Cutting the risk: Banking on technology to
stop the rogues
Mat Newman是SunGard公司的副總裁，他的其軟體在金融部門每天處理數百萬客戶的交易。
“銀行正試圖跨越不同地域，不同的時區和不同的交易櫃檯的相互聯繫，和資產類別這些天就很大巨量的，”他說。
The ethical barrier between different divisions of a financial (or other) institution to avoid conflict of interest. A Chinese Wall is said to exist, for example, between the corporate-advisory area and the brokering department of a financial services firm to separate those giving corporate advice on takeovers from those advising clients about buying shares. The "wall" is thrown up to prevent leaks of corporate inside information, which could influence the advice given to clients making investments, and allow staff to take advantage of facts that are not yet known to the general public.
20111028 Aircafe Break
WATCH: Risk
averse: Used correctly, technology could help to avoid
losses like UBS trader
Kweku Adoboli's $2.3bn
預告：規避風險：使用正確的技術可以幫助避免像瑞銀交易員 Kweku
Adoboli所釀的$ 23億的損失
When news broke
that Swiss investment bank UBS had lost $2.3bn (£1.5bn) through alleged rogue
trading, the shock was matched by an equally exasperated response of "not
again!" as another financial risk management disaster hit the headlines.
當瑞士銀行（UBS）因所謂的流氓交易失去了23億美元（15億英鎊）投資的消息傳出後，以法銀2008年另一場金融風險管理受災的頭條新聞同樣震撼憤怒的反應 “別再發生了！”
After all, not
only did the suspected trader, Kweku Adoboli, work in a 'Delta 1' team - the
same desk that the biggest ever rogue trader, Jerome Kerviel of Societe
Generale, once plied his trade - but the world continues to reel from a global
financial crisis which itself stemmed from a monumental failure of risk
management amongst financiers.
畢竟，不僅僅是Kweku
Adoboli是被糾舉的交易員，法國興業銀行在“Delta 1” 團隊的工作的Jerome Kerviel ，與Kweku Adoboli在一樣的部門，曾不斷的應用他的交易平台使其成為有史以來最大的流氓交易員， - 但世界繼續從金融家極端失敗的風險管理之間遭受全球性的金融危機。
It leaves a
sceptical public scratching its collective head and wondering just what needs
to happen for risk to be kept under control in the financial sector.
It might sound
surprising but there is no question whether managing risk is a central
obligation for financial firms.
"Under UK company law all companies are required
to have a duty of care towards shareholders assets and that includes risk
management," explains Prof Brian Scott-Quinn from Henley Business School
它留下一個令人懷疑公開挖出的共同源頭，且質疑這在風險持續被控制之下的財務部門，如何發生。
它留下一個令人懷疑公開挖出的共同源頭，且質疑這在風險持續被控制之下的財務部門，如何發生。
這聽起來令人驚訝，但毫無疑問，風險管理，是金融公司的中心義務。
亨利商學院布賴恩斯科特 - 奎因教授解釋 ”根據英國公司法，所有公司對股東資產都有善盡管理責任，包括風險管理”。
"Under FSA
rules they have additional responsibilities, they have to take reasonable care
to ensure that any activities in control functions [essentially roles with
'significant influence'] are properly controlled," he adds.
But it is no
mean feat to do this; across August an average of 880,000 trades were
completed each day on the London Stock Exchange alone, with an average daily
value of £6.17bn.
Financial firms
have back-office functions that are there to confirm transactions are above
board, but such is the volume that the only way they can keep up is with
increasingly advanced technology.
“根據 FSA的規則，他們有額外的責任，他們必須採取合理的謹慎措施，
以確保任何活動都在控制機制裡[具”顯著影響“的本質角色]獲得適當的控制，”他補充說。
以確保任何活動都在控制機制裡[具”顯著影響“的本質角色]獲得適當的控制，”他補充說。
但要做到這一點絕非易事;整 個 8月在倫敦證券交易自己每天平均有88萬交易完成，每日平均成交量 £6.17bn英鎊價值。
金融公司有後勤部門機制，以確認交易功能是光明正大的，但這樣的成交量，只有日益先進的技術才能讓他們跟上。
Technology kicks
in 科技起作用
Mat Newman is
vice-president at SunGard; its software processes millions of transactions for
its financial sector clients every day.
Mat Newman是SunGard公司的副總裁，他的其軟體在金融部門每天處理數百萬客戶的交易。
Adaptiv is one of
Sunguard's risk management software options
"The
interconnectedness of what banks are trying to do across different geographies,
different time zones and different trading desks, and asset classes is just
immense these days," he says.
