Liquidity Risk Management

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Investing for a Lifetime is designed to make saving and investing understandable to the investor. Wharton Professor Richard C. Marston, 2014 recipient of the Investment Management Consultants Association’s prestigious Matthew R. McArthur Award, guides an investor through the main investment decisions throughout a lifetime. Investing for a Lifetime shows: how younger investors can set savings goals how both younger and older investors can choose investment portfolios to achieve these goals how investors can sustain spending once reaching retirement. Younger and older investors alike should understand savings goals that will provide enough income to sustain spending in retirement. They should devise rates of saving that allow them to reach their goals by the time of retirement. Though retirement is often the main goal of investing, it’s not the only one. Marston discusses how funding a child’s education or saving for a down payment for a home affects overall saving. Sensible investing is also necessary for savings goals to be realized. Investing need not be complicated, but Marston explains that a diversified portfolio should include a mix of different types of U.S. stocks, foreign stocks, real estate as well as bonds. He describes each of these asset classes and shows how they fit in an investor’s portfolio. He shows how investors can monitor the performance of their portfolios by establishing benchmarks for each asset class to judge how well their investments are doing. He focuses particular attention on those investors nearing retirement. In today’s low interest rate environment, he discusses whether it is possible to fund retirement from interest and dividends alone. He shows how savings combined with Social Security can fund retirement spending. And he asks how the “New Normal” of lower returns might force investors to save more than in past decades, and to spend less in retirement than in the past. Investing for a Lifetime is for investors who want to understand more about the savings and investment process, particularly those who worry about whether their retirement savings will last a lifetime.

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Liquidity Risk

Management

A Practitioner's Perspective

SHYAM VENKAT

STEPHEN BAIRD

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data is available:

Names: Venkat, Shyam, 1962– author. | Baird, Stephen, 1966– author.

Title: Liquidity risk management: a practitioner's perspective / Shyam Venkat, Stephen Baird.

Description: Hoboken: Wiley, 2016. | Series: Wiley finance | Includes index.

Subjects: LCSH: Bank liquidity – Management. | Banks and banking – Risk management. | Financial risk management. | BISAC: BUSINESS & ECONOMICS / Banks & Banking.

Classification: LCC HG1656.A3 V46 2016 (print) | LCC HG1656.A3 (ebook) | DDC 332.1068/1 – dc23

LC record available at http://lccn.loc.gov/2016001879

Cover Design: Wiley

Cover Image: Lost in the middle © iStock.com/3dts

Chapter 1

Introduction

Shyam Venkat and Stephen Baird1

The global financial crisis began as fears over credit losses and counterparty insolvency eroded market confidence and quickly led to a full-fledged liquidity crisis. As early as August 2007, institutions were seeing a fundamental shift in the liquidity of markets, well before the depth of the mortgage crisis was understood. Today, over eight years later, we stand in the midst of a risk management and regulatory transformation that is touching every aspect of how financial institutions manage their risks and is far from complete. Liquidity risk – one among a very long list of worries for banks, asset managers, regulators, and customers – nevertheless stands apart as it addresses the lifeblood of an institution and liquidity can dry up suddenly if not properly managed. While the credit profile of a loan portfolio can take months or even years to deteriorate, liquidity can disappear in a matter of hours. Liquidity is unpredictable, difficult to measure, and often opaque. In a crisis, market participants are more likely to rely on the media and the rumor mill rather than earnings releases to evaluate the risk of providing liquidity to a trading partner.

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