{"id":553,"date":"2021-02-16T10:54:22","date_gmt":"2021-02-16T10:54:22","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=553"},"modified":"2026-10-03T19:30:06","modified_gmt":"2026-10-03T23:30:06","slug":"riesgo-de-mercado-y-capital-en-tiempo-de-crisis","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/riesgo-de-mercado-y-capital-en-tiempo-de-crisis\/","title":{"rendered":"Market risk and Capital in times of crisis"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container hundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-right:60px;--awb-padding-bottom:40px;--awb-padding-left:60px;--awb-padding-right-medium:60px;--awb-padding-left-medium:60px;--awb-padding-right-small:13px;--awb-padding-left-small:11px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"width:104% !important;max-width:104% !important;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-right:60px;--awb-padding-left:60px;--awb-padding-right-small:0px;--awb-padding-left-small:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:40px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:0%;--awb-spacing-left-small:0%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><style>.fusion-page-title-bar{background-image:linear-gradient(rgba(0,0,0,.45),rgba(0,0,0,.45)),url(\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/riesgo-mercado-crisis-bce-frankfurt.jpg\")!important;background-size:cover!important;background-position:55% 50%!important;}<\/style><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-three\"><h3 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;\"><p align=\"justify\">In view of the current COVID-19 crisis, the European Central Bank (ECB) reduced capital requirements for #marketrisks, with the aim of ensuring banks\u2019 capacity to maintain liquidity in the market and continue their activities.<\/p><\/h3><\/div><div class=\"fusion-text fusion-text-1\"><p align=\"justify\">The relaxation consists of lowering the qualitative market risk multiplier used in the current regulations. European banks are currently required to hold capital for market risk under a model based on the sensitization of three scenarios, each with a different correlation multiplier, and each multiplier is set according to the jurisdiction, that is, it is not the same for all European banks; once the results are obtained, capital will be affected by the highest amount among the three correlations (standardized method). With this measure, the aim is to mitigate the risk of volatility and of drastic increases or decreases in periods of financial stress; it is complemented by the additional capital buffer that banks must hold for periods of crisis.<\/p>\n<p align=\"justify\">Replicating the European model at a local multiple-service bank, the difference in solvency would vary by up to 5 points, whereas at present the maximum impact from market VaR that the sector has historically shown, under the model applied locally, has been 3.2 points and the historical average has been 1.9.<\/p>\n<p align=\"justify\">Based on the above, we answer the questions some #riskmanagers have asked us regarding the feasibility of the monetary authorities adopting measures similar to the ECB\u2019s; this flexibility is consistent with the degree of maturity of Old World banking under Basel III, but not for replicating it locally, since the local calculation model is more flexible and the system would not be shielded against the effects expected on exchange rates and interest rates in the medium term as a result of the economic moment we are going through.<\/p>\n<p align=\"justify\">On the other hand, if we set aside replicating the European formula and evaluate one adapted to the local financial sector, we must necessarily analyze what market VaR represents out of total Technical Equity: for the consolidated system it is 9.1%, that is RD$20,851 million (the most affected is the Associations subsector at 15.1%, which in monetary terms is RD$6,525 million and is explained by USD placements with no matching liability); compared with the reserve requirement releases, the opening of Repo windows and other measures the Central Bank has already adopted, which inject approximately RD$80,267.1 million of liquidity into the sector, this is barely 25%, so relaxing the calculation model would at most affect the sector by some RD$10,425 million (assuming a maximum reduction of 50%).<\/p>\n<p align=\"justify\">Given this, we rather defend the position of requiring higher capitalization levels from the sector as a way of minimizing the effects of an eventual economic crisis in the medium term.