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Basel III and Beyond

Edited By Francesco Cannata and Mario Quagliariello

Overview

Around the world, central bankers, regulators and governments have responded to the financial crisis with new regulation and legislation. The cornerstone of this global initiative to contain risk is Basel III – sweeping new regulatory standards for banks on capital adequacy and liquidity.


These new standards will define markets and their practices for decades to come. Already, they are reshaping institutions, business models and balance sheets.


Understanding Basel III and the thinking behind it is essential for market participants and for those charged with implementing the standards. In Basel III and Beyond, the first book-length treatment of Basel III, editors Mario Quagliariello of the European Banking Authority and Francesco Cannata of the Bank of Italy have assembled contributors from regulators and central banks involved in preparing the standards including a foreword from Mario Draghi, President of the European Central Bank.


Key chapters describe and analyse the new elements of Basel III, as well as detailing important revisions to the 2004 accord. Written by the regulators themselves, Basel III and Beyond is the essential guide to the new global banking standards.

Publish date: 27 Jul 2011

Availability: In stock

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Basel III and Beyond
£145.00
eBook - Basel III and Beyond
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Book description

Drawing on expert contributions from those deeply and directly involved in the creation of the new global standards, Basel III and Beyond is a must-read for market practitioners and regulators who need to understand the emerging framework of financial regulation, its implications and impact.

After three of the most tumultuous years in financial markets in living memory, the regulatory die was cast in December 2010.

Issued by the Basel Committee on Banking Supervision, the Basel III standards on capital and liquidity, along with measures from July 2009 on trading book and structured finance, are the centrepiece of the regulatory community’s response to the crisis. Slated for implementation from January 2013, Basel III must be fully phased in by January 2019.

“This book provides the reader with a comprehensive discussion of the contents of the regulatory reform, taking advantage of the knowledge of experts who contributed to shaping the new rules”.

With a foreword from Mario Draghi, president of the European Central Bank and written by experts deeply involved in these reforms, Basel III and Beyond provides a practical and global perspective on the new standards. The book combines technical rigour with an accessible style to provide the essential primer to the new regulatory blueprint and the rationale behind it.

Contributors include:

Paul Collazos, Bank of England; Francesco Cannata, Bank of Italy; Mario Quagliariello and Andrea Enria, European Banking Authority; Gerarad Arqué, Isabel Argimon and Francesc Rodríguez, Bank of Spain; Laetitia Meneau, Banque de France; Lucio Rodrigues Capelletto and Paula Cristina Seixas de Oliveira, Central Bank of Brazil; Luca Giordano, Valerio Novembre and Neomisio Susi, Consob; Ulrich Krueger, Deutsche Bundesbank; Pedro Texeira and Patrizia Baudino, European Central Bank; Akhtarur Siddique, Office of the Comptroller of the Currency; Alan Adkins and David Rule, UK Financial Services Authority.

The book is divided into four sections:

  • Basel in the Shadow of the Crisis

The first section focuses on the market practices that contributed to the financial turmoil and the subsequent policy response from the G20 and the Financial Stability Board that led to the proposals of the Basel Committee.

  • The New Capital Standards

The second analyses the new definition of regulatory capital, the new framework for the trading book, changes to counterparty credit risk capital rules, and the new measures for mitigating procyclicality.

  • Complementing Capital Regulation

Section three analyses the elements designed to complement the capital rules: the leverage ratio, a global minimum liquidity standard, initiatives regarding credit rating agencies; how to handle systemically important banks, and remuneration.

  • The Emerging Regulatory Landscape

The final section surveys the changed regulatory landscape, looking at crisis management and resolution, the impact of the new regulations, and the future architecture of financial supervision and regulation.

The book speaks to the technical aspects and disciplines of modern markets and provides summaries of the most important elements, the thinking behind them, how they will be implemented and the potential repercussions.

Basel III and Beyond is an essential resource for market participants, researchers, regulators, academics, law makers and governments worldwide.

Book details

ISBN
Book 9781906348601 / EBook 9781908823007
Publish date
27 Jul 2011
Format
Paperback
Size
155mm x 235mm

Editor biography

Francesco Cannata and Mario Quagliariello

Francesco Cannata

Francesco is the head of the Regulatory Impact Assessment Unit in the Regulation and Supervisory Policies Department of Banca d’Italia, the Italian central bank. He has been the representative of Banca d’Italia in a number of international working groups dealing with Basel II issues (IRB, Pillar 2, LGD, double default), supervisory cooperation (colleges of supervisors) and impact studies at the ECB, CEBS and the Basel Committee for Banking Supervision. More recently, at the Basel Committee and CEBS he has been closely involved the quantitative impact studies conducted on the Basel III reform. He is also following the monitoring activity that international regulators conduct on a regular basis on bank’s minimum requirements. His interests concern mainly the regulation on banks’ capital adequacy, economics of financial regulation, risk management. He has published several articles in Italian and international journals, including the Journal of Financial Services Research, the Journal of Banking Regulation and Risk. He is also the editor of a comprehensive book on internal ratings (The IRB method, Bancaria Editrice). He holds a M.Sc. in finance from the Cass Business School (United Kingdom) and a Ph.D. in banking and finance from III University of Rome (Italy).

