Adaptation

, 9–10

continuous monitoring and adaptation

, 10

Aggregate wages

, 45

Aggregated average notional amount (AANA)

, 124–125

Aggregation criteria

, 153

Alternative theories of customer prepayments

, 173–174

Anti-money laundering (AML)

, 7

Archegos Capital Management

, 91, 123, 126, 134

collapse triggered by margin calls

, 128

incentives for market manipulations

, 127–128

insufficient initial margin

, 132–134

large total return swap exposures

, 126–127

liquidation of hedge positions

, 129–132

Archegos transactions, CCR RWA for

, 140–141

Artificial intelligence (AI)

, 4, 95

in banking processes

, 4

Assessment process

, 112

Asset yields

, 43

Asset–liability committees (ALCOs)

, 11, 13, 15, 160, 188

Asset–Liability Management (ALM)

, 6, 65, 147, 157, 181

banks benefit in terms of

, 67–68

discipline

, 13–18

forecasts

, 152

management information

, 153

Association of Chartered Certified Accountants, The (ACCA)

, 28–29

Australian Prudential Regulation Authority (APRA)

, 101

Automation in banking processes, harnessing

, 4

Average life (AL)

, 185

Average mortgage rates

, 172

Backward looking analysis

, 85

Balance guarantee swaps (BGS)

, 165–166

Balance sheet availability

, 208–209

Balance sheet management

, 41

building robust risk management frameworks and

, 5–7

Balance sheet optimization

efficiency and cost reduction

, 153

investors increased scrutiny

, 152–153

need for

, 151–152

speed of change

, 152–153

Balance sheet projection

, 156

Bank accountable

, 56

issue

, 56–60

Bank for International Settlements (BIS)

, 123–124

Bank Green Bond Issuance, trends in

, 70

Bank regulation

back to normal

, 91–92

Basel

, 95–96

Credit Suisse

, 94

March 2020

, 89–90

non-financial bank intermediaries

, 90–91

stability

, 88–89

US Regional banks

, 92–93

Bank strategy

, 27–28, 30–31

bottom line

, 27

and communication

, 80–81

direct drivers

, 27

indirect drivers

, 27

trade-offs and cost of capital

, 27–28

Bank Term Funding Programme (BTFP)

, 93

Banking

, 21, 86

balance sheet management

, 47

benefits of strategic partnerships in

, 9

challenges

, 176

changing customer expectations in

, 8

harnessing automation and AI in

, 4

importance of digital transformation in

, 4

industry

, 4

leveraging data analytics and cloud computing in

, 4–5

professionals

, 45

system

, 89

Banks

, 18, 36–37, 54, 56–57, 79, 81–82, 85–86, 92, 187–188, 190

benefit in terms of ALM

, 67–68

embedding strategic risk management in

, 37–38

evolving risk landscape for

, 5

failures

, 80

green bond strategy

, 70–72

green bonds for

, 67–68, 70

risks for banks as clearers

, 137–138

treasurers

, 65, 72

Basel Committee

, 36, 92, 95–96, 100, 103–104

Basel Committee on Banking Supervision (BCBS)

, 25–26, 69, 87, 97, 124–125

principles

, 100

Basel III

, 93, 140–141

Basis trading

, 195

Behaviour analytics

, 7

Behavioural modelling

, 169

Biennial exploratory scenario (BES)

, 69–70

Bitcoin

, 106

Blockchain

, 5

Bond basis

, 213

Bond CTD

, 199–204

calculation methods

, 199–201

impact of carry

, 204

impact of curve and relative value moves

, 203

flat curve and impact of market direction

, 201–203

Borrower demographics

, 174

Bottom line

, 27

Bottom-up processes

, 69–70

Business

, 82

analysis

, 32

architecture

, 33

for banks

, 10

case approach

, 35–36

changing

, 12

digital transformation

, 4–5

landscape

, 10

recommendations

, 21–23

revenue

, 45

risks

, 111

Capital adequacy

, 6

Capital allocation

, 6

Capital Asset Pricing Model (CAPM)

, 35

Capital regulation, deficiencies in

, 138–144

Carry

, 196

impact of

, 204

Central Banks

, 42

Central clearing counterparty (CCP)

, 89–90, 124–126

Change agenda

, 31

Change management

, 33

Chatbots

, 8

ChatGPT

, 3, 11

Cheapest to deliver (CTD)