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"wp-image-2375 alignleft\" src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2021\/01\/b.jpg?resize=113%2C113&#038;ssl=1\" alt=\"Cibeles Jimenez\" width=\"113\" height=\"113\" \/>Author: Cibeles Jim\u00e9nez<br \/>\n<a href=\"https:\/\/www.linkedin.com\/in\/cibelesjimenez\/\" target=\"_blank\" rel=\"noopener\">Linkedin<\/a><\/p>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:30px;margin-bottom:-10px;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:2px;\"><\/div><\/div><div class=\"fusion-sharing-box fusion-sharing-box-1 has-taglines layout-floated layout-medium-floated layout-small-stacked\" style=\"background-color:#f6f6f6;--awb-separator-border-sizes:0px;--awb-layout:row;--awb-alignment-small:space-between;--awb-stacked-align-small:center;\" data-title=\"Riesgo de mercado y Capital en tiempo de crisis\" data-description=\"Ante la actual crisis del COVID-19, el Banco Central Europeo \u2013BCE- redujo las exigencias de capital para los #riesgos de mercado, esto con el objetivo de garantizar la capacidad de los bancos en mantener liquidez en el mercado y continuar con sus actividades. La flexibilizaci\u00f3n consiste en disminuir el multiplicador de riesgo de\" data-link=\"https:\/\/gestionderiesgo.org\/en\/riesgo-de-mercado-y-capital-en-tiempo-de-crisis\/\"><h4 class=\"tagline\" style=\"color:#333333;\">Share this post<\/h4><div class=\"fusion-social-networks sharingbox-shortcode-icon-wrapper sharingbox-shortcode-icon-wrapper-1\"><span><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fgestionderiesgo.org%2Fen%2Friesgo-de-mercado-y-capital-en-tiempo-de-crisis%2F&amp;t=Riesgo%20de%20mercado%20y%20Capital%20en%20tiempo%20de%20crisis\" target=\"_blank\" rel=\"noreferrer\" title=\"Facebook\" aria-label=\"Facebook\" data-placement=\"top\" data-toggle=\"tooltip\" data-title=\"Facebook\" data-><i class=\"fusion-social-network-icon fusion-tooltip fusion-facebook awb-icon-facebook\" style=\"color:#bebdbd;\" aria-hidden=\"true\"><\/i><\/a><\/span><span><a 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src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/10\/LOGO-TRABAJO.png?resize=178%2C108&#038;ssl=1\" alt=\"Club de Gesti\u00f3n de Riesgos de la Rep\u00fablica Dominicana\" width=\"178\" height=\"108\" loading=\"lazy\">\n    <p>A non-profit association that promotes risk culture and best practices in the Dominican financial system.<\/p>\n    <div class=\"cgf-soc\">\n      <a href=\"https:\/\/www.linkedin.com\/company\/club-de-gesti%C3%B3n-de-riesgos-rd\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"LinkedIn\"><svg viewbox=\"0 0 24 24\"><path d=\"M5.2 8.6H8.5V19H5.2zM6.9 3.5a1.9 1.9 0 1 1 0 3.8 1.9 1.9 0 0 1 0-3.8ZM10.6 8.6h3.1V10c.5-.9 1.6-1.7 3.3-1.7 3.5 0 4.1 2.2 4.1 5.1V19h-3.3v-5c0-1.2 0-2.7-1.7-2.7s-1.9 1.3-1.9 2.6V19h-3.3z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.youtube.com\/channel\/UCgyWVnQOIYTYnBP25t3wikA\" target=\"_blank\" rel=\"noopener\" aria-label=\"YouTube\"><svg viewbox=\"0 0 24 24\"><path d=\"M21.6 7.2a2.7 2.7 0 0 0-1.9-1.9C18 4.8 12 4.8 12 4.8s-6 0-7.7.5a2.7 2.7 0 0 0-1.9 1.9C2 8.9 2 12 2 12s0 3.1.4 4.8a2.7 2.7 0 0 0 1.9 1.9c1.7.5 7.7.5 7.7.5s6 0 7.7-.5a2.7 2.7 0 0 0 1.9-1.9c.4-1.7.4-4.8.4-4.8s0-3.1-.4-4.8ZM10 15V9l5.2 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.instagram.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Instagram\"><svg viewbox=\"0 0 24 24\"><path d=\"M12 7.3a4.7 4.7 0 1 0 0 9.4 4.7 4.7 0 0 0 0-9.4Zm0 7.7a3 3 0 1 1 0-6 3 3 0 0 1 0 6Zm6-7.9a1.1 1.1 0 1 1-2.2 0 1.1 1.1 0 0 1 2.2 0ZM12 4.6c2.4 0 2.7 0 3.6.1 2.4.1 3.6 1.3 3.7 3.7.1.9.1 1.2.1 3.6s0 2.7-.1 3.6c-.1 2.4-1.3 3.6-3.7 3.7-.9.1-1.2.1-3.6.1s-2.7 0-3.6-.1c-2.4-.1-3.6-1.3-3.7-3.7-.1-.9-.1-1.2-.1-3.6s0-2.7.1-3.6c.1-2.4 1.3-3.6 3.7-3.7.9-.1 1.2-.1 3.6-.1ZM12 3c-2.4 0-2.8 0-3.7.1-3.3.2-5 1.9-5.2 5.2C3 9.2 3 9.6 3 12s0 2.8.1 3.7c.2 3.3 1.9 5 5.2 5.2.9.1 1.3.1 3.7.1s2.8 0 3.7-.1c3.3-.2 5-1.9 5.2-5.2.1-.9.1-1.3.1-3.7s0-2.8-.1-3.7c-.2-3.3-1.9-5-5.2-5.2C14.8 3 14.4 3 12 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.facebook.