Adaptiv是Sunguard的風險管理軟件的選項之一
“銀行正試圖跨越不同地域，不同的時區和不同的交易櫃檯的相互聯繫，和資產類別這些天就很大巨量的，”他說。
"One of the
key things banks are faced with as a challenge is how to bring this together,
this vast amount of data and make sense of it at the same time - so they can
see the wood for the trees."
Without such
technology companies don't have a hope of gathering the information they need,
analysing it and presenting it to the right people at the right time.
“其中一個關鍵的事情銀行都面臨著一個挑戰是如何把這聚在一起，這個龐大的數據量，並在同一時間顯示它的意義 - 這樣他們就可以看到林中之樹”
沒有這樣技術的公司則沒有能收集他們需要信息的希望，進行分析，並提出在合適的時間提供給合適的人。
"These days
you have systems that will monitor your current positions against those risks
and you have a whole series of bells and whistles that will flag not
just if you breach those limits but if you come close to those limits," says
Mark Hanney, CEO of Valbury Capital stockbrokers.
“這些日子你的系統將監視您當前的位置以預防這些風險，你有全系列的產品及附加的特色 可標誌，不僅是如果你違反的哪些限制甚而只是接近哪些限制而已， Valbury資本證券經紀的CEOMark Hanney說：”。
This is crucial
for Valbury Capital, which takes trades from clients and then passes them on to
the markets, theoretically running a no-risk business model.
對Valbury富利集團經紀商而言，讓交易經由客戶端，然後傳遞到市場，從理論上運行一個無風險的商業模式，是至關重要的。
Mark Hanney:
"You have a whole series of bells and whistles"
Mark Hanney：“你有全系列產品及附加的特色”
"If a client
is trading with us they put up a certain amount of margin, and if that margin
is insufficient for their positions then our systems can automatically stop
them out," Mr Hanney explains.
"Those
systems can apply internally as well, so if a trader goes beyond a certain
position then those systems are able, once they've breached those limits, to
automatically close the position out."
“如果一個客戶與我們交易，他們須付一定數額的保證金，如果保證金不到水位，那麼我們的系統可以自動停止他們的投資，”Hanney先生解釋。
“這些系統對於內部控制也適用很好，這樣一個交易員如果超出了一定的位置，那麼這些系統可以，一旦當他們已經違反了這些限制，自動關閉該位置。”
The "bells
and whistles" that flag up problems come in all shapes and sizes,
dependent on the technology a firm opts for.
"Exceptions
can be flagged graphically on summary dashboards with a number of graphical
metaphors employed in the form of traffic lights, dials and graphs," says
Daren Cox, CEO of Project Brokers, which supplies data analysis tools to
investment banks.
“全系列產品及附加的特色”，標誌了各種形狀和大小的問題，取決於一個企業選擇的技術的問題。
“全系列產品及附加的特色”，標誌了各種形狀和大小的問題，取決於一個企業選擇的技術的問題。
提供投資銀行數據分析工具的Project Brokers首席執行官達仁考克斯說明：“例外可以在摘要儀表控制板上運用許多生動的比喻以訊號燈，錶盤和圖表的形式顯示通過圖表來標記”。
He says that graphics
rather than tables of data are often favoured simply because they mean that
potential problems are easier to spot.
There are certain
key areas of risk on which the technology is often brought to bear.
These include
liquidity risk (how much cash you have and whether you can meet your
obligations), market risk (what's going on out there in the markets) and one of
the biggest of all, credit risk - basically how much people owe you and whether
they are going to be able to pay it back.
他說，數據表的圖形往往比圖表更獲得青睞，是因為他們意味著潛在的問題更容易突顯而被發現。
科技往往在某些關鍵風險領域發揮作用。
這些包括流動性風險（你有有多少現金和你是否能滿足您的義務），市場風險（在市場上什麼將在哪發生）及所有最大的風險之一--信用風險- 基於有多少人欠你以及他們將是否有能力支付回去。
Abusing the system
系統毀譽
系統毀譽
With the key flash
points picked out and technology that can make a decision on whether a deal is
a good idea in less than 10 milliseconds, the obvious question is why things
seem to go wrong so regularly?
"One of the
main problems these days - as it was in 2008 - is not the system but its
operators," says Michel van Leeuwen, CEO of financial compliance
consultancy, IMS.
