an issuer takes into consideration the issuer's credit worthiness (i.e., its ability to pay back a loan), and affects the interest rate applied to the particular security being issued. The value of such security ratings has been widely questioned after the 2007--09 financial crisis. In 2003, the U.S. Securities and Exchange Commission submitted a report to Congress detailing plans to launch an investigation into the anti-competitive practices of credit rating agencies and issues including conflicts of interest. More recently, ratings downgrades during the European sovereign debt crisis of 2010--11 have drawn criticism from the EU and individual countries. A company that issues credit scores for individual credit-worthiness is generally called a credit bureau (US) or consumer credit reporting agency (UK). Credit rating agencies have been subject to the following criticisms: Credit rating agencies do not downgrade companies promptly enough. For example, Enron's rating remained at investment grade four days before the company went bankrupt, despite the fact that credit rating agencies had been aware of the company's problems for months. Or, for example, Moody's gave Freddie Mac's preferred stock the top rating until Warren Buffett talked about Freddie on CNBC and on the next day Moody's downgraded Freddie to one tick above junk bonds. Some empirical studies have documented that yield spreads of corporate bonds start to expand as credit quality deteriorates but before a rating downgrade, implying that the market often leads a downgrade and questioning the informational value of credit ratings. This has led to suggestions that, rather than rely on CRA ratings in financial regulation, financial regulators should instead require banks, broker-dealers and insurance firms (among others) to use credit spreads when calculating the risk in their portfolio. Large corporate rating agencies have been criticized for having too familiar a relationship with company management, possibly opening themselves to undue influence or the vulnerability of being misled. These agencies meet frequently in person with the management of many companies, and advise on actions the company should take to maintain a certain rating. Furthermore, because information about ratings changes from the larger CRAs can spread so quickly (by word of mouth, email, etc.), the larger CRAs charge debt issuers, rather than investors, for their ratings. This has led to accusations that these CRAs are plagued by conflicts of interest that might inhibit them from providing accurate and honest ratings. At the same time, more generally, the largest agencies (Moody's and Standard & Poor's) are often seen as promoting a narrow-minded focus on credit ratings, possibly at the expense of employees, the environment, or long-term research and development. These accusations are not entirely consistent: on one hand, the larger CRAs are accused of being too cozy with the companies they rate, and on the other hand they are accused of being too focused on a company's "bottom line" and unwilling to listen to a company's explanations for its actions. While often accused of being too close to company management of their existing clients, CRAs have also been accused of engaging in heavy-handed "blackmail" tactics in order to solicit business from new clients, and lowering ratings for those firms . For instance, Moody's published an "unsolicited" rating of Hannover Re, with a subsequent letter to the insurance firm indicating that "it looked forward to the day Hannover would be willing to pay". When Hannover management refused, Moody's continued to give Hannover Re ratings, which were downgraded over successive years, all while making payment requests that the insurer rebuffed. In 2004, Moody's cut Hannover's debt to junk status, and even though the insurer's other rating agencies gave it strong marks, shareholders were shocked by the downgrade and Hannover lost $175 million USD in market capitalization. http://en.wikipedia.org/wiki/Credit_rating_agency
Views: 13301 The Film Archives
Inside Look - Rating Agencies Under the Microscope
Relying on Ratings - Interview with Wisconsin Insurance Commissioner Sean Dilweg (Bloomberg News)
Views: 420 Bloomberg
Rating Agencies To Benefit From RBI Norms
Rating agencies ICRA, CRISL and CARE Ratings surge in trade post the new set of RBI regulations mandating that the bank customers get rated. Latha Venkatesh gets you more details.
Views: 100 CNBC-TV18
Credit Rating Agencies and the Financial Crisis (Part 1 of 2)
Credit Rating Agencies and the Financial Crisis (Part 1 of 2) - Committee on Oversight and Government Reform - Tape Deck 01 - 2008-10-22 - The Committee held a hearing titled, "Credit Rating Agencies and the Financial Crisis" on Wednesday, October 22, 2008, in 2154 Rayburn House Office Building. The hearing examined the actions of the three largest credit rating agencies, Standard and Poor's, Moody's Corporation, and Fitch Ratings, leading up to the current financial crisis. Video provided by the U.S. House of Representatives.
