risk management in emerging markets
DESCRIPTION
Risk Management in Emerging Markets. BSCH Experience in Latin America. Trinidad, February 2000. Risk Management in Emerging Markets. AGENDA BSCH - Firmwide Risk Management Risk Factors in Emerging Markets Implemementing Market Risk Management in Emerging Markets Summary. - PowerPoint PPT PresentationTRANSCRIPT
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Risk Management in Risk Management in Emerging MarketsEmerging Markets
BSCH Experience in Latin AmericaBSCH Experience in Latin America
Trinidad, February 2000
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
AGENDAAGENDA
BSCH - Firmwide Risk ManagementBSCH - Firmwide Risk Management
Risk Factors in Emerging MarketsRisk Factors in Emerging Markets
Implemementing Market Risk Management in Emerging MarketsImplemementing Market Risk Management in Emerging Markets
SummarySummary
Risk Management in Emerging Markets
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
BSCH - Firmwide Risk ManagementBSCH - Firmwide Risk Management
BSCH MissionBSCH Mission
Risk Management PhilosophyRisk Management Philosophy
Detailed FunctionsDetailed Functions
Business and Risk Management OrganizationBusiness and Risk Management Organization
Market Risk Management GroupMarket Risk Management Group
Risk Management in Emerging Markets
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
BSCH Risk Management Mission ...
The primary objective is to protect the capital of the firm,
maximizing the return on the capital invested.
Senior Management has assigned the Market Risk Function the responsibility to gather, analyze control and report the information regarding the market risk´s held by the firm in order to allow the risk takers, managers and other personnel
to understand and make informed decisions regarding the management and control of risks taken.
Firmwide Risk Management
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
BSCH Risk Management Philosophy ...• Independence from the Business Units
• Support for Informed Business Decision-making
• Local Expertise in Each Products
• Flexible Policies Adaptable to Local Risks and Structures
• Key Characteristics:
– Countries
– Global Products
– Business Objectives
• Maximized Return on Risk Adjusted Capital (RORAC); Reduced Risk
Firm´s Directive : No surprises in unexpected losses
Firmwide Risk Management
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
BSCH Risk Management Function ... Ensure that business within the Firm do not expose the organization to
unexpected losses that could threaten the financial stability. Identify, analyze, measure and assess risk, with no surprises. Establish risk management policies and procedures. Monitor and Control Risk parameters and Management P&L. Set new product development guidelines and inclusion of new exposures
within the current framework. Propose capital allocation and portfolio management methodologies.
Firmwide Risk Management
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
BSCH Business Organization ...
EUROPE
AMERICAS
ASIA PACIFIC
SECURITIESTRADING
GROUP
FUNDMANAGMNT
GROUP
CORPORATEFINANCEGROUP
OFFICES OFFICES OFFICES
OFFICES OFFICES OFFICES
OFFICES OFFICES OFFICES
REGIONAL MANAGEMENT
FU
NC
TIO
NA
L M
AN
AG
EM
EN
T
Firmwide Risk Management
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
GLOBAL: GLOBAL: RISK COMMITTEERISK COMMITTEESr Management By Country
Risk Aooetite By Risk Taker
Trading/ALM
LOCAL:LOCAL: ALCOCOMMITTEE ALCOCOMMITTEE
GLOBALGLOBALMARKET RISKMARKET RISK
Risk Apetite by Local Sr. Management
Global Limits Distribution
Sublimits by Business Lines
LOCALLOCALMARKET RISKMARKET RISK
MINIMUM REQUIRED CAPITALMINIMUM REQUIRED CAPITALPR
OP
OS
AL
PR
OP
OS
AL
AP
PR
OV
AL
AP
PR
OV
AL
VarDLoss TriggerStop LossGreeksVol Eq,...
