A1 Vertaisarvioitu alkuperäisartikkeli tieteellisessä lehdessä
CVA: the first sign of BCBS strategic change?
Tekijät: Mika Veli-Pekka Viljanen
Kustantaja: Emerald
Julkaisuvuosi: 2015
Journal: Journal of Financial Regulation and Compliance
Lehden akronyymi: JFRC
Vuosikerta: 23
Numero: 3
Aloitussivu: 230
Lopetussivu: 251
Sivujen määrä: 22
ISSN: 1358-1988
DOI: https://doi.org/10.1108/JFRC-05-2014-0021
Tiivistelmä
The purpose of this paper is to aid understanding of the changes in Basel Committee on Banking Supervision (BCBS) regulatory strategies after the global financial crisis. The author uses the credit valuation adjustment (CVA) charge reform as a test case for inquiring whether BCBS has departed from its pre-crisis facilitative regulatory strategy path. The regulatory strategy of the CVA charge is discussed. The charge exhibits a new regulatory strategy that BCBS has adopted. It seeks to manipulate market structures by imposing risk-insensitive capital charge methodologies. The paper offers a new heuristic to analyse regulatory initiatives and their significance. The CVA charge has not been subject to a regulatory theory-based analysis in prior literature.
The purpose of this paper is to aid understanding of the changes in Basel Committee on Banking Supervision (BCBS) regulatory strategies after the global financial crisis. The author uses the credit valuation adjustment (CVA) charge reform as a test case for inquiring whether BCBS has departed from its pre-crisis facilitative regulatory strategy path. The regulatory strategy of the CVA charge is discussed. The charge exhibits a new regulatory strategy that BCBS has adopted. It seeks to manipulate market structures by imposing risk-insensitive capital charge methodologies. The paper offers a new heuristic to analyse regulatory initiatives and their significance. The CVA charge has not been subject to a regulatory theory-based analysis in prior literature.
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