Views: 4940 HouseResourceOrg
Corrupt Rating Agencies Continue to Wreck the Financial System
Tepid Financial Times interview with Ray McDaniels, the head of Moody's. This rating agencies came in for harsh criticism following its role in the unfolding of the financial crisis. Moody's ultimately gave its imprimatur to shoddy financial and unsecuritized mortgage products and was complicit in covering up the indiscretions of the banking industry. Several things to notice: 1) The US has been given a tripe A rating even though it is printing money out of fashion and has witnessed the wholesale collapse of its banking industry. How this equates to a tripe A rating is beyond human comprehension. 2) McDaniels makes the point that he does not have the last call in terms of deciding what rating is applied to which country - he says that Moody's decides things by "committee". Would this be the same rule-by-committee that failed to warn the world financial community of the coming collapse? 3) The reporter asks McDaniels if more mortgage-backed securities will be appearing on the market after the crisis. He answers, typically, in the affirmative. 4) McDaniels asserts that he wants to roll out a "process" that will allow talks about regulation to take place. He will not commit to framing regulations that might benefit the market. Everything remains as speculative as before. Conclusion: the same crisis is going to play out yet but the endgame remains unknown.
Views: 803 BeholdZeus
Credit Rating Agencies in India
categories of credit rating agencies in India, rating agencies rate debt instruments and even countries which will be a better advisory services for an investor to invest in any company ...
Views: 8074 babu rayipudi
EU clamps down on credit ratings agencies
http://www.euronews.com/ Credit rating agencies will have to be more transparent about how they assess a country's sovereign debt under changes agreed by MEPs on Wednesday. The changes will force agencies to indicate when they publish assessments, publishing ratings only after close of business and at least an hour before EU trading desks open. Designated rapporteur and Italian centre-left MEP Leonardo Domenici told the European Parliament: "We are making progress with this new regulation: having a ban on ratings which could influence policies carried out by governments, more transparency and accountability regarding the methodologies used for ratings." Credit ratings agencies are under fire because they attributed AAA ratings to US subprime mortgages that turned out to hold only junk status. Critics also argue that they gave over-generous assessments to the banks that bought and sold those assets in the first place. That's why German MEP Wolf Klinz regrets that the new rules won't change the agencies behaviour. "They have for a long time after the global financial crisis maintained that they had nothing to do with it. Rather than considering themselves to be primarily a service provider they were only interested in growing their business as quickly as possible." Claims that the agencies made a fast buck at the expense of governments mean that for some, even the proposed overhaul doesn't quite go far enough. Find us on: Youtube http://bit.ly/zr3upY Facebook http://www.facebook.com/euronews.fans Twitter http://twitter.com/euronews
Regulating Credit Rating Agencies
BOOK REVIEW REGULATING CREDIT RATING AGENCIES By Aline Darbellay ISBN: 978 0 85793 935 7 Elgar Financial Law Series EDWARD ELGAR PUBLISHING LTD www.e-elgar.com STANDARD OR POOR: THOSE PESKY CREDIT RATING AGENCIES THOROUGHLY ANALYSED AT LAST An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers Ever wondered why one country or institution gains a 'Triple-A credit rating' while at the same time, others are resigned to losing theirs? The answers -- most of them anyway -- are to be found in all their multiplicity and complexity, in this recent book from Edward Elgar, which certainly shines a spotlight on the leading CRAs (credit rating agencies), namely Moody's -- Standard and Poor -- and Fitch. Whether you know it or not, or like it or not, these organisations have a special power. As the learned author Aline Darbellay notes in her introduction, 'CRAs are part of the international financial architecture'. How true -- and note that this is a quotation from an EU Commission public consultation published in 2010. Considering, in the author's words, 'the crucial place in the financial markets' of CRAs, it is somewhat surprising that so little research about them has been carried out -- a situation which this book seeks to rectify and in our view, amply succeeds. 'CRAs, 'explains Darbellay, 'assess the creditworthiness of borrowers and debt instruments by attributing different grades to them.' Based primarily in the US, they nevertheless operate globally, functioning, among other things, as information intermediaries between borrowers and investors. As measurers of credit risk only, they leave the other components of risk to the due diligence of the investors themselves. Their ratings, says the author, are generally considered to be opinions of judgments... but are not untestable assertions. And although it is all too apparent that their ratings are a prime factor in, for example, the initiation of public offerings, they are also, Darbellay adds, 'considered to have been one of the culprits in recent financial debacles'-- the subprime mortgage crisis, for instance. Essentially, the book discusses the challenges faced post-crisis, by policy makers in the United States and the European Union in trying to regulate the ratings industry with a view to eventually decreasing the over-reliance on ratings, particularly as these agencies now have a higher public profile than ever. One answer is a more competitive environment; another is the intervention of regulators, although as Darbellay points out, 'little research has shown how the rating industry will evolve in the aftermath of regulatory interventions.' If you are a lawyer, academic, financial journalist, or simply interested in the workings of the ever-changing financial services industry worldwide -- and CRAs in particular -- you do need to read this carefully researched volume. Clearly written with a legal approach, it is one of the most recent titles in Edward Elgar's Financial Law Series.
