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IVSC LAUNCHES EXPERT GROUP TO ADVISE ON VALUATION OF FINANCIAL INSTRUMENTS
The International Valuation Standards Council (IVSC) has launched a new expert group, which will advise the IVSC Boards on the valuation of financial assets and liabilities, and assist in developing relevant standards and guidance.
The group, made up of fifteen leading experts drawn from around the World, has been established to examine the types of guidance needed to avoid some of the difficulties that have been highlighted by the financial crisis.
Chris Thorne, chairman of the IVSC Standards Board said, “The need for international standards in valuing illiquid and/or complex financial instruments has never been greater, as was highlighted by the recent G20 Summit. The combination of inactive markets, with new FASB and IASB financial reporting requirements, has created unprecedented levels of inconsistency and confusion throughout the financial industry. The IVSC seeks to pioneer the movement towards improved standards, which can only increase transparency, preserve the integrity of financial statements and contribute to reducing the financial sector’s vulnerability.”
The members of the new Expert Group are:
- Mahdi Amri, Senior Manager, Deloitte, Canada
- Ana Castaneda, General Manager, InterMoney Valora Consulting S.A, Spain
- James Chang, Partner, Financial Risk Management Advisory practice, PricewaterhouseCoopers, New York
- Tanguy Dehapiot, Head of Valuation, Market and Liquidity Risk, BNP Paribas
- James DeBono, Managing Director and European Financial Engineering Leader, Duff & Phelps
- Christopher J Dias, Principal, Financial Risk Management, KPMG LLP, New York
- Bernard Dumas, Swiss Finance Institute Professor of Finance, Université de Lausanne
- Darryll Hendricks, Managing Director and Head of Risk Methodology for UBS Investment Bank, New York
- Peter Jones, Global Head of Valuation Scenario Services, Fixed Income Risk
- Dr. Cindy Ma, Managing Director, Houlihan Lokey, New York
- Manish Saxena, Associate Vice President, American Appraisal India Pvt. Ltd
- Daniel Sommer, Partner Advisory Financial Risk Management KPMG, Germany
- Li Xiaoqiang, Division Director, Chief Accountant’s Office, China Securities Regulatory Commission
- Qingji Yang, Principal Financial Services Office, Ernst & Young, New York
Ian Blance will act as technical consultant to the group. Ian is Principal of an independent consulting practice in the UK.
A member of the staff of the International Accounting Standards Board will act as an observer to the group.
The first meeting of the group is scheduled for London in late June and it is scheduled to report to the Board by the end of the third quarter. For further information on the IVSC, please see the website: www.ivsc.or
-- ENDS --
For press enquiries please contact: Joanna Tudor, Spada
Joanna.Tudor@spada.co.uk
Tel: +44 (0)20 7269 1430
For further information on the IVSC please contact: Marianne Tissier, IVSC
mtissier@ivsc.org
Tel: +44 (0)1442 879 306
NOTES TO EDITORS
About the IVSC:
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international
valuations through a single set of globally recognized valuation standards, acceptable to the world’s capital markets organisations market
participants and regulators, which will meet the challenges of a fast-changing global economy.
The governance structure of the IVSC, a non-profit organisation incorporated in the US, includes two independent technical Boards – the
International Valuation Standards Board and the International Valuation Professional Board – and a global Board of Trustees responsible for
the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and
preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play
in advising the Boards on agenda decisions and priorities in the work of the IVSC.
For more information please visit: www.ivsc.org
EXPERT GROUP BIOGRAPHIES:
Mahdi Amri
Mahdi Amri is a Senior Manager in the Financial Advisory group in Montreal and is the leader of the Financial Engineering group for Deloitte in Canada.
Mahdi specializes in the valuation of complex financial products and risk management. He provides consulting and audit support services and has 11 years
of experience valuing structured securities and complex derivatives. He provides independent validation of client pricing models and assessment of valuation
methodologies. Mahdi frequently presents on topics ranging from financial instrument fair value measurement to risk management. Prior to joining Deloitte,
Mahdi held various treasury and risk management positions with large companies in Canada where he led teams responsible for market risk management in the
areas of foreign exchange, interest rates and commodities.
Ian Blance
Ian Blance has over 20 years experience in the financial markets focused on research and valuation of securities and derivatives. He is Principal of an independent consulting practice specializing in financial asset valuations and risks.
