RISK-MANAGEMENT TECHNOLOGY

The Korea Teachers Pension Fund has licensed Kamakura's Kamakura Risk Manager market-risk software. The Kamakura Risk Manager suite will be integrated with the Korea Teachers Pension Fund's third party back-office and investment- management-performance-measurement systems. The fund, which provides pensions for its more than 200,000 member teachers, is the first buy side institutional investor client to implement the Kamakura system.

The Investment Company Institute, a mutual fund trade body, has called for minimum standards for the business-continuity capabilities of the clearing banks as well as improved communication between industry participants. The group's comment letter to the SEC and the Federal Reserve Board voiced support for improvements to the existing settlement system, but said the creation of a central utility to clear, settle and finance U.S. government securities was not necessary. Instead the group called for the establishment of BCP standards that could be subject to periodic regulatory stress-testing and mandatory periodic testing with all market participants. Other suggestions included improving communication channels and broadening the network of participants that communicate during times of crisis.