An initial model for trading risk
The recent financial crisis highlighted the importance of a robust liquidity and funding risk framework. International organizations such as the Basel Committee on Banking Supervision and the Institute of International Finance recommend the inclusion of liquidity costs and benefits in product… read more
Abolition of tax relief on mortgage interest: a risk or an opportunity?
A discussion has been raging for years in the Netherlands about making cuts in tax relief on mortgage interest, but so far moves to alter the system have come to nothing. But this look set to change. The tax relief on… read more
Public State Treasury Agency
The Dutch State Treasury Agency (DSTA) fulfills a special role: it manages the state’s debt and meets the state’s borrowing requirement. But what exactly happens within the walls of this arm of the Ministry of Finance?
Zanders interviewed Niek Nahuis, head… read more
The importance of determining the value of liabilities is increasing
When the financial world talks about market value, it usually concerns the asset side of the balance sheet. Asset managers are constantly determining the value of shares and bonds.
In turn, banks specialize in determining the value of loans and mortgages.… read more
Temporary staffing solutions
So your treasurer goes on maternity leave or your risk manager quit, while his or her successor can’t start for another three months?
In the past you may have been forgiven for panicking, but now Zanders Interim Services (ZIS) is… read more
Alternative valuation method in the sustainable energy industry
Zanders has been involved in financing issues and transactions related to sustainable energy for several years now, supporting developers, power companies, and start-ups in a variety of countries.
As part of one of its consultancy projects, Zanders advised a Dutch… read more
Liquidity risk, one of the main ingredients of the credit crunch, has never seemed as important to the regulators and financial institutions as it does now.
The Committee of European Banking Supervisors (CEBS) published its draft guidelines on liquidity buffers,… read more
Euronext’s CEO on why the greatest risk is losing trust
A listing on the Amsterdam Stock Exchange currently appears to be the best bet for companies looking to attract capital.
While banks are still keeping their purse strings tightly drawn, an increasing number of businesses of all sizes are gaining… read more
with bonds, swaps, caps and floors
The problem of inflation is nearly as old as currency itself, and inflation-linked products have been around for centuries as well. In this article, consultant Rogier Galesloot discusses the history of inflation-linked products and shows how inflation-linked bonds, swaps, and caps/floors… read more
Is it Time to Cover Up?
We’ve all read about climate change, but have you considered what could happen to your company’s bottom line in the event of extreme weather conditions and temperatures?
If you work for a corporation that is dependent on crop commodities, for example,… read more
Value at risk and Economic Capital
Hardly any risk models properly estimated the negative financial results of the past years. Even the most extreme risk calculations – typically expressed in such terms as ‘Value at Risk’ and required ‘Economic Capital’ - made no allowance for such fierce… read more
Good risk management also essential in private equity sector
There has been a lack of transparency in the private equity sector and weaker market players have failed in the past two years.
Could better risk management in the private equity sector mean a safer ride for everyone in turbulent… read more
Achieving hedge accounting for foreign exchange risk management
Throughout 2009, volatility in the foreign exchange markets was a key theme. Although the financial markets calmed a little, corporate treasurers still face an environment in which their risk management policies are tested. For the multinational company, FX risk management is… read more
Do we need to know the day-to-day value of pension funds
Dick Sluimers is chairman at the Dutch pension fund services provider APG. Managing assets of €230 billion for various pension funds, APG is an important player in the pensions world.
In this article, Sluimers outlines his view that it is… read more
For insurers and pension funds
Individuals are not the only ones exposed to mortality risk. Pension funds, insurers and governments also face the same risk from a different angle: the longevity risk. Insurers must maintain capital for the longevity risk that they run.
Zanders consultants… read more
How to price illiquid or OTC instruments at market value
It’s hard to put a value on some things (think a loyal friend or a sunny day) but financial instruments shouldn’t fall into that category.
This article takes a look at calculating pricing for illiquid or OTC instruments not quoted… read more
Global Association of Risk Professionals
The Global Association of Risk Professionals (GARP) has more than 85,000 members worldwide.
A chapter of the association has been active in the Netherlands for a few years now. Gert-Jan Sikking, founder and regional director of the Dutch chapter, notes… read more
Improved portfolio construction gives pension funds greater control
The economic crisis has left its mark on pension funds. The double blow of the share market slump and the fall in long-term interest rates has severely strained their funding ratios, i.e. the ratio of their assets to their liabilities. … read more
In pension funds
The financial position of pension funds is under pressure. Tougher rules, low cover ratios and a heightened risk perception oblige pension funds to identify their financial risks properly.
Gerbert van Grootheest, associate director at Zanders, shows how pension funds can… read more
Credit rating philosophy and framework
Financial institutions must pull out all the stops to meet the more stringent requirements for risk management.
Having a solid credit ratings and portfolio management framework is crucially important. But how consciously are they tackling the task? Do they really… read more
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