tailieunhanh - Observations on Management of Recent Credit Default Swap Credit Events

Despite tight economic conditions, organizations have been and will continue to increase their focus on benefits realization (in addition to cost and time) as a project and program success metric. Research conducted with senior project management leaders on PMI’s Global Executive Council found that the most important skill for managing today’s complex projects and programs is the ability to align the team to the vision of the project and design the project’s organizational structure to align people and project objectives. This more strategic view of the project helps maintain a focus on the intended benefit the project was meant to. | Senior Supervisors Group Observations on Management of Recent Credit Default Swap Credit Events March 9 2009 BANQUỄỮE FRANCE EUROSYSTẺMB Financial Services Agency Observations on Management of Recent Credit Default Swap Credit Events Senior Supervisors Group Canada Office of the Superintendent of Financial Institutions FRANCE Banking Commission GERMANY Federal Financial Supervisory Authority JAPAN Financial Services Agency Switzerland Swiss Financial Market Supervisory Authority united kingdom Financial Services Authority united states Board of Governors of the Federal Reserve System Federal Reserve Bank of New York Office of the Comptroller of the Currency Securities and Exchange Commission March 9 2009 Mr. Mario Draghi Chairman Financial Stability Forum Bank for International Settlements Centralbahnplatz 2 CH-4002 Basel Switzerland Dear Mr. Draghi I am pleased to send you the report of the Senior Supervisors Group Observations on Management of Recent Credit Default Swap Credit Events. The report summarizes a review that the Senior Supervisors Group initiated in December 2008 to assess how firms manage their credit default swap activities and positions following a credit event. This review was conducted to support the priorities established by the Financial Stability Forum including enhancing the infrastructure for over-the-counter derivatives markets and encouraging market participants to act promptly to ensure that the settlement legal and operational infrastructure underlying these markets is sound. The observations in the report are based on discussions with senior management of selected institutions including major dealers buy-side firms service providers and an industry association. Overall market participants confirmed the effectiveness of the existing auction-based settlement mechanism and support the effort to permanently incorporate the mechanism into standard credit derivatives documentation. The prudential supervisors that have been involved in these .