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Nationally Recognized Statistical Rating Organization
A nationally recognized statistical rating organization (NRSRO) is a credit rating agency (CRA) approved by the U.S. Securities and Exchange Commission (SEC) to provide information that financial firms must rely on for certain regulatory purposes. History The use of the term NRSRO began in 1975 when the SEC promulgated rules regarding bank and broker-dealer net capital requirements (). Prior to 1975, the SEC did not adopt specific standards for determining which credit rating agencies were "nationally recognized", and instead addressed the question on a case-by-case basis. NRSRO recognition was granted by the SEC through a "No Action Letter" sent by the SEC staff. Under this approach, if a CRA (or investment bank or broker-dealer) were interested in using the ratings from a particular CRA for regulatory purposes, the SEC staff would research the market to determine whether ratings from that particular CRA were widely used and considered "reliable and credible." If the SEC staf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Rating Agency
A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of default. An agency may rate the creditworthiness of issuers of debt obligations, of debt instruments, and in some cases, of the servicers of the underlying debt, but not of individual consumers. Other forms of a rating agency include environmental, social and corporate governance (ESG) rating agencies and the Chinese Social Credit System. The debt instruments rated by CRAs include government bonds, corporate bonds, CDs, municipal bonds, preferred stock, and collateralized securities, such as mortgage-backed securities and collateralized debt obligations. The issuers of the obligations or securities may be companies, special purpose entities, state or local governments, non-profit organizations, or sovereign nations. A credit rating facilitates the trading of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Labor
The United States Department of Labor (DOL) is one of the executive departments of the U.S. federal government. It is responsible for the administration of federal laws governing occupational safety and health, wage and hour standards, unemployment benefits, reemployment services, and occasionally, economic statistics. It is headed by the secretary of labor, who reports directly to the president of the United States and is a member of the president's Cabinet. The purpose of the Department of Labor is to foster, promote, and develop the well-being of the wage earners, job seekers, and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights. In carrying out this mission, the Department of Labor administers and enforces more than 180 federal laws and thousands of federal regulations. These mandates and the regulations that implement them cover many workplace activities for about 10 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Egan-Jones Ratings Company
Egan-Jones Ratings Company is an American credit rating agency that is a nationally recognized statistical rating organization (NRSRO) founded in 1995 to provide "timely, accurate credit ratings." Egan-Jones rates the credit worthiness of issuers looking to raise capital in private credit markets across a range of asset classes. Typical issuers of rated securities include banks, asset managers, insurance companies, and other financial institutions. Based in Haverford, Pennsylvania, Egan-Jones positions itself as unique among NRSROs for being primarily investor-supported, a structure designed to minimize the potential for conflicts of interest in assessing credit quality. Egan-Jones also provides ESG and proxy advisory services. History Sean Egan founded a research firm Red Flag Research in 1992 while working as a banker at Chemical Bank. He hired Bruce Jones from Moody's who was working as an analyst, and renamed the company Egan-Jones. In December 1995, the company issued i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demotech
Demotech, Inc., is an American insurance rating agency headquartered in Columbus, Ohio, that focuses on independent, regional, and specialty companies in the property and casualty insurance (P&C) industry. It is independent from the companies that it rates. Differences An insurance rating agency issues financial-strength ratings measuring a company's ability to immediately pay claims presented. A credit rating agency issues financial-strength ratings measuring a company's ability to pay back debt by making timely principal and interest payments and the likelihood of default. Traditional companies such as AM Best, Moody's Investors Service, Standard and Poor’s, and Fitch Ratings do rate insurance providers, but typically only large national companies. Demotech was founded in 1985 to provide financial analysis of, and actuarial services for, niche markets ignored by Big Three (credit rating agencies). The principals were Joseph and Sharon Romano Petrelli. The U.S. Securities an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Morningstar, Inc
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services. With operations in 29 countries, Morningstar's research and recommendations are considered by financial journalists as influential in the asset management industry, and a positive or negative recommendation from Morningstar analysts can drive money into or away from any given fund. Through its asset management division, the firm currently manages over . The firm also provides software and data platforms for investment professionals, including "Morningstar Research Portal", "Morningstar Direct" and "Morningstar Advisor Workstation". History Founder Joe Mansueto initially had the idea for Morningstar in 1982 while reviewing mutual fund annual reports he had requested from several prominent fund managers. However, it was only after a year working as a stock analyst for Harris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
DBRS
Morningstar DBRS is a global credit rating agency with offices in Toronto, New York, Chicago, London, Frankfurt and Madrid. Morningstar DBRS provides independent credit rating services for financial institutions, corporate and sovereign entities and structured finance products and instruments. It was originally founded as Dominion Bond Rating Service in Toronto in 1976, and its operations were integrated with Morningstar Credit Ratings to form Morningstar DBRS after its acquisition by the global financial services firm Morningstar, Inc. in 2019. It is the largest rating agency in Canada. Morningstar DBRS is the fourth-largest credit rating agency by global market share, with between 2% and 3% of global market share. The company is one of only four CRAs, including Standard & Poor's, Moody's Investors Service, and Fitch Ratings, to be recognized as an external credit assessment institution by the European Central Bank (ECB). In recent years, Morningstar DBRS' sovereign ratings on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AM Best
