There is a clear need within the counterparty risk manager community for more tools and better access to data related to credit risk analytics, according to Jonathan Di Giambattista, managing director of risk and performance analytics at Fitch Solutions. Di Giambattista bases his judgement on a recent survey of 85 counterparty risk managers in buy side firms carried out in October last year by the solutions provider owned by ratings giant Fitch.
This week the US Securities and Exchange Commission (SEC) has added another set of proposals to its regulatory to do list, this time in the form of new reporting requirements for money market funds. The rules, should they be passed, would require these funds to regularly report their net asset value (NAV) to the regulator, a turnaround from the current situation where these funds are often treated in a similar manner to cash and carry a steady value of US$1 a share. The proposals are likely to prove unpopular with the market as a whole and would entail a data challenge in tracking pricing and valuations data on a monthly basis, as well as impose changes to the way ratings data is used and introduce new stress testing requirements.
January seems to be turning into the month for senior staff attrition at the US Securities and Exchange Commission (SEC); not only has ex-associate director of the enforcement division Fredric Firestone left the building (see 
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Earlier this week, European internal market and services commissioner Michel Barnier indicated that he is keen for a level of global coordination to be achieved when implementing new financial system regulations, including those for credit ratings agencies (CRAs). Speaking ahead of his meeting with US Treasury secretary Timothy Geithner, Barnier stressed the importance of stronger regulation of the credit ratings sector, which is also the subject of a recent consultation report by the International Organisation of Securities Commissions (Iosco).
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