隨著挑出關鍵的爆發點和技術讓某交易若是一個好主意，可以在不到10毫秒就決定，一個明顯的問題是，為什麼事情似乎經常性的出問題呢？
“這些天的主要問題之一 – 就如在2008年所發生的 - 不是一個系統，而是一個操作者，” IMS的金融合規顧問的首席執行官米歇爾Michel van Leeuwen說。
"Their
intelligence, experience, vigilance, their clout in the hierarchy and the simple
analogy of 'having a clock' is irrelevant if you never look at it or don't look
at it frequently."
Technology is also
open to manipulation if you know how.
“他們的智慧，經驗，警惕，如果你從來不看它，或不經常看它，他們在層次結構中的影響力和”擁有時間”簡單的比喻是無關緊要的，。”
如果你知道如何使用，技術也開放操作。
It would be wise
not to hire a trader that used to be... a back office employee”
不要聘請一名曾是 ...內勤員工的交易員來使用將是明智的 “
Michel van Leeuwen
IMS
Michel van Leeuwen信息管理系統
"Part of the
problem is the rogue traders we have seen in the past have come from a back
office function and they know these processes very well," says Mat Newman
of SunGard.
"What's quite
common in the City is to grow your own talent from the back office and bring it
through to the front office."
Michel van
Leeuwen calls this "akin to inviting the cat into the pigeon coop".
“問題的部分原因是我們已經看到在過去的流氓交易員都來自'內勤辦公室機制，他們很了解這些過程，說：” SunGard的紐曼Mat Newman說。
“在城市中相當普遍的是，從內勤辦公室增長你自己的智慧，並把它帶到前端辦公室。”
van Leeuwen先生稱這“類似邀請貓到鴿子籠”。
"It would be
wise not to hire a trader that used to be a... back office employee," he
says.
"The
imperative, regulator imposed, 'Chinese wall' imposed in process and
procedures, doesn't seem to have made it to the frontal lobe of HR or the heads
of trading."
他說“這將是明智的，不要聘請一名曾是內勤員工的交易員來使用將是明智的
“管理者施加壓力，勢在必行。”防火(中國)牆“嚴密規定過程和程序，似乎不讓他在人力資源的掌管單位或交易主管那裡。”
“管理者施加壓力，勢在必行。”防火(中國)牆“嚴密規定過程和程序，似乎不讓他在人力資源的掌管單位或交易主管那裡。”
Chinese
wall 意味著什麼？
The ethical barrier between different divisions of a financial (or other) institution to avoid conflict of interest. A Chinese Wall is said to exist, for example, between the corporate-advisory area and the brokering department of a financial services firm to separate those giving corporate advice on takeovers from those advising clients about buying shares. The "wall" is thrown up to prevent leaks of corporate inside information, which could influence the advice given to clients making investments, and allow staff to take advantage of facts that are not yet known to the general public.
Positive thinking
積極思考
There is a
temptation with financial crisis in the air and an angry public after blood to
overemphasise the down side of the risks financial institutions take.
在空氣中彌漫的金融危機的誘惑以及對金融機構過份強調風險下降趨勢而失血的憤怒公眾。
This Algorithmics
software shows where the trade has failed on a graph
But John Macdonald,
executive vice-president at financial software firm Algorithmics, says risk
management technology should not just be a way to stamp down on
transgressors.
這 Algorithmics公司的軟件顯示貿易在圖表上的失敗
但是，在財務軟件公司Algorithmics公司的執行副總裁約翰麥克唐納說，風險管理技術不僅只是對違規者制裁。
"Any one
transaction can be analysed by one individual but it may take some time - if
you have a customer you provide banking services to they don't want to wait two
or three days for a decision," he says.
“任何一項交易都可以分析個人，但它可能需要一些時間 - 如果你提供銀行服務給一個客戶，他們不想對一個決定等待兩三天，”他說。
"Businesses
need to be able to have access to funding and making the right decisions helps
the economy grow.
"That's all
part of risk management - being able to measure and then decide what level of
risk you decide to take because you make a return on the capital you use by
taking risk."
Of course there
will be those that argue that on occasion slowing everything down a bit and
taking a day or two rather than a thousandth of a second to mull a deal over
might be a good thing.
“企業需要能夠有機會有資產以獲得資金及做出正確的決策有助於經濟增長。
“企業需要能夠有機會有資產以獲得資金及做出正確的決策有助於經濟增長。
“這是都是所有風險管理的一部分 - 能夠測量，然後再決定你決定採取什麼樣的風險水平，因為這是你想讓你資本能回報所必須承受風險。”
當然會有那些認為時機放緩則每件事會衰退的爭論，採取一兩 天，而不是以毫秒就做決定則經過深思熟慮做決定可能是一件好事。
參考資料 :
20111028 Aircafe Break
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