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Facebook\"><svg viewbox=\"0 0 24 24\"><path d=\"M13.5 21v-7.5H16l.4-3h-2.9V8.6c0-.9.3-1.5 1.5-1.5h1.5V4.4c-.3 0-1.2-.1-2.2-.1-2.2 0-3.7 1.3-3.7 3.8v2.4H8.1v3h2.5V21z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/twitter.com\/gestionriesgodr\" target=\"_blank\" rel=\"noopener\" aria-label=\"X (Twitter)\"><svg viewbox=\"0 0 24 24\"><path d=\"M17.5 3.5h3l-6.6 7.5 7.8 9.5h-6.1l-4.8-5.9-5.5 5.9h-3l7.1-8L2.7 3.5H9l4.3 5.4Zm-1 15.3h1.7L7.6 5.1H5.8Z\"\/><\/svg><\/a>\n    <\/div>\n  <\/div>\n  <nav class=\"cgf-col\" aria-label=\"The Club\">\n    <h3>The Club<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-somos\/\">Who we are<\/a><\/li>\n      <li><a href=\"\/en\/miembros-fundadores-y-directores\/\">Founders and directors<\/a><\/li>\n      <li><a href=\"\/en\/comisiones-de-trabajo\/\">Working committees<\/a><\/li>\n      <li><a href=\"\/en\/organigrama\/\">Organization Chart<\/a><\/li>\n      <li><a href=\"\/en\/estatutos\/\">Bylaws<\/a><\/li>\n      <li><a href=\"\/en\/reglamento-interno\/\">Internal regulations<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Membership and training\">\n    <h3>Membership<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-pueden-ser-miembros\/\">Who can become a member?<\/a><\/li>\n      <li><a href=\"\/en\/socios-protectores\/\">Sponsor members<\/a><\/li>\n      <li><a href=\"\/en\/formulario-de-inscripcion\/\">Apply for membership<\/a><\/li>\n      <li><a href=\"\/en\/capacitaciones-nemesis\/\">International Certification<\/a><\/li>\n      <li><a href=\"\/en\/otras-certificaciones\/\">Other certifications<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Activities\">\n    <h3>Activities<\/h3>\n    <ul>\n      <li><a href=\"\/en\/proximos-eventos\/\">Upcoming events<\/a><\/li>\n      <li><a href=\"\/en\/webinars-celebrados\/\">Past Webinars<\/a><\/li>\n      <li><a href=\"\/en\/blog\/\">CGR Blog<\/a><\/li>\n      <li><a href=\"\/en\/noticias\/\">News<\/a><\/li>\n      <li><a href=\"\/en\/publicaciones-y-o-comunicaciones\/\">Documents of interest<\/a><\/li>\n      <li><a href=\"\/en\/forum\/\">Forum<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <div class=\"cgf-col cgf-ct\">\n    <h3>Contact<\/h3>\n    <ul>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M12 21s-6.5-5.6-6.5-11a6.5 6.5 0 0 1 13 0c0 5.4-6.5 11-6.5 11Z\"\/><circle cx=\"12\" cy=\"10\" r=\"2.3\"\/><\/svg><span>La Isla Building, office 206. Av. Tiradentes at the corner of Presidente Gonz\u00e1lez, Ensanche Naco, Santo Domingo<\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M5 4h4l2 5-2.5 1.5a11 11 0 0 0 5 5L15 13l5 2v4a2 2 0 0 1-2 2A16 16 0 0 1 3 6a2 2 0 0 1 2-2\"\/><\/svg><span><a href=\"tel:+18092942166\">809-294-2166<\/a><br><a href=\"tel:+18097453289\">809-745-3289<\/a><\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><rect x=\"3\" y=\"5\" width=\"18\" height=\"14\" rx=\"2\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><a href=\"mailto:info@gestionderiesgo.org\">info@gestionderiesgo.org<\/a><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 7v5l3 2\"\/><\/svg><span>Monday to Thursday, 8:30 a.m. to 5:30 p.m.<br>Friday, 8:30 a.m. to 5:00 p.m.<\/span><\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<div class=\"cgf-bar\">\n  <div class=\"cgf-legal\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"cgf-pay\" src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2023\/01\/Verified.png?resize=101%2C34&#038;ssl=1\" alt=\"Verified by Visa y Mastercard ID Check\" width=\"101\" height=\"34\" loading=\"lazy\"><p>\u00a9 2026 Gesti\u00f3n de Riesgo RD, SRL. All rights reserved.<\/p><\/div>\n  <nav class=\"cgf-pol\" aria-label=\"Policies\">\n    <a href=\"\/en\/politicasdeprivacidad\/\">Privacy<\/a><a href=\"\/en\/terminos-y-condiciones-2\/\">Terms and conditions<\/a><a href=\"\/en\/politicas-de-entrega\/\">Delivery<\/a><a href=\"\/en\/politicas-de-cancelacion\/\">Cancellation<\/a><a href=\"\/en\/politicas-de-devolucion\/\">Returns<\/a><a href=\"\/en\/politicas-de-reembolso\/\">Refunds<\/a><a href=\"\/en\/politicas-de-seguridad\/\">Security<\/a><a href=\"\/en\/preguntas-frecuentes\/\">Frequently asked questions<\/a>\n  <\/nav>\n<\/div>\n<\/footer>\n<\/div><\/div><\/div><\/div><\/p>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-553","post","type-post","status-publish","format-standard","hentry","category-mercado"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/comments?post=553"}],"version-history":[{"count":7,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/553\/revisions"}],"predecessor-version":[{"id":24818,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/553\/revisions\/24818"}],"wp:attachment":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media?parent=553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/categories?post=553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/tags?post=553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}