Payment and settlement systems: The case for mutualised risk mitigation within the Basel II framework

Allan D. Grody
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Allan D. Grody: President, Financial InterGroup Advisors, USA

Journal of Risk Management in Financial Institutions, 2008, vol. 1, issue 4, 394-405

Abstract: The recent stress in financial markets has called into question some fundamental infrastructure systems that are relied upon to mitigate systemic risk. The US Treasury Secretary and the President's Working Group on Financial Markets have called for a review of the regulation of payment and settlement systems that underpin the mitigation of the risk of intertwined financial firms interacting across the global capital, contract and dealer markets. This paper reports on the underlying components of this stress, the fundamental risk methodologies and data requirements that are flawed, and the possible remedies of further mutualised risk mitigation that regulators and financial institutions should consider.

Keywords: risk management; operational risk; data management; payment and settlement; Basel II (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2008:v:1:i:4:p:394-405

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