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Measuring and managing market, credit and Op risk [78]

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Bullet points include: Needs good understanding of precisely how initial and final risks differ E.g. Hedging equity market exposure using index futures Basis risk depends on instrument being used, the economic rationale for why future price relates to underlying price (e.g. pricing of dividends) and understanding of how this might break down C.f. LTCM and on-the-run versus off-the-run treasury bonds E.g. Credit risk, especially of derivatives Developments in pricing of Credit Value Adjustment (CVA) E.g. Infrastructure and operational risk in banking / asset management What systems and processes are needed for traders / fund managers to manage positions and for others to monitor what they are doing?

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