, 206

calculation methods

, 199–201

definition

, 200

Chinese American Depository Receipts (ADRs)

, 126

Clearing house

, 126

Clearing member

, 126

Climate Bonds Initiative (CBI)

, 71

Climate change

, 51, 65–66

Climate financing

, 60

Climate justice

, 51

Climate risk

, 56–57, 65–66

Climate risk stress test (2022)

, 103

Climate-related financial risks

, 95, 97, 104

data limitations

, 103–104

emphasis on financial risks

, 101

long-term horizon

, 101–103

risk coverage

, 101

scenario analyses and stress testing

, 103

selective list of climate-related publications

, 98–100

Climate-related risks

, 101

Climate-risk governance

, 70

Closeout

, 132

Cloud computing in banking

, 4–5

Collateralisation

, 124–125

Commodity markets

, 134–135

Communication, bank strategy and

, 80–81

Communities

, 53

Competitive advantage

, 42

Competitive pressures

, 10

Competitive priorities for resilient banks

, 12

back to basics

, 13–18

risk culture

, 18–21

Complacency

, 53–54

Complex liability chains

, 136–137

Concentration risk

, 85

Conduct risk

, 84

Confidence

, 15

Consumer Protection Act

, 87

Conversion factor

, 197

Converted forward price

, 198

Core

, 190

balances

, 190–191

Corrective action

, 83

Cost of capital

, 27–28

Cost of Equity (COE)

, 35

Counterparty credit risk (CCR)

, 123–124, 126

Archegos capital management

, 126–134

central clearing counterparty

, 125–126

clearing risks in energy crisis

, 134–138

collateralisation

, 124–125

deficiencies in capital regulation

, 138–144

lessons learned and recommendations

, 144

losses from unwinding of hedge positions in Viacom CBS shares

, 142

RWA for Archegos transactions

, 140–141

Counterparty exposures

, 144

Counterparty risks

, 111

COVID-19 pandemic

, 41–42, 46, 82, 170

Credit default swap (CDS)

, 19

Credit derivative protection

, 85

Credit risk

, 25–26

management

, 6–7, 43–44

Credit Suisse (CS)

, 19, 94

recent examples of bank failures include

, 80

Credit valuation adjustment (CVA)

, 96

Cryptocurrencies

, 104

Cryptos

, 104–112

assessing, selecting and risk managing crypto business models

, 111–112

BCBS Prudential Treatment Standard for

, 105

implications for practitioners

, 106–112

indicative financial and non-financial risks associated with crypto-related activities

, 113

monitoring and managing risks of non-participation

, 111

monitoring regulatory and industry body developments

, 107

Culture

, 31, 37–38

Curve and relative value moves, impact of

, 203

Customer

, 82–85

Customer behaviour analysis

, 174

Customer behaviour modelling

, 173

Customer expectations in banking

, 8

Customer experience

, 8–9

changing customer expectations in banking

, 8

embracing customer-centric technologies

, 8

leveraging data analytics for customer insights

, 8–9

Customer prepayments, alternative theories of

, 173–174

Customer-centric technologies, embracing

, 8

Customers best interests

, 79

Cybersecurity and compliance, strengthening

, 7

‘Dash for Cash’

, 89

Data aggregation

, 149

Data analytics

for customer insights

, 8–9

leveraging data analytics in banking

, 4–5

Data quality

, 149

Debt Management Office (DMO)

, 204, 213

December 22/March 23 Gilt Roll

, 212–213

Deficiencies in capital regulation

, 138–144

CCR RWA for Archegos transactions

, 140–141

RWA for clearing exposures with clients

, 141–144

shortcomings in SA-CCR

, 138–140

Deliverable basket

, 197

Deposit balance analysis

, 47

Deposit protection scheme

, 80

Derivatives

, 123–124

Deutschmark swap rate (DM swap rate)

, 184–185

Digital transformation

, 4–5

customer experience

, 8–9

harnessing automation and AI in banking processes

, 4

importance of digital transformation in banking

, 4

innovation and adaptation

, 9–10

leveraging data analytics and cloud computing in banking

, 4–5

risk management

, 5–7

strategic partnerships

, 9

Discretionary spending

, 44–45

Dodd–Frank Wall Street Reform

, 87

Downside scenarios

, 83

Duration

, 202

caps on NMDs

, 191

Early repayment charges (ERCs)