Ian works with a variety of clients in the asset valuations area, ranging from users and regulators through to vendors, offering analysis and advice in a number of key areas including user best practice and process, regulation and compliance, and valuations vendor options.
Prior to forming his own consulting practice, Ian spent 12 years with Interactive Data Corporation, setting up and building their fixed income valuations business in Europe and subsequently running the IDC Evaluation Division out of New York.
Before IDC, Ian was an economist and senior bond strategist in investment banking.
Ana Castañeda
Ana Castañeda is General Manager in InterMoney Valora Consulting S.A, Spain, a leading financial services company in Iberia providing independent valuation services for non-liquid assets and financial risk management solutions. She has over 10 years of experience in complex security valuations, whether derivatives, structure transactions or hedging strategies. Her work ranges from fair value computations for complex illiquid securities to providing independent opinions and expert testimonies or designing valuations solutions to be implemented at clients. She has also a large expertise in market and credit risk management, both from the assessment side (VaR models, sensitivity analysis, stress testing, EVT) and the organisational side.
Ana holds a Master Degree in Economics and is Ph. D. from University Carlos III of Madrid. Prior to joining InterMoney she held professorships at universities in Madrid, Barcelona and Florence. She was a member of the European Economic Forum.
James Chang
James is a Partner in PricewaterhouseCoopers’ Financial Risk Management Advisory practice in New York and Beijing with over fifteen years of experience in risk management consulting and investment banking. He specializes in helping various financial institutions to address complex and strategic finance issues such as developing and implementing an effective financial risk management framework, analyzing and optimizing capital structure, determining the fair value of complex financial instruments and assessing the economics of hedging strategies.
James is a frequent speaker to various industry conferences, seminars and symposium focusing on current financial crisis, valuation of complex financial instrument and risk management at financial institutions. He is also an active member of the New York Society of Security Analysts (NYSSA), Chartered Financial Analyst International (CFAI), International Association of Financial Engineer (IAFE), the Professional Risk Managers’ International Association (PRMIA), American Institution of Certified Public Accountant (AICPA) and Risk Management Association (RMA).
James holds a MBA in Finance from Stern Business School of New York University and a Chartered Financial Analyst designation. He is also a Certified Public Accountant licensed in New York State.
Tanguy Dehapiot
Tanguy Dehapiot has studied at Ecole Polytechnique in Paris and is member of the French Institute of Actuaries. He has been working during his entire career at BNP Paribas (initially Paribas). He started as a quantitative analyst on Interest Rate derivatives and then created the Model Risk Team within the Market and Liquidity Risk department that has defined the model control framework and initiated valuation reserves.
More recently, he was involved in all aspects of valuation governance covering all financial products including accounting aspects and was deeply involved in the Day One Profit subject. During the BNP and Paribas merger, he was in charge of the valuation reconciliation between the two banks and repeated this experience with the merger with the Italian Bank BNL and currently works on the purchase accounting of the Fortis merger.
He now heads a transversal valuation policy and control team within the Risk department. In 2008, he has participated to the valuation workgroups the Institute of International Finance and has been involved with the Basel Committee Accounting Task Force and the IASB Expert Advisory panel.
James DeBono
James DeBono is the Managing Director of the London office of Duff & Phelps and the European Financial Engineering Leader. He has more than fifteen years experience in advising clients on valuation and works closely with hedge funds, financial institutions and regulatory bodies on the valuation of complex portfolios.
He has particular expertise in the valuation of derivative instruments, embedded derivatives and complex capital structures under IAS 39/FAS 133 and IFRS2/FAS 123R. He also leads engagements relating to the validation of trading models for major financial institutions.
Christopher J Dias
Christopher Dias is a Principal in the Financial Risk Management Practice at KPMG, in New York. He leads a Market and Credit Risk team who specialize in wide array of quantitative and assessment services, including financial instrument valuation, model validation and financial instrument modelling. Chris has cross-functional experience in regulatory risk, market risk and credit risk management. He has helped clients with a variety of services, including derivative valuation, regulatory preparedness, model validation, liquidity assessments, and financial due diligence. Chris holds an MBA in Finance from New York University.
Bernard Dumas
Bernard Dumas is Swiss Finance Institute Professor of Finance at the Université de Lausanne, which he joined in September 2006. Prior to joining the university, he was Professor at INSEAD, at HEC Paris and The Wharton School of the University of Pennsylvania.