A.M. Best Company, Inc. is an American credit rating agency headquartered in Oldwick, New Jersey, that focuses on the insurance industry. Both the U.S. Securities and Exchange Commission and the National Association of Insurance Commissioners have designated the company as a Nationally Recognized Statistical Rating Organization (NRSRO) in the United States. Business AM Best issues financial-strength ratings measuring insurance companies' ability to pay claims. It also rates financial instruments issued by insurance companies, such as bonds, notes, and securitization products. AM Best publishes a series of printed and online resources of insurance professionals and publications. The oldest and best known is ''Best's Recommended Insurance Attorneys & Adjusters''. Insurance publications include ''BestWeek'', a weekly newsletter, ''Best's Review'', a monthly digital & print magazine, and an online wire service called ''BestWire''. History Founded in 1899 by Alfred M. Best ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Three (credit Rating Agencies)
The Big Three credit rating agencies are S&P Global Ratings (S&P), Moody's, and Fitch Group. S&P and Moody's are based in the US, while Fitch is dual-headquartered in New York City and London, and is controlled by Hearst. As of 2013 they hold a collective global market share of "roughly 95 percent" with Moody's and Standard & Poor's having approximately 40% each, and Fitch around 15%. According to an analysis by Deutsche Welle, "their special status has been cemented by law — at first only in the United States, but then in Europe as well." From the mid-1990s until early 2003, the Big Three were the only " Nationally Recognized Statistical Rating Organizations (NRSROs)" in the United States — a designation meaning they were used by the US government in several regulatory areas. (Four other NRSROs merged with Fitch in the 1990s.) The European Union has considered setting up a state-supported EU-based agency. The Asian credit rating market is relatively diverse. Due to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Lewis
Michael Monroe Lewis (born October 15, 1960) Gale Biography In Context. is an American author and financial journalist. He has also been a contributing editor to '' Vanity Fair'' since 2009, writing mostly on business, finance, and economics. He is known for his nonfiction work, particularly his coverage of financial crises and behavioral finance. Lewis was born in New Orleans and attended Princeton University, from which he graduated with a degree in art history. After attending the London School of Economics, he began a career on Wall Street during the 1980s as a bond salesman at Salomon Brothers. The experience prompted him to write his first book, '' Liar's Poker'' (1989). Fourteen years later, Lewis wrote '' Moneyball: The Art of Winning an Unfair Game'' (2003), in which he investigated the success of the Oakland Athletics baseball team and their general manager Billy Beane. His 2006 book '' The Blind Side: Evolution of a Game'' was his first to be adapted into a film, '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Big Short
''The Big Short: Inside the Doomsday Machine'' is a nonfiction book by Michael Lewis about the build-up of the United States housing bubble during the 2000s. It was released on March 15, 2010, by W. W. Norton & Company. It spent 28 weeks on ''The New York Times'' best-seller list, and was the basis for the 2015 film of the same name. Summary ''The Big Short'' describes several of the main players in the creation of the credit default swap market who sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the 2008 financial crisis. It also highlights the eccentric natures of people who bet against the market or otherwise "go against the grain." The book follows people who believed the housing bubble was going to burst—including Meredith Whitney, who predicted the demise of Citigroup and Bear Stearns; Steve Eisman, an outspoken hedge fund manager; Greg Lippmann, a Deutsche Bank trader; Eugene Xu, a quantitative analyst who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Narvik Municipality
() is the third-largest List of municipalities of Norway, municipality in Nordland Counties of Norway, county, Norway, by population. The administrative centre of the municipality is the Narvik (town), town of Narvik. Some of the notable villages in the municipality include Ankenesstrand, Ballangen (village), Ballangen, Beisfjord, Bjerkvik, Bjørnfjell, Nordland, Bjørnfjell, Elvegården, Kjøpsvik, Skjomen, Håkvik, Hergot, Straumsnes, Narvik, Straumsnes, and Vidrek. The Elvegårdsmoen army camp is located near Bjerkvik. Narvik is located on the shores of the Ofotfjorden. The municipality is part of the Districts of Norway, traditional district of Ofoten of Northern Norway, inside the Arctic Circle. Narvik Municipality borders Hamarøy Municipality to the southwest; Evenes Municipality to the northwest; Bardu Municipality, Gratangen Municipality, Lavangen Municipality, and Tjeldsund Municipality (in Troms county) to the north; and Norrbotten County (Lapland, Sweden, Lapland) in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structured Finance
Structured finance is a sector of finance — specifically financial law — that manages Leverage (finance), leverage and Financial risk, risk. Strategies may involve legal and corporate restructuring, off balance sheet accounting, or the use of financial instruments. Securitization provides $15.6 trillion in financing and funded more than 50% of U.S. household debt last year. Through securitization and structured finance, more families, individuals, and businesses have access to essential credit, seamlessly and at a lower price. With more than 370 member institutions, the Structured Finance Association (SFA) is the leading trade association for the structured finance industry. SFA’s purpose is to help its members and public policymakers grow credit availability and the real economy in a responsible manner. ISDA conducted market surveys of its Primary Membership to provide a summary of the notional amount outstanding of interest rate, credit, and equity derivatives, until 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