, 174–176

Early warning indicator

, 81

Economic Capital

, 34–35

Economic equilibrium

, 48

Economic forecasts

, 47

Economic growth

, 48

Economic indicators

, 42

Economic stimulus

, 48

Economic uncertainty

, 170

Edge computing

, 5

Effective balance sheet management

, 6–7

Energy crisis

, 134–138

clearing risks in

, 134–138

Energy firms, liquidity challenges for

, 135–136

Energy prices, spike in

, 134–135

Enterprise Risk Management (ERM)

, 26

Enterprise Risk Oversight Committee (EROC)

, 36–37

Enterprise wide funds transfer pricing framework

, 155

Environmental, social and governance (ESG)

, 58–59, 71

Environmental racism

, 54

Ether

, 106

European Banking Authority (EBA)

, 69, 191

European Central Bank (ECB)

, 101, 138

European Commodity Clearing (ECC)

, 141–143

European Energy Exchange (EEX)

, 136

European Investment Bank

, 70

European Union (EU)

, 52–53

Exchange traded derivatives (ETD)

, 126

contracts

, 136

transactions

, 137, 141, 143

External analysis

, 30

ExxonMobil

, 55

Fair value (FV)

, 13

Far value losses (FV losses)

, 182, 187

Federal Deposit Insurance Corporation (FDIC)

, 93, 100

Financed emissions

, 56–57

Financial Conduct Authority (FCA)

, 58, 84

Financial crisis (2007–2008)

, 124–125

Financial institutions

, 46, 67, 107, 111, 173–174

Financial market uncertainty

, 43

Financial position

, 49

Financial resilience

, 49

Financial risks, emphasis on

, 101

Financial Stability Board (FSB)

, 65–66, 87–88, 90, 104

Financial system

, 91

First notice day

, 197–198

First Republic Bank

, 13, 93

Fixed bonds

, 174

Flat curve and impact of market direction

, 201–203

Flat yield curve

, 201

Formal caps

, 85

Forward starting swaps

, 158–159

Forward yield curve

, 171

Fossil fuel

, 58

Fundamental Review of the Trading Book (FRTB)

, 96

Funding competition

, 46

Funding concentration

, 18

Funding mix optimisation

, 43

Funding risks

, 111

Funding sources

, 68

Funds transfer pricing (FTP)

, 155

Furlough scheme

, 82

Future prepayment rates

, 176

Futures delivery

hedging the tail

, 207–208

timing of delivery

, 209–210

G-SIFI bank

, 19–20

G20 (International organisations)

, 65–66, 87

General collateral (GC)

, 204

Gilt futures basis

balance sheet availability

, 208–209

basic principles

, 196–199

bond CTD

, 199–204

carry and timing of delivery

, 209–210

case study

, 210–213

December 2022 gilt future

, 210–212

December 22/March 23 Gilt Roll

, 212–213

definitions

, 196–198

delivery

, 198–199

issues

, 208–210

selected basis trading strategies

, 206–208

theory of net basis pricing

, 204–206

trading basis

, 198

Gilt-edged market maker (GEMM)

, 204

Gilts

, 197–198

delivery process

, 198–199

market

, 204

Global Financial Crisis (GFC)

, 87

Global warming

, 65

Globalisation

, 54

Globally Systemically Important Banks (G-SIBs)

, 19, 87–88, 140–141

Governance

, 70

frameworks

, 19, 21

Governing principles

, 79–80

Governments

, 54

policy

, 175

Green Bond Framework

, 72

Green bonds

, 65–66, 68

for banks

, 67–68, 70

issuance

, 69–70

issuing

, 72

valuation of

, 66–67

Green finance

, 65–66

Green financing

, 67

Greener economy

, 58

Greenhouse gas emissions (GHG emissions)

, 56–57

Greenium

, 66–67

Greenwashing

, 58–59, 98

Gross basis

, 196

Gross domestic product (GDP)

, 44, 48–49

Hedge positions

, 175–176

liquidation of

, 129–132

Hedging

, 159

approach

, 159

mortgage

, 172

prepayment

, 164–166

solution

, 162–163

strategies

, 158–159, 175

structural

, 158–162

High inflation environment

, 45

High-rate environment

, 167

Historical data

, 34

insights

, 176

Hold to Maturity/Collect securities (HTC&S securities)

