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1、BaselIII:HigherCapital,Better-QualityLiquidity,TougherRules,butStillUncertainImpactAnalystAuthor:RodneyNelsestuenSeniorResearchDirector,FinancialStrategiesandITInvestmentsNovember8,2010Reference#V65:08BWETowerGroupKeyFindings•BaselIIIimprovesthesystemicsoundnessofthefinancialsystembutnott
2、hatofindividualfinancialservicesinstitutions(FSIs)becauseofwide-rangingmacroeconomicconditions,nationaljurisdictionalphilosophies,andlinesofbusinesspursued.•BythetimethephasinginofBaselIIIstandardsiscompleteinJanuary2019,thenatureoftheindustrymayhavechangedinamaterialsense,whichwillalsoch
3、angethedefinitionsof"systemicallyimportant"FSIsand"toobigtofail."•BaselIIIraisesthestandardsforcapitalandliquidity;italsoincreasesthedemandsontechnologyproviderstohelpFSIsimplementthestandardsoperationally.•Expandedfeaturestohybriddebt/equitysecuritiesmayemerge,includingtheconversionalong
4、aslidingscalebetweendebtandequityasbankconditionsworsenandbacktodebtstatusastheyimprove.•Calculating30-dayliquidityratioswillbethegreatestchallengetoFSIsinmeetingthenewstandardsandwillrequirenewandon-demanddatasourcesnotreadilyavailableinmostolderITsystems.•Forbankswithhistoricallyhigherc
5、apitalratios,BaselIIIwillnotbeaschallengingasitwillformoreleveragedFSIs,whosestockholders'returnscouldbereduced25%bytheincreaseofcommonequity,tier1capital,andtotalcapital.ReportCoverageThisTowerGroupResearchNoteconsidersthebenefitsandchallengesofmeetingthecapitalandliquiditystandardsresul
6、tingfromchangesproposedinSeptember2010bytheBankforInternationalSettlements(BIS)BaselCommitteeonBankingSupervision.Thereportdiscusseshowthesechanges,commonlyreferredtoasBaselIII,arelikelytoaffectfinancialservicesinstitutions(FSIs)andcreatenewopportunitiesfortechnologyprovidersservingtheind
7、ustry.HigherTier1Capital,MoreCommonEquity,BetterLiquidityTherevisionstocapitalandliquiditystandardsproposedbytheBaselCommitteeinSeptember2010arebothmonumentalandinadequate.Theyaremonumentalinthattheyraisethetotalamountofcapitalmandated,requirehigher-qualitycapital,a