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  Issue 9 | Archive   November 2011

FEATURE
RMI Hosts Dagong Chairman to Speak on Credit Rating Reform

Mr. Guan Jianzhong, Chairman of the Board and President of China's Dagong Global Credit Rating Co., Ltd, shared his insights on "The U.S. Downgrade and Global Credit Rating Reform" with close to 100 academic and industry participants in RMI's latest public lecture on 21 September 2011. He urged international societies to reach strategic consensus on global credit rating reform based on the underlying principles of the credit economy, and eventually to construct a new global credit rating system to enhance the stability of the global economy.

Mr. Guan, a former government official of the Ministry of Aviation Industry before joining Dagong in 1998, specialises in credit economy, credit system development, international credit system and theoretical study on credit rating. He has been dedicating a significant amount of time and effort to the development of China's credit rating market and analytics. Under his leadership, Dagong published its first sovereign rating report on 50 countries on 11 July 2010, giving higher ratings than other rating agencies for nine emerging countries such as India, China, Indonesia and Brazil, and lower ratings for 18 countries which include the U.S., the U.K., France and Germany. Dagong's controversial move stirred intensive discussion and debates globally. However, Dagong shocked the world again when it cut the U.S.'s credit rating from AA to A+ with negative outlook on 9 November 2010, and from A+ to A with negative outlook on 3 August 2011, three days before S&P's downgraded the U.S. Treasury debt from AAA to AA+.



RMI Collaborates with Waterloo Again to Offer Workshops in Singapore

Following a successful run in 2010, NUS-RMI collaborated with the Waterloo Research Institute in Insurance, Securities and Quantitative Finance (WatRISQ) for the second round of Certification Workshops in Financial Risk Management in October 2011. Two workshops were held: Counterparty Credit Risk from 17 - 18 October 2011 and Stress Testing and Credit Portfolio Management from 19 - 20 October 2011.

The first workshop covered topics such as modeling counterparty exposures, counterparty credit risk and Basel, credit valuation adjustment and counterparty credit risk management and was taught by A/P David Saunders, Associate Chair, Actuarial Science at Department of Statistics and Actuarial Science from University of Waterloo, and Mr. Frankie Phua, Executive Director and Head, Credit and Country Risk Management from United Overseas Bank.


RMI Publishes Quarterly Credit Report as Part of its Credit Research Initiative

A quarterly publication produced by RMI’s CRI team

After its inaugural issue in August, RMI published the second issue of its Quarterly Credit Report (QCR), a companion publication to the Global Credit Review. Produced as part of RMI's Credit Research Initiative (CRI), the QCR gives an analysis of credit outlooks across regions, economies and sectors based on the probabilities of default (PD) generated by RMI's default forecast model, targeted to credit professionals, investors and researchers.,


New Staff

Two new Research Analysts joined RMI's Credit Research Initiative (CRI)'s Market Monitoring Team. Mr. James Weston is a recent graduate with a Bachelor of Business in International Banking and Finance from Swinburne University of Technology, Melbourne. His interests include football, Formula 1, and volunteer work at AIDHA, a local not-for-profit organization that helps migrant workers develop business and financial skills.

Also joining the CRI's Market Monitoring Team is Mr. Bennett Lee. He graduated from the National University of Singapore in 2010 with a degree in Arts & Social Science (Economics). For a year, he has worked as a Profit and Loss Analyst for BNP Paribas Investment Bank & Corporate Finance.

Ms. Cheong Lay Chin joined RMI as Senior Executive with the admin team. After graduating with a Bachelor of Business Administration from the NUS Business School, she worked for 5 years in Crimson Logic. She also worked at Stanford University and Philip Morris in Japan. She has lived and worked in the U.S., Japan, Switzerland, the U.K. and Hong Kong.





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RMI Research Seminars

August - October 2011

Prof. Alan Wong, Professor of Economics in Department of Economics, Hong Kong Baptist University gave a Research Seminars on 3 August 2011. He spoke on the 'New Theories in Mean-Variance Criterion, CAPM statistics, Stochastic Dominance Theory, Portfolio Optimization, Prospect Theory, and Behavioral Finance'.

On 5 August 2011, Prof. Ruey S. Tsay, H.G.B. Alexander Professor of Econometrics & Statistics at Booth School of Business of University of Chicago, presented his paper - 'Multivariate Volatility Modeling: Review and A New Approach' at another Research Seminar.


RMI Joint Seminars

September - October 2011

Prof. Nancy Wallace, Professor and the California Chair of Real Estate and Urban Economics in the Haas School of Business of the University of California, Berkeley, presented on 'Energy Efficiency and Commercial-Mortgage Valuation' at a joint seminar organized by RMI and the Institute of Real Estate Studies on 6 September 2011. She spoke on extending standard underwriting practices, which account for the expected dynamics of interest rates and office building prices over time, by including the expected dynamics of the electricity and gas prices as well as quantity dynamics appropriate to the location of the building.

Prof. Hong Yan is Professor of Finance and Deputy Dean at Shanghai Advanced Institute of Finance of Shanghai Jiao Tong University. He presented a seminar on 'Liquidity Shocks and CDS Spreads' which investigated empirically whether credit default swaps (CDS) spreads are influenced by shifts in demand/supply dynamics in the market using transaction data.


Visitors from China

October 2011

A group of visitors came to RMI on 10 October 2011. They are Dr. Zhang Zhongsheng, General Manager of Shanghai Lujiazui Financial City Talent Development Center, Prof. Yu Run and Prof. Zhang Dixin, Chair and Deputy Chair of Department of Finance and Insurance from Nanjing University respectively. The group had a meeting with Prof. Duan Jin-Chuan, RMI's Director, to learn more about RMI's operation including its research, education and training offerings.




Master of Science in Financial Engineering 2012 Admission
1 November 2011 - 17 March 2012

Public Lecture
12 December 2011

Financial Industry Competency Standards (FICS) January 2012  Intake
January 2012

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Published quarterly by Risk Management Institute, NUS
Editor: Ivy Wang (rmiwy@nus.edu.sg)