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Tag Archives: NRSRO

How to untangle the credit rating agency’s conflicts of interest

The House and Senate conferees worked hard to today to reconcile their versions of financial reform. Agreement was reached on private funds, insurance regulation and the merger of bank regulators. A sticking point was on Subtitle C of Title IX which covers credit rating agencies. I’d like to recommend to Chairman Barney Frank and others that they propose […]

Credit ratings agencies are more powerful than regulators – why not harness that?

Tomorrow the House and Senate conference committee is finalizing the language for credit rating agencies. The push and shove is in full flight… Senator Al Franken is promoting his amendment to establish a “ratings board” that will assign a specific rater (Nationally Recognized Statistical Rating Organizations [NRSRO]) to rate structured finance deals. If adopted his amendment […]

Fitch announces recalibration of U.S. municipal ratings

Fitch Announces Recalibration of U.S. Municipal Bond Ratings NEW YORK–(BUSINESS WIRE)–Fitch Ratings is proceeding with the recalibration of certain of its U.S. Public Finance credit ratings. Fitch initially announced the initiative in July 2008, but suspended it in October of that year in the midst of the financial crisis. This recalibration will affect ratings in […]

Baby steps for transparency… S&P to use identifiers on structured finance ratings

Standard and Poor’s will begin using an identifier to distinguish between their ratings on structured finance products and other ratings… this is a good step forward for the markets… (H/T Credit Risk Chronicles) ~~~”As market participants will be aware, under the European Regulation on Credit Rating Agencies (Regulation (EC) No 1060/2009) in force from December 2009 (the […]

California is 1/8 the economy

From Jesse’s Cafe a useful view into the relative contribution of states to GDP… Who will backstop California?

Roosevelt and Obama

From a recently published academic paper: “Populist Retribution and International Competition in Financial Services Regulation” Adam C. Pritchard University of Michigan Law School ~~~ “… The bottom line for Roosevelt was that populist anger against the bankers provided him with the political capital he needed to fundamentally reshape the financial sector in the United States. Roosevelt succeeded […]

California = Libya

CUSIP’s game is done

** FREEDOM FOR FINANCIAL MARKETS ** PUBLIC DOMAIN DEDICATION AND TERMS Public Domain Dedication. Bloomberg Finance L.P., a limited partnership organized and existing under the laws of the State of Delaware with offices at 731 Lexington Avenue, New York, New York 10022 (“Bloomberg”), hereby dedicates BSYM Identifiers to the public domain and makes BSYM Identifiers […]

XBRL and credit ratings

XBRL and Credit Ratings View more presentations from catelong. This is a short presentation that I gave at the W3C and XBRL conference at the FDIC… it is very general because I gave it to a mixed audience of technologists and regulators. I’ll be putting up a concept piece done to create semantic mapping for […]

Waiting for the light

The SEC approved additional rules for credit rating agencies yesterday. This follows on numerous rulemakings over the past several years… Kudos to the Commission and staff for their effort to shape rules for this space. Credit rating agencies lie at the nexus of credit markets. Their “opinions” determine pricing and credit availability  for all rated entities. […]