, 151

Home equity value

, 174

Housing market strength

, 173

HQLA availability

, 111

Human rights

, 52

Implied repo rate

, 196

Indirect credit exposure

, 111

Indirect investment exposure

, 111

Industry body developments

monitoring

, 107

selective regulatory and industry body publications pertaining to cryptos

, 107–110

Inflation

, 44, 48

Inflationary pressures

, 48

Initial Margin

, 125

Innovation

, 9–10

differentiation through

, 10

Insufficient initial margin

, 132–134

losses from counterparty default on Viacom CBS total return swaps

, 133–134

Integrity

, 84

Interconnectedness risks

, 111

Intercontinental Exchange (ICE)

, 136, 198–199

Interest rate incentives

, 173

Interest Rate Option (IRO)

, 165

Interest rates

, 44, 46, 170

outlook

, 150–151

volatility

, 81

Interest Transfer Pricing (ITP)

, 149

Interest-rate risk (IRR)

, 147, 169, 181

Interest-rate risk in banking book (IRRBB)

, 13, 15, 147, 157, 165, 181, 183

interest rate outlook

, 150–151

legacy process architecture

, 147–150

need for balance sheet optimisation

, 151–152

target operating model in treasury

, 153–156

Internal analysis

, 30

Internal and external factors in banking

, 174

Internal NMD models

, 191

Internal rate of return (IRR)

, 13, 15, 159, 199–200

Internal ratings-based approach (IRB)

, 139–140

International Capital Market Association (ICMA)

, 72

International Finance Corporation (IFC)

, 71

International Financial Reporting Standard (IFRS)

, 124, 151

International organisations

, 65–66

International Organization of Securities Commissions (IOSCO)

, 124–125

International Sustainability Standards Board (ISSB)

, 95

International Swaps and Derivatives Association (ISDA)

, 125

Investing

, 43

Investors

, 66, 94

increased scrutiny

, 152–153

Just Transition

, 64

Key performance indicators (KPIs)

, 27, 69–70

Key risk indicators (KRIs)

, 36–37, 69–70

Know your customer (KYC)

, 7, 91

Knowing the customer

, 82–85

Legacy process architecture

, 147–150

based in Silos

, 148

calculations

, 149–150

data

, 149

modelling/scenarios

, 149

process

, 149

reporting

, 150

Leverage ratio

, 96

Liability chain

, 136–137

Liability Driven Investment (LDI)

, 91

Liability management programme

, 71

Liability risks

, 101

LIBOR

, 89

Liquid cash ratio

, 17–18

Liquidation of hedge positions

, 129–132

Viacom CBS share price and trading volume

, 130

Liquidity challenges

, 169

for energy firms

, 135–136

Liquidity Coverage Ratio (LCR)

, 15

Liquidity risks

, 25–26, 111

management

, 6

Liquidity Transfer Pricing (LTP)

, 149

Loan-to-value (LTV)

, 43–44

ratios

, 174

Loans

, 166

defaults

, 46

origination process

, 166

prepayments

, 169

London Institute of Banking and Finance, The (LIBF)

, 25–26

Long-term horizon

, 101–103

Losses

, 132–134

Low interest rates

, 42–44

Lower/net zero carbon economy

, 56

Lowest net basis

, 199–200

Machine learning

, 7–9, 95

Macroeconomic conditions

, 47

Macroeconomic forces

, 47–48

Macroeconomic theory

, 175

of prepayments

, 173

Macroeconomics

, 173

‘March 2020 Episode’, The

, 89

Margin calls, collapse triggered by

, 128

Margin compression

, 157

Margin shortfalls

, 136

Market adaptation

, 44–45

Market anomalies

, 86

Market direction, flat curve and impact of

, 201–203

Market manipulations

incentives for

, 127–128

sensitivity of total return swap variation margin cash flows

, 128

Market risk

, 25–26

Market shocks

, 111

Materiality of structural IRR

, 182–184

Mis-selling activity

, 84

Mixed methods

, 35

Mobile banking

, 152

Modelling prepayments

, 169

Modified duration

, 202

Monetary policy

, 44

Money printing. See Quantitative easing

Mortgage prepayment analysis

, 169

Mortgage product lifecycle

, 175

Mortgage term assessment

, 172

Moving average (MA)

, 181

Nasdaq OMX

, 136

Nationally Determined Contributions (NDCs)

, 66

Net asset value (NAV)