Sens MVESens NIM
Gap Concentration
NEGOCIACIÓN
BALANCE
Firmwide Risk Management
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Risk Management Organization
Market Risk Control
Methodology and Infrastructure
Global Head of Risk Management
Global Market Risk
RORAC
Regional Coordinator
Corp./Cpty
RiskCredit RORAC
Commercial Banking
Capital Markets/Structured Products
CRMG
Firmwide Risk Management
… the ultimate responsible for Risk Management is the Chairman of the Firm
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
The Risk Management Landscape:
Firmwide Risk Management
Price Risk
Liquidity Risk
Credit Risk
Settlement Risk
Operational Risk
Legal Risk
Loss in market value of a position
Inability to unwind a position/meet payment obligations
Loss due to inability of counterparty to perform legal commintment
Risk of no receiving funds/instruments at the expected time
Loss due to execution error
Risk that contracts are not legally enforceable or documented correctly
TradingBook
BankingBook
Global StructuralProducts
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Independence from the Business AreasIndependence from the Business Areas
MirrorMirror the business structure in the organization of the market risk function. the business structure in the organization of the market risk function.
Help to ManageHelp to Manage dein a global view the dein a global view the Price and Liquidity RisksPrice and Liquidity Risks for the for the
different portfolios like different portfolios like Trading, Investment, ALM ...Trading, Investment, ALM ...
Identify and measureIdentify and measure the Risk effect in the economic value of the Balance Sheet the Risk effect in the economic value of the Balance Sheet
Assign the economic capitalAssign the economic capital in a homogeneous and consistent way in a homogeneous and consistent way..
Measure the risk from an Measure the risk from an economic perspectiveeconomic perspective independent from accounting effects independent from accounting effects
The accounting effect is another variable that affects the economic capital. The accounting effect is another variable that affects the economic capital.
Global Market Risk Group. Underlying Principles
Global Market Risk Principles...
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
RiskIdentification
Risk Estimated
Analysis ofPortfolios Take Risk?
Capital Allocation
P&L Measurement
Risk MeasurementInformation and Control
Business
PoliciesPolicies
Aprovals
Measures
Committees
MethodologiesMethodologies
ValuationValuation
MeasurementMeasurement
LimitsLimits
Global
Local
ReportsReports
Daily
Weekly
Monthly
Eficiency MeasuresEficiency Measures
Numerical: RORAC
Cualitative: ALCO
Committee
SI
NO
Global Market Risk Process...
Global Market Risk Group. Process
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Breaking down the risks...Global Market Risk Group. Process
… Along different dimensions: Risk type - Interest Rate, FX, Equity, Commodity, Other (Basis, Vol, ...)
… to identify: Risk Concentrations
- whether large risks are due to size/nature of the position Diversification Benefits - Risk is not additive
- Total risk is less that the sum of the partsOpportunities
… and apply synergies from different business units: Analysis (Valuation, Risk Measurement) Information Technology (Intratet, Databases, Development) Management Information Systems
Flexible risk analysis and reporting us essential !!!
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Market Risk MethodologiesStatic measures (FX, Equity exposure), IR sensitivity, Gap analysis, Greeks. VaR (Correlation)Scenarios from a Normalize market environmentVaR (Monte Carlo)
Scenarios from historical returnsVaR (Historical Simulation),
Ad-hoc scenarios, MaxVaR, Marginal VaR
Scenarios set in a complete social, political and economic context
•PARAMETRIC:
•MONTECARLO SIMULATION:
•HISTORICAL SIMULATION:
•STRESS TEST/ SCENARIO ANAL:
•EVENT RISK ANALYSIS
Global Market Risk Group. Process
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
The Risk Management Group Should do more than just control...