Views: 58 Phillip Taylor
CRISIL's Roopa Kudva: "It Is Very Important for Rating Agencies to Be Transparent."
In the wake of the global financial crisis, rating agencies have come under fire. Because they are funded by the very debt issuers they rate, questions have been raised about their impartiality. In an interview with India [email protected] at the Wharton India Economic Forum earlier this year, Roopa Kudva, South Asia regional head for Standard & Poor's and managing director and CEO of S&P's Indian subsidiary CRISIL, offered her perspective on what role rating agencies play in the marketplace, why they should still be funded by issuers and what they can do to help mitigate potential conflicts of interest.
Views: 4750 KnowledgeAtWharton
Lawrence White on Credit Rating Agencies
Lawrence White presents his chapter on the credit rating agencies from the Make Markets Be Markets report, sponsored by the Roosevelt Institute. Video taken from the Make Markets Be Markets conference, March 3, 2010, New York City. The views expressed in this presentation are those of the speaker and do not necessarily represent the positions of the Roosevelt Institute, its officers, or its directors.
New Guidelines for Credit Rating Agencies | SEBI Tightens Guidelines for Rating Agencies
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Views: 126 UPSC IAS Exam
EU wants its very own credit rating agency
Support: http://www.ukip.org/donations | http://www.williamdartmouth.com | http://www.ukipmeps.org • European Parliament, Strasbourg, 15 January 2013 • Speakers: Blue-card question: William Dartmouth MEP, UKIP (South West), Europe of Freedom and Democracy group (EFD) http://www.williamdartmouth.com - Response: Antolín SÁNCHEZ PRESEDO MEP (Spain), Socialists (S&D Group) • Joint debate: Credit rating agencies Credit rating agencies Report: Leonardo Domenici (A7-0221/2012) Report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 1060/2009 on credit rating agencies [COM(2011)0747 - C7-0420/2011 - 2011/0361(COD)] Committee on Economic and Monetary Affairs Undertakings of collective investment in transferable securities (UCITS) and alternative investment funds managers Report: Leonardo Domenici (A7-0220/2012) Report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings of collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in respect of the excessive reliance on credit ratings [COM(2011)0746 - C7-0419/2011 - 2011/0360(COD)] Committee on Economic and Monetary Affairs ...................... • Video: EbS (European Parliament) .................................. EU Member States: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, United Kingdom
Views: 743 UKIP MEPs
EU gets tough on credit rating agencies
Comment on European Parliament Facebook page: http://www.facebook.com/europeanparliament MEPs, the Commission and governments agree new regulations to rein in credit rating agencies -- but fear they may not go far enough. EuroparlTV video ID: d1160dba-f670-42d5-afe0-a117010fcf97
Views: 216 European Parliament
Credit Rating | Introduction | CAMEL Model | Rating Process | Credit Rating Agencies | Part 1
Strategic Financial Management : Chartered Accountancy; Credit Rating | Introduction | CAMEL Model | Rating Process | Credit Rating Agencies | Part 1; Revision : 00:00:11 - 000:01:35 Topic Covered : 1. Ratings and Credit Ratings [CA Final May'13] : 00:01:36 - 00:0:49 2. Importance of Ratings : 00:06:58 - 00:09:49 3. Disadvantages of Rating [CA Final Nov'09] : 00:09:50 - 00:14:19 4. Rating Process : 00:14:22 - 00:21:02 5. Camel Model in Credit Rating [C.A Final Nov'10] : 00:21:02 - 00:24:28 -C - Capital -A - Assets -M - Management -E - Earnings -L - Liquidity 6. Credit Rating Agencies in India : 00:24:28 - 00:27:18 - CRISIL - ICRA - CARE Video by Edupedia World (www.edupediaworld.com), Free Online Education; Download our App : https://goo.gl/1b6LBg Click here, https://www.youtube.com/playlist?list=PLJumA3phskPGZ7QPDmzNYr-fJDi5BjW6x for more videos on Strategic Financial Management; All Rights Reserved.