, 126

Net basis

, 196

calculation

, 199–200

pricing theory

, 204–206

seller’s options

, 204–205

valuation

, 199–200

value

, 205–206

Net interest margin (NIM)

, 7, 149, 183

Neutral interest rate

, 48

Non-Financial Bank Intermediaries (NBFIs)

, 90–91

Non-financial entities (NFE)

, 124–125, 135

Non-maturing deposits (NMDs)

, 47–48, 181

duration caps on

, 191

hedging

, 184, 192

modelling

, 163

performance of NMD investment book

, 185–188

Non-participation, monitoring and managing risks of

, 111

Non-systemic banking institutions

, 13

Office of Strategic Management (OSM)

, 37

Office of the Comptroller of the Currency (OCC)

, 100

Open banking

, 8

Operational risk

, 25–26

Organisational strategy

, 26

Other Comprehensive Income (OCI)

, 187

Over-the-counter (OTC)

, 124–125

Overhedging

, 175

Oversight committees

, 31

Performance measurement

, 7

Personal Protection Insurance (PPI)

, 84

Physical risks

, 57, 101

‘Pillar 2 liquidity’ guidance from regulatory authority (PRA)

, 15

Pipeline hedging

, 157–158

Pipeline risk

, 158–162

Political, economic, social, technological, legal and environmental (PESTLE)

, 30

Portfolio management

, 32

Positive carry bonds

, 196

Post-pandemic inflation

, 92

Potential future exposure (PFE)

, 139–140

Potential risk of loss

, 85

Power futures

, 138

Predicting Customer Behaviour

, 173

Predictive analytics

, 8–9

Prepayment assumptions

, 175–176

Prepayment event

, 164

Prepayment hedging

, 164–166

Prepayment methodology

, 171

Prepayment phenomenon

, 164

Prepayment risk exposure

, 164

Preserving integrity

, 86

Price value of 01 (PV01)

, 202

Probability of default (PD)

, 85, 139–140

Process improvement

, 33

Profitability measurement

, 7

Project management

, 32–33

Project Portfolio management

, 33–34

Proportionality in prepayments

, 175

Prudential Regulatory Authority (PRA)

, 69

Qualitative judgement

, 34

Quality of delivery

, 205

Quantitative easing

, 42, 44, 173–174

Quantitative tightening

, 44–46

Rate differential

, 175

Rate incentive approach

, 169–170, 172, 175

alternative theories of customer prepayments

, 173–174

background

, 171–172

ERCs

, 174–175

retrospective testing

, 172–173

Re-investment process

, 186, 188–190

Realistic projections

, 176

Recency bias

, 41

Refinancing rate

, 171

RegTech

, 96

Regulation

, 79–80

Regulatory and industry body developments

monitoring

, 107

selective regulatory and industry body publications

, 107–110

Regulatory bodies

, 98

Regulatory concepts of stable and core NMDs

, 182

Regulatory policy

, 57

Relative value analysis

, 203

Replacement cost (RC)

, 139–140

Replacement value

, 124

Reporting process

, 156

Repurchase agreement (“Repo”)

, 196

market

, 204

transaction

, 196, 204

Reputation

, 79

Resilient banks, competitive priorities for

, 12

Retrospective analysis

, 172, 188, 190

Retrospective testing

, 172–173

Return on assets (ROA)

, 7, 27

Return on capital (ROC)

, 27–28

Return on equity (ROE)

, 7, 27, 183

Return on invest (ROI)

, 34–35

Reverse repo

, 196–197

Riding the yield curve strategy

, 157

Ring-fencing

, 80

Risk

, 25–26

appetite

, 43–44, 85–86

for banks as clearers

, 137–138

complex liability chains

, 136–137

culture

, 18, 21, 80

in energy crisis

, 134–138

huge margin shortfalls

, 136

issues

, 83

landscape for banks

, 5

liquidity challenges for energy firms

, 135–136

migration

, 86

mitigation

, 68

of non-participation, monitoring and managing

, 111

register

, 34

spike in energy prices

, 134–135

Risk coverage

, 101

risk types and associated climate-related risk drivers

, 102

Risk management

, 5, 7, 85–86

ALM

, 6

building robust risk management frameworks and balance sheet management

, 5–7

capital adequacy and capital allocation

, 6

credit risk management

, 6–7

evolving risk landscape for banks

, 5

liquidity risk management

, 6

principles

, 18

profitability and performance measurement

, 7

strengthening cybersecurity and compliance

, 7

Risk management frameworks (RMF)