• Evaluate Risk/Return
• Explore the exposures in a flexible way to identify Key Risk Sources / Concentrations
• Report your risk flexibly to deliver the right amount of detail
• Experiment with alternative strategies
THE RISK MANAGEMENT GROUP SHOULD PLAY AN ACTIVE DECISION-MAKING ROLE
Global Market Risk Group. Process
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
• Local Market Risk Unit provides local control and local product expertise
• Global Market Risk Areas (e.g., Technology, Quantitative Analysis) provide specific support services
• Global Market Risk Unit is fully informed of all local Market Risk decisions
• Requests for limits are coordinated by local Market Risk Function and forwarded to the Global Team for review and approval
Local Market Risk Committee
Local ALCO
Local
Global Delegated Risk Committee
Global Market Risk Committee
Global
Pro
posa
ls
App
rova
ls
Local Market Risk Function
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Local Market Risk Function
Determine and Apply the Methodologies of:Determine and Apply the Methodologies of:• Portfolio ValuationPortfolio Valuation • • Risk MeasurementRisk Measurement
Identify, Measure and Analyze all Market RisksIdentify, Measure and Analyze all Market RisksManagement (MTM) P&L:Management (MTM) P&L:
•Define the valuation criteriaDefine the valuation criteria • • Implement Global modelsImplement Global models
Propose and Control of all Market Risks LimitsPropose and Control of all Market Risks LimitsFulfil the Market Risk PoliciesFulfil the Market Risk PoliciesAdapt the Recommendations of:Adapt the Recommendations of:
• Local RegulatorsLocal Regulators • Central Banks• Central Banks
OBJETIVE: • REINFORCE THE LOCAL UNIT ROLEOBJETIVE: • REINFORCE THE LOCAL UNIT ROLE
• • CREATE A GLOBAL RISK CULTURECREATE A GLOBAL RISK CULTURE
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Risk Factors in Emerging MarketsRisk Factors in Emerging Markets
Fixed Income ProductsFixed Income Products
Local and International EquitiesLocal and International Equities
Foreign ExchangeForeign Exchange
Risk Management in Emerging Markets
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Local & External Debt: Brady, Eurobond, Govt There is no homogeneous Country Yield curve
There is almost no country with the same structure of local FI markets
There are almost no mechanisms to arbitrage/hedge the local curves
Different measures quote bonds that create inefficiencies:
Sobretasa (Mex), Nominal-Real curve (Chile,Mex,Col)
Amortising/Capitalising Debt (Argentina), 15 day - 20 year 5 quote YC (Chile)
Business-days daycount (Brazil), Survey YC quotes (Peru)
Stripped Yield, Blended Yield, IR Duration, Stripped Duration
The products are driven by exogenous factors (liquidity, investors, …)
Limited repo market, almost no short sales (except synthetic products)
Fixed Income Products
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Equities: Betas? Correlation? Liquidity?
The Liquidity in the market is far below the Developed markets (see table)
The Market Valuations are not comparable with Developed Markets (see table)
Volatility needs to be measured in local and US dollar returns
Correlation has limited effect and may be volatile
The CAPM model needs to be adjusted … but how?
Proxy assignment?? How?
There is still a chance … the ADR and GDR market
Local and International Equities
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
FX: Is the history reliable?
Most EM countries have experienced FX control regimes (bands, fixed rate)
The last five years has witnessed the change in those controls, with important adjustments in the FX rate.
Volatility changes considering the historical period.
Correlation has limited effect between currencies and may be volatile
Macroeconomic models are not reliable to measure the timing of a FX crisis
Foreign Exchange Markets
FX Daily Return Correlation: 1997 - 1999
AR BR CH CO MX PE VE JP UKArgentina 1 -28% -18% -16% -17% -25% -19% -5% 1%
Brasil 1 90% 85% 70% 94% 87% 8% 2%Chile 1 94% 82% 95% 96% 5% -1%
Colombia 1 84% 93% 96% -4% -3%Mexico 1 88% 88% -1% -3%
Perú 1 -3% 0% 0%Venezuela 1 -3% 2%
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Implementing Market Risk Management Implementing Market Risk Management
in Emerging Marketsin Emerging Markets
Risk Management tools for Latin AmericaRisk Management tools for Latin America
IADB - BSCH ProjectIADB - BSCH Project
Risk Management in Emerging Markets
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Risk Management in Latin America• Markets are illiquid, with an absence of financial benchmarks for valuation and
risk measurement.
• Some countries trade with a fixed or captive FX market.
• There are serious limitations with time series, being unable to compute reliable volatilties and correlations.
• Some local products have unique characteristics.
• There is a limited investment in IT systems and valuation tools.
• Difficult to find qualified professionals in Risk Management, which stresses the need to increase training in the Risk Management arena.
