Betriebswirtschaftliche Ansätze zur Reduktion negativer Auswirkungen von Anreizsystemen auf Consensus-Mechanismen im Interbankenmarkt unter Berücksichtigung der Bereiche Markt, Effizienz, Regulatorik und Strategie

This thesis investigates the market data sourcing of investment banks for non-observable parameters using a Consensus Service mechanism. The results of this mechanism are widely used to calibrate financial pricing models in investment banking companies, influencing the pricing of various financial products for customers as well. The focus of the thesis is to analyse the Consensus Service mechanism from a business point of view, with special emphasis on the market, efficiency, regulation and strategy. It considers that the participants may have incentives that could reduce the efficiency of the Consensus Service mechanism.

A comparison to the LIBOR mechanism reveals some overlapping aspects and some differences. The thesis outlines new aspect to the agency problem, as discussed in the context of the LIBOR scandal, of the LIBOR scandal, using a business view on the participating banks. It also highlights the incentives of various stakeholders, such as regulators and internal departments, in a strategic management context. This allows for a reassessment of the influence of the bank’s organizational structure on the quality of the Consensus Service mechanism. The thesis also compares different adjustments to the process, potential changes of the mechanism, contract design, or the implementation of a centralized approach by a supranational organization. It considers price-relevant regulatory requirements based on international accounting rules or from Pruden Valuation. Additionally, it shows areas where Consensus results may be used to reduce regulatory cost or improve the quality of data in the accounting function.

Theoretical results are supported by a time series analyses. Consequently, the thesis transforms theoretical questions into a best practice project approach, incorporating the business perspective from various departments of the participating banks and viewing the Consensus Service as an embedded instrument of market data sourcing. Furthermore, the thesis identifies additional fields of interest where a Consensus Service may help to improve the quality of information for other markets enhance the understanding of their risks.