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FSB Creates Systematic Risk List of Thirty Financial Firms (BAC,GS,JPM,C,MS,BCS,STD)

Posted on: Mon, 30 Nov 2009 08:23:00 EST

Symbols: MS, C, BAC, JPM, GS

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Nov 30, 2009 (SmarTrend(R) News Watch via COMTEX) --
MS | Quote | Chart | News | PowerRating -- 11/30/2009-According to a report from the Financial Times, thirty financial institutions, most of which are based overseas, were selected by the FSB for "cross-border supervision exercises," to check for systematic risk.

Overseas financial institutions chosen by the Financial Stability Board included the Royal Bank of Canada, Barclays (NYSE:BCS), HSBC (NYSE:HBC), Royal Bank of Scotland (NYSE:RBS), Standard Chartered, Credit Suisse (NYSE:CS), UBS (NYSE:UBS), BNP Paribas, Societe Generale, BBVA, Santander (NYSE:STD), Mitsubishi UFJ (NYSE:MTU), Mizuho, Nomura, Sumitomo Mitsui, Banca Intesa, UniCredit, Deutsche Bank (NYSE:DB), ING Groep (NYSE:ING).

Meanwhile, the FSB earmarked six insurance firms including Aegon, Allianz, Aviva, Axa, Swiss Re and Zurich.

The FSB was made to address the issue of systematically important cross-border financial institutions by setting up "supervisory colleges." According to the FT report, the colleges will be asked to create "living wills," documents that outline how they could be "wound up" if another crisis were to occur.

Write to Chip Brian at cbrian@tradethetrend.com

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