Mario Quagliariello

Mario is currently a Principal Bank Sector Analyst at the European Banking Authority. He previously served as a senior economist in the Regulation and Supervisory Policies Department of Banca d’Italia, the Italian central bank. He has been the representative of Banca d’Italia in a number of international working groups dealing with financial stability issues at the ECB, CEBS, IMF and the Basel Committee for Banking Supervision. His interests concern macroprudential analysis and stress tests, banks’ capital regulation, procyclicality, the economics of financial regulation. At the Basel Committee and the European Commission, he is involved in the work on countercyclical capital buffer. Mario has published several articles in Italian and international journals, including the Journal of Banking and Finance, the Journal of Financial Services Research, the Journal of International Financial Markets, Institutions and Money, Applied Economics, Applied Financial Economics and Risk and edited the volume Stress Testing the Banking System: Methodologies and Applications, published by Cambridge University Press. He holds a Ph.D. in economics from the University of York (United Kingdom)

Table of contents

Foreword

(Mario Draghi, Governor of the Bank of Italy)

Introduction

(Francesco Cannata, Bank of Italy and Mario Quagliariello, European Banking Authority)

Part I – Basel in the Shadow of the Crisis

1. The Big Financial Crisis

(Paul Collazos, Bank of England)

2. The Policy Response: from the G20 requests to the FSB roadmap. Working towards the proposals of the Basel Committee

(Patrizia Baudino, European Central Bank)

Part II – The New Capital Standards

3. The New Definition of Regulatory Capital

(Laetitia Meneau, Banque de France/Commissione Bancaire and Emiliano Sabatini, Bank of Italy)

4. A New Framework for The Trading Book

(Federico Cabanas, Bank of Spain)

5. Counterparty Credit Risk and Other Risk Coverage Measures

(Akhtarur Siddique, Office of the Comptroller of the Currency)

6. Tools for Mitigating the Procyclicality of Financial Regulation

(Mario Quagliariello, European Banking Authority)

Part III – Complementing Capital Regulation

7. The Regulatory Leverage Ratio

(Alan Adkins, UK Financial Services Authority)

8. The New Framework for Liquidity Risk

(Gianluca Trevisan, Bank of Italy)

9. The Discipline of Credit Rating Agencies

(Luca Giordano, Valerio Novembre and Neomisio Susi, Consob)

10. Systemically Important Banks

(Daryl Collins and David Rule, UK Financial Services Authority)

11. Regulating Remuneration Schemes in Banking

(Gerard Arqué, Isabel Argimon and Francesc Rodríguez, Bank of Spain)

Part IV – The Emerging Regulatory Landscape

12. Crisis Management and Resolution

(Giovanni Bassani, UK Financial Services Authority and Maurizio Trapanese, Bank of Italy)

13. The Impact of the new Regulatory Framework

(Francesco Cannata, Bank of Italy and Ulrich Krueger, Deutsche Bundesbank)

14. A Brazilian Perspective on the Revised Basel Framework

(Lucio Rodrigues Capelletto and Paula Cristina Seixas de Oliveira, Central Bank of Brazil)

15. A New Institutional Framework for Financial Regulation and Supervision

(Andrea Enria, European Banking Authority and Pedro Texeira, European Central Bank)

Annex I - Structural Regulation Redux: The Volcker Code

(Marco Bevilacqua, Bank of Italy)

Annex II - The Changing Uses of Contingent Capital

(Massimo Libertucci, Bank of Italy)

Testimonials

"This book provides the reader with a comprehensive discussion of the contents of the regulatory reform, taking advantage of the knowledge of experts who contributed to shaping the new rules"

Mario Draghi
Governor of Bank of Italy and Chairman of the Financial Stability Board

Customer Reviews

Average customer reviews for Basel III and Beyond

A bit Verbose & Outdated

Overall Basel III and Beyond is a good book, especially for those who are looking for a high understanding of how the accord came about and the internal thinking that is fueling the regulation. However, the literature is very wordy and convoluted at times. Additionally, please do keep in mind that this book was written as many of the requirements of Basel III was still being decided on, thus some portion of the book are grossly outdated.
Review by Owen , 24/11/2014

Expensive for what you get

Risk books have never been cheap but they usually get to the point, this rambles on a bit too much and seems out of date and opinionated. Better books will come along soon, be patient !
Review by David , 11/11/2013

Comprehensive

It will be a great tool for our organization. I particularly find of outmost importance the section that details the revisions to the 204 accord.
I am no economist, but despite the technical language, I was able to gather a pretty clear picture of the regulations.
Review by Ernesto , 02/02/2012

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