{"id":47252,"date":"2020-12-02T07:10:30","date_gmt":"2020-12-02T12:10:30","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/through-the-looking-glass-data-management-risk-and-regulatory-compliance-part-1\/"},"modified":"2024-04-24T14:05:19","modified_gmt":"2024-04-24T18:05:19","slug":"through-the-looking-glass-data-management-risk-and-regulatory-compliance-part-1","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/through-the-looking-glass-data-management-risk-and-regulatory-compliance-part-1\/","title":{"rendered":"FRTB and the treatment of fund exposures"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0786f1b9e1c]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0786f1b9e1c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">FRTB and the treatment of fund exposures<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0786f1c03e3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">December 2, 2020<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0786f1c16d7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>Through the looking glass: data management, risk, and regulatory compliance (Part 1)<\/em><\/p>\n<p><em>This article was written by Bradley Foster, Global Head of Content (Enterprise) and Essan Soobratty, Product Manager \u2013 FRTB at Bloomberg.\u00a0<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The increasing popularity of exchange traded funds (ETFs) and other fund products <a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/know-your-funds-data-and-risk-strategies-to-fuel-growth\/\" target=\"_blank\" rel=\"noopener noreferrer\">has been written about extensively<\/a>; and the importance of the role played by fund vehicles in international portfolios brings necessary questions relating to financial stability.<\/p>\n<p>International bodies including International Monetary Fund (IMF), Financial Stability Board (FSB), and Basel Committee on Banking Supervision (BCBS) have presented their own research and engaged with the industry on a number of topics with implications for market stability. At the same time, central banks and other regulatory bodies have been more direct: both in their use of funds as instruments for policy transmission, and in their regulation of financial market participants via a number of supervisory measures.<\/p>\n<p>Earlier this year the Federal Reserve announced extensive economic support measures in response to the market disruptions caused by the COVID pandemic, which included their support of market liquidity through the purchase of investment grade bond ETFs in conjunction with bond purchases directly. The Fed&#8217;s actions were not unprecedented: The Bank of Japan has used the purchase of equity ETFs as a tool for policy transmission since 2010.<\/p>\n<p>In part 1 of this series looking at the treatment of funds under FRTB, we\u2019ll review a high-level approach for the analysis of funds and then show how FRTB builds upon these existing workflows. In part 2 we\u2019ll look in more detail at some of the challenges associated with the \u2018look-through\u2019 approach, and the next article in this series will look at alternative approaches for when \u2018look-through\u2019 may not possible.<\/p>\n<p><strong>Different ways of describing the risk<br \/>\n<\/strong><\/p>\n<p>The use of funds either directly or via derivative contracts allows investors, asset managers and bank trading desks to obtain (or hedge) diverse exposures in ways that are operationally efficient, and cost effective.<\/p>\n<p>While the positions and resulting risk exposures can to some extent be described, and then aggregated using available reference, classification and pricing data at the fund level, a truer picture of a fund\u2019s risk characteristics is obtained only once the <em>underlying<\/em> positions in the fund are identified, and then analyzed as if those positions were held directly. This is known more commonly as fund look-through.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1580\" height=\"1328\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/GraphAssets_6_FRTB_1.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Decomposition of a fund allows underlying risks to be better understood and those exposures aggregated. In these tables, we look specifically at Tesla (TSLA) stock within a technology ETF.\" title=\"GraphAssets_6_FRTB_1\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Figure 1.1: Decomposition of a fund allows underlying risks to be better understood and those exposures aggregated. In these tables, we look specifically at Tesla (TSLA) stock within a technology ETF.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Holdings level analysis of this example ETF shows that by far the biggest holding is Tesla, which while heavily reliant on technology, is actually classified as a consumer stock by many classification schemes, including <a href=\"https:\/\/www.bloomberg.com\/professional\/product\/reference-data\/#classifications\">Bloomberg\u2019s Industry Classification Scheme (BICS)<\/a>. In the example shown in Figure 1.1, the risk manager not only identifies Tesla as the largest holding but can also aggregate exposures from the underlying holdings according to characteristic that are most relevant. In this case, we use industry sectors and historical volatility ranges, but other characteristics for equity such as country of risk, market capitalization, or liquidity can be used. For bond funds, the possible risk characteristics extend to credit ratings, duration buckets, amount-outstanding, and other bond related criteria.<\/p>\n<p>Decomposition of a single fund and the analysis of its underlying holdings provides a truer picture of the risk of an individual fund. When this approach is applied consistently to multiple funds or portfolios, it allows risk managers to discover and quantify concentrations of risk as shown in Figure 1.2. These risks, once identified, can be aggregated in a consistent manner across a desk or portfolio and then where desired, more broadly across the organization.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1722\" height=\"775\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/GraphAssets_6_FRTB_2.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 1.2: Analysis of fund portfolio holdings across multiple funds in a consistent manner allows specific exposures to be identified and aggregated\" title=\"GraphAssets_6_FRTB_2\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Figure 1.2: Analysis of fund portfolio holdings across multiple funds in a consistent manner allows specific exposures to be identified and aggregated.\n\nBloomberg\u2019s portfolio holdings data indicates there are over 3,000 unique portfolios (mapping to multiples of individual funds spanning different classes) that report holdings of Tesla, as of their most recent reporting dates. Potential exposure to Tesla via fund portfolio holdings extends from common equity to bonds issued by Tesla.  \n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Obtaining fund holdings data<\/strong><\/p>\n<p>For fund vehicles such as ETFs, portfolio holdings data for a given fund is often available daily. \u00a0Bloomberg provides access to this data in a number of formats including those that are machine-readable, and those designed with human interaction in mind. This dual availability allows for alignment in front office and downstream processes including valuation, risk and product control.