In NAUFOR press-conference of A. Timofeev has passed. It was devoted to end of work on standards of risk management.
On 3rd December, 2008 in NAUFOR the press conference of the chairman of board of association, Alexey Timofeeva, has taken place, witch was devoted to end of work ÍÀÓÔÎÐ over standards of risk management. Maria Cheremisina also took part in press conference the vice-president of board of directors. Work on standards of risk management was conducted by committee of NAUFOR on risk management more than three years. In work on standards were used experience of the best Russian risks-managers, and also the international experience - recommendations of Basel committee, the European Union requirement, and documents of IOSCO. Standards are the uniform document describing the approach to management by all risks of the professional participant; regulate work rules, interaction of divisions, rules of estimation and revealing of risks, a regularity of such estimation. The document consists of five chapters. The general part of standards is devoted the corporate structure providing management by the organization by risks at effective level, defines a circle of internal documents and the procedures allowing in the best way to subordinate internal corporate structure of the company to problems of management by risks. The document also enters concept of the risk-manager of the company, defines its status, a place in the organization, functions and powers in relation to other divisions.
Special parts are devoted separate kinds of risks - operational, credit, market and to risk of liquidity. They contain definitions, recommendations concerning revealing of corresponding risks, their estimation, correct reaction, and make recommendations concerning limits on corresponding risks. “We see in it our contribution to maintenance of efficiency and financial stability of activity of our members and all securities market as a whole”, - A.Timofeev has told. As he said, working out NAUFOR of standards of management by risks is a part of the general work which is conducted by all organizations forming uniform system of regulation and supervision in the securities market - works on system formation prudential supervision. “It is very important first step”, - he has told. Standards are focused on rules of qualitative character, thus include two quantity indicators - coefficient of average liquidity and factor of instant liquidity. As M. Cheremisina has explained," from coefficients we have entered only two coefficients, because in current conditions in the securities market input of rigid factor is impossible. "She has added that after these, rules will come into force and become obligatory for members of NAUFOR, the association will supervise their observance, collect the reporting, statistics on the facts of approach of operational failures. A.Timofeev has informed that at the first stage which will proceed from half a year about one year, standards will have recommendatory character then will be confirmed by Board of directors, are directed on the coordination in FFMS to Russia and become obligatory for all members of NAUFOR.
“I wish to underline that our standards have mainly qualitative character, thereby recognizing high degree of flexibility of operations in the share market and low degree of standardization of these operations, and also basic necessity and readiness at realization prudential supervision in the securities market to individual decisions”, - A.Timofeev has told. It has explained that depending on character of business of the concrete organization we can insist on application to specific management methods risks if the policy of management realized by it, risks contains the effective methods which have been not provided by the state or the self-regulating organizations. Such alternative techniques of an estimation of risk could estimate the self-regulating organizations, considers A.Timofeev. Answering a question on that, how much following to risk-management standards can compensate an interdiction for "short" sales, head of NAUFOR has underlined that standards have a direct bearing on management of the risks connected with fulfillment of poor transactions. “I believe that there are many reasons to refuse an interdiction for shorts, and we hope that these reasons will be accepted be FFMS in attention”, - A.Timofeev has told. “It seems to me that FFMS point of view is based on the false, erroneous relation to "shorts" as to a way of a manipulation. It is not like that. Management of risks has to it the much bigger relation, than questions of struggle against a manipulation. We certainly support efforts of FFMS on perfection of rules of operations in the securities market which urged to limit use of the insider information and a manipulation, but "shorts" are a little connected with a manipulation, their interdiction has executed the function in the sharpest phase of crisis, at the moment of panic occurrence. Now this the mission of interdiction does not carry out, it is rotate for the market the negative side, limiting essentially activity and creations not competitive operating conditions of the Russian securities market in comparison with the foreign markets where similar restrictions are not present ”, - it has explained.
"The full text of standards will be accessible to members of NAUFOR on a site since December, 5th, 2008"
