A Risk Professional's Survival Guide. Rossi Clifford

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      1

      A nonbank financial company engages in financial services activities but is not a regulated depository institution such as a commercial bank, thrift or credit union. An insurance company or hedge fund would be examples of nonbank institutions.

      2

      A constant elasticity of substitution production function exhibits the property that production is a function of a constant relati

1

A nonbank financial company engages in financial services activities but is not a regulated depository institution such as a commercial bank, thrift or credit union. An insurance company or hedge fund would be examples of nonbank institutions.

2

A constant elasticity of substitution production function exhibits the property that production is a function of a constant relationship between the substitutability between factor inputs such as retail deposits and personnel.

3

Brokered deposits are a form of wholesale deposit that banks may use to augment their retail branch generated deposit base. They may be purchased in markets from brokers that buy and package these deposits from other institutions.

4

Lagrange multipliers are used in some types of constrained optimization problems where closed form solutions may be difficult to otherwise obtain.

5

The concept of risk-neutrality is a fundamental concept in financial theory and its treatment in detail is beyond the scope of this book. However, a risk-neutral investor is indifferent between accepting a risky payoff and one that is 100 percent certain to occur.

6

A finance company is a type of nondepository institution, a firm that does not rely on deposit-gathering activities like a traditional bank and instead is dependent upon capital market financing.

7

There are times when SifiBank takes an offsetting position in order to meet a client’s needs when a suitable buyer or seller is not available at that time, however, this tends to be for a very short period of time until it can unwind that position.

8

A repurchase agreement, or repo, is a sale of securities (such as Treasury instruments) typically over a short window of time (e.g., overnight). The seller buys back the securities at the end of the contractual period and in this manner the seller is in a borrowing position. A reverse repo looks at the repo transaction from the perspective of the buyer of the securities and puts them in an effective lending position.