Views: 7566 Edupedia World
The Rating Agencies
Training on The Rating Agencies by Vamsidhar Ambatipudi
Big Credit Rating Agencies Fraudulent Reporting in Global Financial Crises - Professor Bill Black
This was extracted from a video that can be viewed at Financial Regulation and Corporate Power - MMT - William K Black https://youtu.be/TOwym1n89KU
Yaron Answers: Credit Rating Agencies
Yaron Brook answers a question from Joseph: "What are credit ratings agencies and what role did they play in the financial crisis?" www.laissezfaireblog.com
Views: 4270 Ayn Rand Institute
Credit Rating Agencies in India | CRISIL | CARE | ICRA | ONICRA | SMERA
#FreeToStudy Credit Rating Agencies Of India. Credit Rating Agencies are grading & rating different companies and sectors on the basis of their performance and Suggest them for improvement. Join FreeToStudy Telegram group https://t.me/joinchat/AAAAAEzcI7uAg-CmfXkBdQ
Views: 1432 Free To Study
Rating agencies deliberately understate the position of Russia
The "On the activity of rating agencies" project is listed in the Russian State Duma. The initiator of this step became Natalia Burykina - Chairman of the State Duma Committee on Financial Markets. The document will be designed to protect the interests and rights of both creators and consumers of credit ratings. The last, according to the documents referred to in a number of federal laws and regulations of the Russian Federation, but the rating agencies remain outside the control and supervision.          Whether these changes affect the positions of Russia, which are assigned by such foreign agencies as «Fitch», «Moody's» and «Standard & Poor's»?   Elvis Marlamov, managing director of MK "Finam Management": "Last time goes a belief that here these Western agencies deliberately lowered the rating of our country and Russian companies to reach some destabilization. Last year. I do not know whether it's true or not. Indeed they overestimated the negative effects of these threats that Russia faces – sanctions, decline of oil prices. And, most likely, if these agencies are not engaged, they perform their function of determining the rating and reliability of the borrower, they should in the near future to raise Russia's rating. I say this: if they do not, then perhaps the actions of the government and the State Duma of creating of own ratings, maybe right. "
Views: 157 Pravda Report
Kroll President: Big 3 Ratings Agencies Back to "Box-Checking"
The incumbent ratings agencies which missed the credit crisis are back to "box-checking" and are not offering the necessary analysis to sufficiently grade securities, says Jim Nadler, President of Kroll Bond Rating Agency. Nadler says Kroll is taking market share from the Big 3 because of its detailed reports and buy-side investors are demanding Kroll's services. Finally, Nadler says that Kroll's muni-bond rating business is thriving as credit worries continue to pop up across the country. Subscribe to TheStreetTV on YouTube: http://t.st/TheStreetTV For more content from TheStreet visit: http://thestreet.com Check out all our videos: http://youtube.com/user/TheStreetTV Follow TheStreet on Twitter: http://twitter.com/thestreet Like TheStreet on Facebook: http://facebook.com/TheStreet Follow TheStreet on LinkedIn: http://linkedin.com/company/theStreet Follow TheStreet on Google+: http://plus.google.com/+TheStreet
CRA3: Rotation Of Rating Agencies For Re-Securitisations And The Implications For Issuers
The third round of European regulation on credit rating agencies ("CRA3") is now effective. In this CreditMatters TV segment, Standard & Poor's managing director, Carol Sirou, explains how Originators are required to rotate rating agencies for new re-securitisations and how this will work in practice.
Views: 54 S&P Global Ratings
SEBI Tightens Rules For Rating Agencies
SEBI tightens rules for credit rating agencies. Kevin Lee gets us the details.
Views: 68 CNBC-TV18
SEBI issues norms for enhanced disclosures by rating agencies
SEBI issues norms for enhanced disclosures by rating agencies. Rating agencies can treat bond spreads deviation as the material event. Rating agencies to give average one-yr rating transition rate over the 5-year term. TN Arun Kumar of CARE's Ratings speaks to ET Now. Listen in! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
Views: 200 ET NOW
IN THIS VIDEO YOU WILL LEARN ALL ABOUT CREDIT RATING AGENCIES LIKE CRISIL ,CIBIL ,FITCH etc.THIS TOPIC WILL HELP YOU IN MANY EXAMINATIONS LIKE BANKS ,SSC ,INSURANCE ,RAILWAY ,UPSC ,LIC etc. Adda 247 is a collaboration of bankersadda.com and sscadda.com, a unique platform created for bank and SSC jobs. Videos on adda247 are educational videos focused on IBPS, Bank PO, Bank Clerk and SSC, SSC CGL and Other government jobs!
SEBI Tightens Rules For Rating Agencies
Market regulator SEBI has asked credit rating agencies to conduct monthly reviews of all securities they have rated starting July next year. Kevin Lee reports
Views: 205 CNBC-TV18