<\/p>\n<p>Common risk and portfolio management workflows integrate the acquisition and processing of this data along with other data, allowing for the automation of the entire process for fund decomposition, including:<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Obtaining the necessary reference, classification, and pricing information for each holding using industry-standard identifiers<\/li>\n<li>Computation and aggregation of exposures according to the characteristics and weightings for each holding<\/li>\n<li>Further aggregate\/net across other exposures in the portfolio, or across the trading desk.<\/li>\n<\/ul>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1754\" height=\"1220\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/GraphAssets_6_FRTB_3wh.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 1.3: Bloomberg Portfolio holdings data delivered in machine-readable format (right) allows enterprise risk workflows to be built around the same data used by front office traders and portfolio managers\" title=\"GraphAssets_6_FRTB_3wh\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Figure 1.3: Bloomberg Portfolio holdings data delivered in machine-readable format (right) allows enterprise risk workflows to be built around the same data used by front office traders and portfolio managers.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Risk management meets regulation<br \/>\n<\/strong><br \/>\nThe benefits of understanding the characteristics of a fund at the investment vehicle level, and then at the deeper level of <em>underlying<\/em> holdings is not only intuitive and sensible from a risk management perspective but also lies at the heart of a number of regulatory requirements including Basel Committee&#8217;s Market Risk Capital Standards for international banks known as the Fundamental Review of the Trading Book (FRTB).<\/p>\n<p>FRTB&#8217;s rules for the treatment of fund exposures span a number of areas and revolves around the regulatory concept of &#8216;look-through&#8217; which the <a href=\"https:\/\/www.bis.org\/basel_framework\/chapter\/MAR\/10.htm\" target=\"_blank\" rel=\"noopener noreferrer\">Basel Committee defines as<\/a>:<\/p>\n<p><em>&#8220;\u2026an approach in which a bank determines the relevant capital requirements for a position that has underlyings (such as an index instrument, multi-underlying option, or an equity investment in a fund) as if the underlying positions were held directly by the bank&#8221;<br \/>\n<\/em><\/p>\n<p>With this definition of &#8216;look-through approach&#8217; in mind, there are a number of implications for bank treatment of funds depending on the extent to which fund portfolio holdings data, and other information relating to the fund characteristics is available:<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Assignment of position in a fund to the trading book vs the banking book based on specific criteria.<\/li>\n<li>Standardized Approach rules governing the classification (bucketing) of funds and\/or their holdings which has important implications for the determination of aggregate exposures and risk weights used in the determination of capital requirements.<\/li>\n<li>Extent to which desks with fund holdings are allowed to implement the often more desirable Internal Modelling Approach.<\/li>\n<\/ul>\n<p><strong>Extending the risk management workflow<br \/>\n<\/strong><br \/>\nImplementing FRTB requirements such as the Standardized Approach builds upon the risk management workflow described earlier: once a fund held by a trading desk has been decomposed into its constituent holdings, these relative positions can then be bucketed in accordance with their weighting in the fund depending on asset class, industry sector, and other characteristics relevant for the risk class in accordance with Basel rules.\u00a0<strong><br \/>\n<\/strong><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1515\" height=\"818\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/GraphAssets_6_FRTB_4.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 1.4: Basel FRTB Standardized Approach Bucketing \u2013 SPDR NYSE Technology ETF\" title=\"GraphAssets_6_FRTB_4\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Figure 1.4: Basel FRTB Standardized Approach Bucketing \u2013 SPDR NYSE Technology ETF.\n\nIn a similar way that the risk manager buckets exposures according to relevant criteria from a risk management perspective, Basel requires banks to bucket according to criteria that global regulators believe to be relevant for the determination of market risk capital.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>This \u2018bucketing\u2019 process is repeated for all funds and other exposures for the trading desk. In order to then compute the minimum capital requirements, risk-weighted sensitivities from each bucket are then aggregated (after netting where permitted) both within and across buckets, taking into account Basel-prescribed correlations.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Prepare for FRTB.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5609252371438998375\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/regulation\/frtb\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>In the event that a desk does not apply \u2018look-through\u2019, FRTB allows for other approaches, including bucketing the sensitivity arising from an exposure to a fund into the \u201cother sector\u201d bucket.<\/p>\n<p>However, while that might seem a simpler approach, there are advantages that extend beyond the risk management benefits in decomposing a fund. These benefits include the ability to assign and net sensitives at holdings level across relevant regulatory buckets and to aggregate within and across buckets where correlations are less than one.<\/p>\n<p>Applying the \u2018look-through approach\u2019 also avoids having to use the punitive 70% risk weight associated with the \u201cother sector\u201d bucket. In addition, look-through allows banks to gain correlation benefits where applicable in aggregating the weighted sensitivities. We will discuss some of the modeling nuances and challenges associated with look-through, as well as looking in more detail at the quantitative benefits that result, in the final article of this series.<\/p>\n<p>In finalizing the FRTB framework, the Basel committee\u2019s intentions are clear: implement an approach in assessing the risk of positions which have multi-underlying funds, which is not only <em>intuitive<\/em>, but also aligns with risk management best-practices already implemented at many firms. However, as straightforward as the Basel look-through approach might appear on the surface, the specific FRTB rules for look-through and other approaches contained in Basel&#8217;s framework can often prove challenging to implement in practice.<\/p>\n<p>In the next part of this series, we will look at some of the specific challenges that banks may grapple with in implementing FRTB requirements for funds.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0786f1cec33]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0786f1cec33'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0786f1d0e58'] = 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