The use of credit default swaps （CDSs） has become increasingly popular over time. Between 2002 and 2007, gross notional amounts outstanding grew from below S2 trillion to nearly S60 trillion. The recent crisis has r...The use of credit default swaps （CDSs） has become increasingly popular over time. Between 2002 and 2007, gross notional amounts outstanding grew from below S2 trillion to nearly S60 trillion. The recent crisis has revealed several shortcomings in CDS market practices and structure. In addition, management of counterparty risk has proved insufficient, as has in some instances the settlement of contracts following a credit event. However, past problems should not distract from the potential benefits of these instruments. In particular, CDSs help complete markets, as they provide an effective means to hedge and trade credit risk. CDSs allow financial institutions to better manage their exposures, and investors benefit from an enhanced investment universe. The purpose of this paper is to present a complete and practical exposition of the CDS market and to explore how the development of the CDS market has played an important role in the credit risk markets. Currently, the CDS market is transforming into a more stable system. Various measures are being put in place to help enhance market transparency and mitigate operational and systemic risk. In particular, central counterparties have started to operate, which will eventually lead to an improved management of individual as well as system-wide risks.展开更多
The amount of non-technical losses in Brazil is quite elevated, accounting for nearly 5.5% of the country＇s total generated power. Such losses are asymmetrically distributed within the various regions of the country....The amount of non-technical losses in Brazil is quite elevated, accounting for nearly 5.5% of the country＇s total generated power. Such losses are asymmetrically distributed within the various regions of the country. Meter tampering （fraud）, meter bypassing by regular consumers （theft） and irregular hookups to the network by unlawful consumers are the most predominant forms of irregularities. Part of it which is caused by non-technical losses is being passed on to the consumers through the tariffs they pay. This paper presents an overview of the current situation related to non-technical losses in Brazil involving： quantification, regional asymmetry, nature and stratification, tariff management, and strategies employed to its reduction. Advanced measurement techniques provided by smart-grids can significantly reduce them. It is suggested a potential reduction of 60%. An innovative way of using these indicators in order to identify irregularities is briefly presented in this work.展开更多
文摘The use of credit default swaps （CDSs） has become increasingly popular over time. Between 2002 and 2007, gross notional amounts outstanding grew from below S2 trillion to nearly S60 trillion. The recent crisis has revealed several shortcomings in CDS market practices and structure. In addition, management of counterparty risk has proved insufficient, as has in some instances the settlement of contracts following a credit event. However, past problems should not distract from the potential benefits of these instruments. In particular, CDSs help complete markets, as they provide an effective means to hedge and trade credit risk. CDSs allow financial institutions to better manage their exposures, and investors benefit from an enhanced investment universe. The purpose of this paper is to present a complete and practical exposition of the CDS market and to explore how the development of the CDS market has played an important role in the credit risk markets. Currently, the CDS market is transforming into a more stable system. Various measures are being put in place to help enhance market transparency and mitigate operational and systemic risk. In particular, central counterparties have started to operate, which will eventually lead to an improved management of individual as well as system-wide risks.
文摘The amount of non-technical losses in Brazil is quite elevated, accounting for nearly 5.5% of the country＇s total generated power. Such losses are asymmetrically distributed within the various regions of the country. Meter tampering （fraud）, meter bypassing by regular consumers （theft） and irregular hookups to the network by unlawful consumers are the most predominant forms of irregularities. Part of it which is caused by non-technical losses is being passed on to the consumers through the tariffs they pay. This paper presents an overview of the current situation related to non-technical losses in Brazil involving： quantification, regional asymmetry, nature and stratification, tariff management, and strategies employed to its reduction. Advanced measurement techniques provided by smart-grids can significantly reduce them. It is suggested a potential reduction of 60%. An innovative way of using these indicators in order to identify irregularities is briefly presented in this work.