Risk Management tools for Latin America
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Markets without memoryMarkets without memory
Very IlliquidVery Illiquid
Risk Factors not measurableRisk Factors not measurable
Mix of Price/Liquidity & Credit RiskMix of Price/Liquidity & Credit Risk
The Models are unable to reflect the extreme casesThe Models are unable to reflect the extreme cases
Additional Qualitative MeasuresAdditional Qualitative Measures
CUANTITATIVECUANTITATIVE•BACKTESTINGBACKTESTING
•STRESS TESTSTRESS TEST
•ESCENARIOSESCENARIOS
NUMERICAL RESULTSNUMERICAL RESULTS
QUALITATIVEQUALITATIVE•CONTINGENCY PLANSCONTINGENCY PLANS
•NON MEASURABLE FACTORSNON MEASURABLE FACTORS
•DETAILLED KNOWLEDGE OF POSITIONS ANDDETAILLED KNOWLEDGE OF POSITIONS AND
MARKETSMARKETS
•CONTINUOUS COMMUNICATION BUSINESS/RISKSCONTINUOUS COMMUNICATION BUSINESS/RISKS
DISCUSSION ARENA:DISCUSSION ARENA:
ALCO COMMITTEEALCO COMMITTEE
MARKET RISKMARKET RISK
MANAGEMENTMANAGEMENT
Risk Management tools for Latin America
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
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Rdo Diario VaR 3 std VaR 1.65 std
TOTAL PORTFOLIOTOTAL PORTFOLIO
Management P&L vs Value at Risk (VaR)Management P&L vs Value at Risk (VaR) Fecha del Infome: 22-Jun-99Fecha de Cierre: 21-Jun-99
Todas las cifras en millones USD
BSCH Market Risk Profile in Latin America
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Starting point: BS Chile - BS PerúMarket Risk Model Proposal
• Common Issues
– Both are companies within BSCH, with a common culture in Risk Management and Control
– Have a previous Risk Management and Control model
– Control has Independence from the Business group
– Past Culture in IR Gaps
– Employ Market Risk methodologies, although not
– Absence of an integrated system solution
– Problems with the MIS system, procedures and training
IADB - BSCH Project
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Differences and StrategiesBS ChileBS Chile BS PerúBS Perú
MarketMarket
Total AssetsTotal Assets
In BSCH forIn BSCH for
StrategyStrategy
OrganizationalOrganizationalStructureStructure
Medium LiquidityMedium Liquidity
8.000 MM USD 8.000 MM USD (2º)(2º)
15 years15 years
Low LiquidityLow Liquidity
Minor changes in Minor changes in functions & functions & committeescommittees
Market data Market data captured dailycaptured daily
GlobalRiskGlobalRiskImplementarionImplementarion
1.000 MM USD 1.000 MM USD (7º)(7º)
3 years3 years
Customized Customized applicationapplication
Data estimationData estimation
Creation of the Creation of the Market Risk Market Risk
groupgroup
MarketMarketVariablesVariables
InformationInformationSystemsSystems
DifferencesDifferences
IADB - BSCH Project
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Market Risk model proposed:
Determine the criteria Determine the criteria to take riskto take risk
Determine the criteria Determine the criteria to take riskto take risk
Decision Making ProcessDecision Making ProcessDecision Making ProcessDecision Making Process
Análisis y Evaluación deAnálisis y Evaluación delos Riesgos Existenteslos Riesgos Existentes
Análisis y Evaluación deAnálisis y Evaluación delos Riesgos Existenteslos Riesgos Existentes
P&L Behaviour vs Risk TakenP&L Behaviour vs Risk TakenP&L Behaviour vs Risk TakenP&L Behaviour vs Risk Taken
LimitLimitStructureStructure
LimitLimitStructureStructure
RiskRiskAnalysisAnalysis
RiskRiskAnalysisAnalysis
Risk Risk ManagementManagement
Risk Risk ManagementManagement
PerformancePerformanceMeasurementMeasurement
PerformancePerformanceMeasurementMeasurement
ImplementationImplementation
OrganizationOrganization
PoliciesPolicies
ProceduresProcedures
MethodologiesMethodologies
SystemsSystems
ControlsControls
TrainingTraining
ImplementationImplementation
OrganizationOrganization
PoliciesPolicies
ProceduresProcedures
MethodologiesMethodologies
SystemsSystems
ControlsControls
TrainingTrainingControl del perfil deControl del perfil deRiesgoRiesgo
Control del perfil deControl del perfil deRiesgoRiesgo
RiskRiskControlControl
RiskRiskControlControl
M.I.S.M.I.S.M.I.S.M.I.S.
IADB - BSCH Project
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
SummarySummary
Risk Management in Emerging Markets
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Risk Management Project - Key Factors for Success
• Country Analysis
• Clear determination of Goals
• Compromise from Local Senior Management
• Total commitment from the key departments
• Personalized solutions for each market/financial institution
• Training and Mentoring the local personnel
IADB - BSCH Project
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
… But always be careful with ...
