A Quote by Blythe Masters
I think the most important thing to understand about credit derivatives and their use at JPMorgan is they served a number of different purposes. First and foremost, they were a tool which initially was seen as being useful in managing the bank's own risk management challenges.
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JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.
I spent my whole career thinking about risk, markets, infrastructure, and regulation. I had seen the financial crisis unfold, and I had seen the credit derivatives market get operationally ahead of itself, which resulted in systemic risk counterparty exposures. I began to believe that distributed ledgers had the capability to tackle that problem.
Managing risk is very different from managing strategy. Risk management focuses on the negative-threats and failures rather than opportunities and successes.
The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions... Derivatives have permitted the unbundling of financial risks.
I had seen the financial crisis unfold, and I had seen the credit derivatives market get operationally ahead of itself, which resulted in systemic risk counterparty exposures. I began to believe that distributed ledgers had the capability to tackle that problem.
In bypassing barriers between different classes, maturities, rating categories, debt seniority levels and so on, credit derivatives are creating enormous opportunities to exploit and profit from associated discontinuities in the pricing of credit risk.
The number one thing I urge people to remember is it is all about being scientific about managing strategic uncertainty, while striking the important balance between being thorough and being flexible.
Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn't liquidate their risk, and the system tended to freeze up.
If for you the most important thing is to make a lot of money, then you don't want to take a certain type of risk. If, on another hand, the most important thing to you is to make people around you have a more fulfilled life, then there is a different set of things that are important to you. Unless you really know that about yourself, you will never be able to appropriately assess risk.
Beliefs constitute the basic stratum, that which lies deepest, in the architecture of our life. By them we live, and by the same token we rarely think of them.... One may symbolize the individual life as a bank of issue. The bank lives on the credit of a gold reserve which is rarely seen, which lies at the bottom of metal coffers hidden in the vaults of the building. The most elementary caution will suggest that from time to time the effective condition of these guaranties--of these credences, one might say, that are the basis of credit--be passed in review.
There are challenges in terms of the measurement of VAR for what are known as nonlinear derivatives, where things like gamma and vega are important dimensions of the risk.
Managing risk is a key variable, frankly, all aspects of life, business is just one of them, and one of the things that most people do in terms of managing risk, that's actually bad thinking, is they think they can manage risk to zero. Everything has some risk to it. You know, you drive your car down the street, a drunk driver may hit you. So what you're doing is you're actually trying to get to an acceptable level of risk.
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