Credit Risk Management for Derivatives Post-Crisis Metrics for End-U
This Palgrave Pivot assesses the impact of the regulatory framework for derivatives built post-crisis and examines its ambition to centralize and minimize credit risk, enhance transparency, and regain control. Zelenko delves into the powerful destabilizin
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Ivan Zelenko
Credit Risk Management for Derivatives
Ivan Zelenko
Credit Risk Management for Derivatives Post-Crisis Metrics for End-Users
Ivan Zelenko Director, Market and Counterparty Risk The World Bank Washington, DC USA
ISBN 978-3-319-57974-0 ISBN 978-3-319-57975-7 (eBook) DOI 10.1007/978-3-319-57975-7 Library of Congress Control Number: 2017940380 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © John Rawsterne/patternhead.com Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Brigitte, to Alexandrine and Maxime, knowing nothing is worth but days spent among us
Foreword
While derivatives have probably been in use long before the term itself was coined, OTC instruments really came into wider knowledge and usage during the 1980s. Since then, they have seen quite explosive growth and have been employed for a variety of purposes. At various times, they have also been viewed as useful instruments, sophisticated means of risk management, and, occasionally, as weapons of mass destruction especially in the aftermath of financial market crises. Partly, this may be that although they are widely used, they are not always fully understood. In this remarkably lucid and timely book, Ivan brings his deep and long expertise in the area to improve our understanding of these instruments. He describes their use, provides an objective assessment of their role during the financial crisis in 2008, and, most importantly, provides a comprehensive exposition of the developments since that time covering the vast regulatory, market, institutional, and methodological dimensions, including thei
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