information to the public in a similar manner as the property price paid data set and make it a legal requirement to register land option agreements, transactions and prices."
We will bring credit default swaps under a clearing house where capital reserves and collateral are both carefully scrutinised.
Increase regulation of Credit Rating Agencies, by first wholly supporting the efforts of the European Commission to increase regulation.
@philipjohn - about 9 years ago
Thanks for the interesting contribution! It'd be great if we could have a little more detail on what problem this proposal aims to solve and how your proposal would solve that problem.
Likewise, I think this is probably a good thing, but I don't know enough about either to decide. Any detail on the problems being solved would be great.
@anilliams - about 9 years ago
Okey-dokey.
I'm going to say that I pulled the two policy ideas from a book I'm reading, The Debt Generation by David Malone. I know quite a bit about credit default swaps, but not what a clearing house is, and I have some idea of what credit rating agencies do, but not how to reform them. So, give me a couple days and I'll formulate some real proposals.
What I do know is that ESMA is doing a lot of good work on regulating Credit Rating Agencies. Basically, what we need to do is reduce over-reliance on credit ratings while at the same time improving the quality of the rating process.
I think we should start by making agencies legally liable for their decisions. However, as I said, I'll do a bit of research into the various proposals for reform and get back to you.
@anilliams - about 9 years ago
It might be worth reading a few of these bits and bobs about Credit Rating Agencies. I'll scour them for some policy ideas.
What the Ratings Agencies really do. Liars Lexicon – Support Uplift Credit Rating Agency Performance Needs Improvement Credit rating agencies: The current system and how it can be improved Stricter rules for credit rating agencies to enter into force Credit Rating Agencies: Alternative Compensation Models for Nationally Recognized Statistical Rating Organizations
@anilliams - about 9 years ago
My ideas for a Credit Rating Agencies policy:
We aim to reduce over-reliance on credit ratings whilst at the same time improving the quality of the rating process.
We will establish a monitoring body to examine the work of Ratings Agencies.
We will force Credit Rating Agencies to be more transparent about their work and their ratings.
We will open up the market for competition with Credit Rating Agencies, as well as introduce a ban on expansion for the “Big Three,” Standard and Poor's, Moody's and Fitch. We should also have a public or non-profit Credit Rating Agency.
We will also make Ratings Agencies legally liable for their actions.
@philipjohn - about 9 years ago
Sounds good - probably best to close this one and spin up a new proposal with that in.
Sorry, missed this. @andrewdwilliams, just make a new edit on the site with your updated version, and we'll close this one off if it's superceded. I'll link them together in the comments so we can follow the history.
Or, if you want, you can edit this change directly at https://github.com/openpolitics/manifesto/pull/282/files - click the pencil icon in the top right corner of the file viewer area.
@anilliams - about 9 years ago
This can be disregarded now, I have proposed a new one focusing solely on credit ratings agencies.
The OpenPolitics Manifesto
@andrewdwilliams - about 9 years ago
I've added some initial thoughts on the two subjects, and want to see if we can develop more cohesive policies based on my initial statements.