• Liquidity and Market environment
• Discontinuities in prices
• Market Depth and characteristics
• Model Risk
• Training and Human Resources conflicts
• Regulatory Issues
IADB - BSCH Project
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Limit StructureLimit Structure
InfraestructureInfraestructure
and Systems and Systems
OBJETIVES:OBJETIVES:
Short Term - No surprises to unexpected lossesShort Term - No surprises to unexpected losses
Long Term Achieve an Efficient Managemnt of the Firm´s CapitalLong Term Achieve an Efficient Managemnt of the Firm´s Capital
Control and ReportingControl and ReportingMethodologyMethodology
Policies and ProceduresPolicies and Procedures
CAPITALCAPITAL
Measurement and Measurement and
Valuation ToolsValuation Tools
Summary - Risk Management in Emerging Markets
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Risk Management in Emerging Markets
Annex - Graphs forAnnex - Graphs for
External Interest Rate RiskExternal Interest Rate Risk
Internal/Local Interest Rate RiskInternal/Local Interest Rate Risk
Equity RiskEquity Risk
Foreign Exchange RiskForeign Exchange Risk
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Fixed Income Products
Rep 01
Rep 03
Rep 05 Rep 09 Rep 17Rep 27
Pre 2
Pre 4
Pro 2FRB
Par
Disc
200
400
600
800
1000
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00
ARGENTINA: USD Debt (Global vs Domestic & Brady)Stripped Spread vs Stripped Duration
Bonte 01
Bonte 02
Bonte 03
Bonte 04Pre 1Pre 3
Pro 1
200
300
400
500
600
700
800
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50
ARGENTINA: ARP Debt (Bonte vs Pre´s-Pro´s)Stripped Spread vs Stripped Duration
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
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US 10 años EURO 10 años Japon 10 años
Evolucion de los Indices de Renta Fija - Mercados Desarrollados
Fixed Income Products
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Long Term Interest Rates BehaviourLong Term Interest Rates Behaviour
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EMBI Global EMBI Latam EMBI Asia
Evolucion de los Indices de Renta Fija - Mercados Emergentes
Fixed Income Products
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Long Term Interest Rates BehaviourLong Term Interest Rates Behaviour
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1200
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Indice EMBI Global - Spread sobre Bono Americano
Fixed Income Products
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Argentina - Interbancario Pesos 90 d
4
6
8
10
12
14
16Chile - Interbancario UF 90 d
4
6
8
10
12
14
16
18
20
22
Mexico - Interbancario Pesos 90 d
15
20
25
30
35
40
45
50
55Brasil - Interbancario Reales SELIC
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
55.00
Fixed Income Products
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Local and International Equities
Correlation Analysis: Stock Markets vs IR (1990 - 1999)
90d TBill 30yr TBond Spread S&P 500
IFC - EMERGING -23% -41% -9% 30%IFC - LATAM -39% -59% -7% 56%IFC - ASIA -8% -10% 0% -9%IFC - EMEA 65% 0% -68% 22%
Latin AmericaArgentina -40% -70% -15% 70%Brazil -7% -63% -44% 73%
Chile -17% -54% -26% 50%Colombia 26% -26% -38% 29%Mexico -64% -41% 33% 26%Peru 76% -5% -67% 45%
Venezuela -15% -15% 22% 22%
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
40
60
80
100
120
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200
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S&P DJ IA ALEMANIA
FRANCIA ESPAÑA J APON
Evolucion de las Principales Indices de Mercados Desarrollados- Base USD
Indices expresados en base $USD. Punto referencia 1 Enero 97.
Local and International Equities
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
Indices expresados en base $USD. Punto referencia 1 Enero 97.
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S&P DJ IA Argentina
Brasil Chile Mexico
Evolucion de las Principales Indices de Mercados Emergentes - Base USD
Local and International Equities
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
80
85
90
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100
105
110
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Japon EURO Libra UK
Evolucion de las Principales Monedas en Mercados Desarrollados
Foreign Exchange Markets
Risk Management FunctionRisk Management FunctionBancoBanco
Santander Central HispanoSantander Central Hispano
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