, 6, 68

Risk-weighted Assets (RWA)

, 139–140

for clearing exposures with clients

, 141–144

potential future exposure, RWA and Basel III total capital requirement

, 143

Risk–Adjusted Return on Capital methods (RAROC methods)

, 6, 34–35

Robotic process automation (RPA)

, 4

Safeguarding stability in uncertain times

, 5–7

Savings products

, 174

Savings ratio

, 46–48

Scenario analyses

, 103

Scenario planning

, 31

Scenario testing

, 86

Scorecards

, 32

Seasonality in lending

, 174

Senate Banking Committee

, 93

Shadow banking

, 90, 111

Signature Bank

, 13, 93

Silicon Valley Bank (SVB)

, 13, 16, 92, 182

lessons from failure of

, 190–191

recent examples of bank failures include

, 80

Simulation

, 132–134

Social justice

, 51–52

Social media risk

, 18

Solid governance model

, 71

Stable balances

, 190–191

Stablecoins

, 111

Stamp duty holiday

, 170, 173

Standard Initial Margin Model (SIMM)

, 125

Standardized Approach for CCR (SA-CCR)

, 138–140

Stepped fees

, 174–175

Strategic choices

, 27

Strategic Direction and Monitoring Committee (SDMC)

, 37

Strategic execution and monitoring

, 33

Strategic learning

, 33–34

Strategic management

, 26–27

Strategic partnerships

, 9

benefits of strategic partnerships in banking

, 9

establishing effective partnership strategies

, 9

Strategic planning

, 32

Strategic risk

, 25–26

Strategic risk management

, 36

bank strategy

, 27–28, 30–31

in banking

, 28–29

cycle

, 31–34

embedding strategic risk management in banks

, 37–38

modelling

, 34–36

other risk

, 25–26

proposed strategic risk management system

, 36–38

SDMC

, 37

sources of

, 29

strategy vs. strategic management

, 26–27

Strategic Risk Register

, 37

Strategy

, 26–27, 34

development

, 33–34, 37

maps

, 32

Strengths, weaknesses, opportunities and threats analysis (SWOT analysis)

, 25–26, 30

Stress testing

, 86, 103

Structural hedging

, 158–162

current accounts

, 162–163

example

, 158–159, 162–163

Structural interest-rate risk hedging

duration caps on NMDs

, 191

lessons from failure of SVB

, 190–191

materiality of structural IRR

, 182–184

performance of NMD investment book

, 185–188

practical implications

, 191–192

stable and core balances

, 190–191

suspending re-investment

, 188–190

theory of cyclical smoothing

, 184–185

Supervisory Principles

, 114–121

SupTech

, 96

Sustainability

, 67

nurturing

, 82

Sustainable banking

bank strategy and communication

, 80–81

governing principles, stability and regulation

, 79–80

nurturing sustainability and not panicking

, 82

recent examples of bank failures include SVB and CS

, 80

Sustainable bonds

, 65

Sustainable finance

, 71–72

Sustainable/sustainability

, 56–57

Swap position management

, 175

Swaptions

, 159

Swiss National Bank, The

, 94

Target operating model in treasury

, 153–156

Term funding

, 45

Theory of cyclical smoothing

, 184–185

Timing of delivery

, 205

Top-down processes

, 69–70

Total return swaps (TRS)

, 127

Trade-offs

, 27–28

Transition risks

, 57, 101

Treasury

, 159–160

architecture

, 147–149

cash flow engine

, 153

dataset

, 153

modelling team

, 155–156

risk

, 149

standpoint

, 164

target operating model in

, 153–156

Treat customers fairly

, 84

Trust

, 86

Underhedging

, 175

Unemployment rates

, 45

Union Bank of Switzerland (UBS)

, 19

United Nation (UN)

, 51–52

United States’ generally accepted accounting practices (US-GAAP)

, 124

US Federal Reserve

, 92

US Regional banks

, 92–93

US Securities and Exchange Commission (SEC)

, 126

lawsuit

, 127–129

Value at Risk (VaR)

, 35

Variation margin

, 125

Viacom CBS

, 129–130

Volcker Rule

, 87

Volume-Weighted-Average Price (VWAP)

, 130–131, 141

Working together

, 86

World Economic Forum

, 54