Professor Dumas specializes in International Finance and Finance Theory in Continuous Time. He is or has been Editor of various academic journals including The Review of Financial Studies. He is currently Associate Editor of The Journal of Finance and co-editor of the Review of Finance.
Professor Dumas has been a Member of the Board of the American Finance Association, and is a Research Associate of the National Bureau of Economic Research and a Research Fellow of the Centre for Economic Policy Research.
Professor Dumas received his Master of Science and PhD from Columbia University, New York.
Darryll Hendricks
Darryll Hendricks is Managing Director and Head of Risk Methodology for UBS Investment Bank, including responsibility for model validation. He has participated in the IASB’s Expert Advisory Panel on Valuation in Illiquid Markets. Darryll was previously a senior vice president in bank supervision at the Federal Reserve Bank of New York, where he worked from 1992 to 2005.
Peter Jones
Peter heads up Standard and Poor’s valuation scenario services and is responsible for the provision of their offerings around intrinsic valuation, fair value and credit related valuation analysis of complex and illiquid assets. He has over fifteen years experience working in the valuation and analytics industry and has run the European evaluated pricing businesses at Standard and Poor’s Securities Evaluations and IDC.
At Standard & Poor’s Securities Evaluations Inc. he was responsible for building their European structured finance valuation offering. Peter is a frequent speaker at industry seminars and conferences, and also regularly contributes to a wide range of industry and media forums on issues around valuation of illiquid assets.
Cindy Ma
Dr. Cindy Ma is a Managing Director in Houlihan Lokey’s New York office, where her primary responsibilities as part of the firm’s Financial Advisory Services business include providing valuations, financial opinions and expert witness testimony. She leads the firm’s illiquid and complex securities valuation practice and is a member of the firm’s Technical Standards Committee. Dr. Ma has over 20 years of extensive training, academic expertise and hands-on experience in commodities, derivatives, securities, structured transactions, hedging strategies and risk management issues. She has a deep understanding of the economic, operational, and institutional aspects of the securities and derivatives markets. Dr. Ma served as an adjunct professor at Columbia University where she taught an MBA level course in derivatives. She graduated from Columbia University Graduate School of Business with a Ph.D. in finance. She holds the designation of Chartered Financial Analyst and is a Certified Public Accountant.
Manish Saxena
Manish is Associate Vice President, American Appraisal India Pvt. Ltd. At American Appraisal, he is responsible for managing and executing projects involving financial instruments valuation, business valuation and intangible assets valuation. He has been involved in valuation of various derivative instruments like cross currency swaps, interest rate swaps, knock out options, forward contracts, structured loan facility etc. He has also been involved in offering valuation consulting services for some of the high value cross border acquisitions carried out by Indian companies in the recent past.
Daniel Sommer
Daniel Sommer is the responsible Partner for Risk Methodology in KPMG Europe’s Financial Risk Management Practice. He has more than thirteen years experience in the banking industry and in consulting banks on market and credit risk as well as economic capital management. He is responsible for KPMG’s Financial Engineering Team and European Credit Risk Competence Team. His project work focuses on the valuation of financial instruments as well as on the design and implementation of risk management concepts, mathematical methods, models and processes. His clients are leading national and international banks.
Daniel Sommer studied economics at the University of Bonn and at the London School of Economics. He holds an MSc and PhD in Economics from the University of Bonn. He has published in international refereed journals on topics in financial mathematics.
Li Xiaoqiang
Li Xiaoqiang is the Division Director of the Chief Accountant’s Office, China Securities Regulatory Commission. He has ten years regulatory practice within the CSRC for both the M&A-related accounting practice and the related financial instruments valuation practice of the listed companies at the Chinese capital market. From 1994 to 1999, he worked for the China National Auditing Office; since 1999 he has been working for the China Securities Regulatory Commission.
Qingji Yang
Qingji Yang is a Principal from the Financial Services Office, Ernst & Young, New York. He is head of Quantitative Advisory Services team in the US. Qingji has extensive experience in providing advisory services in financial risk management. He specializes in exotic derivative and structured security valuation and pricing model and risk measurement model validation. Qingji is also experienced in model risk management governance and control and risk reporting. He has assisted clients in the development and validation of derivative and structured security valuation models, capital adequacy models, VaR models, Basel II PD, LGD and potential future exposure (PFE) models, and counterparty credit value adjustment (CVA) models.
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