Artificial Intelligence Technology Solutions Inc
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Company profile

Artificial Intelligence Technology Solutions Inc. is engaged in the delivery of artificial intelligence (AI) and robotic solutions for operational, security, and monitoring needs. The Company is focused on applying advanced AI-driven technologies, paired with multi-use hardware, and supported by custom software and cloud services, to intelligently automate and integrate a range of high-frequency security, concierge, and operational tasks. It owns and operates three wholly owned subsidiaries, which are Robotic Assistance Devices, Inc. (RAD I), Robotic Assistance Devices Group, Inc. (RAD G) and Robotic Assistance Devices Mobile, Inc. (RAD M). RAD I own the intellectual property related to RADSoC, RAD Mobile SOC, RADGuard, and their core operating architecture. RAD G is focused on the development of advanced software and electronics solutions. RAD M is focused on the development of autonomous mobile devices, both ground-based, and airborne. Its solutions are suited to various industries.

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Banks dial up risk-taking in OTC derivatives trades by using many of the same non-bank counterparties, a study says

8:01 am ET October 7, 2022 (MarketWatch)

By Steve Gelsi

Government think tank flags 'the existence of moral hazard behavior in network formation' by large banks in the derivatives market

A working paper on counterparty choice by major banks in the $12.4 trillion over-the-counter derivatives market offers evidence of systemic risk propagation in bank networks through non-bank counterparties in "opaque" markets.

The report, Counterparty Choice, Interconnectedness, and BankRisk-Taking, by the U.S.'s Office of Financial Regulation marks the first study to provide empirical evidence in the OTC derivative markets that "suggests the existence of endogenous risk-taking behavior by banks related to network formation," said authors Andrew Ellul and Dasol Kim of the Office of Financial Regulation.

"Banks are also more likely to connect with riskier counterparties for their most material exposures, suggesting the existence of moral hazard behavior in network formation," according to a summary of the study. "We show that these exposures are correlated with systemic risk measures despite greater regulatory oversight after the [Global Financial Crisis.]"

The study cited novel confidential regulatory data to illustrate how banks remain more likely to choose "densely connected non-bank counterparties" in their derivatives trades. Banks do not typically hedge such these exposures.

The study comes as questions of systemic risk have arisen recently amid speculation about the financial health of Credit Suisse AG (CSGN.EB).

See:Credit Suisse woes prompt calls to analysts asking if U.S. banks risk a 'contagion impact'

Overall, banks continue to face some of the toughest economic conditions on some fronts since the collapse of Lehman Brothers in 2008 amid decades-high inflation.

The Office of Financial Stability specializes in spotting potential cracks in the regulatory framework around the U.S.'s six global systematically banks: JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), Citigroup Inc. (C), Morgan Stanley (MS), Bank of America Corp. (BAC) and Goldman Sachs Group Inc. (GS).

Housed within the U.S. Treasury Department and set up as part of the Dodd-Frank legislation in the wake of the Global Financial Crisis, the Office of Financial Regulation conducts research and analysis for the Financial Stability Oversight Council (FSOC).

The Financial Stability Oversight Council (FSOC) includes U.S. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Securities and Exchange Commission chairman Gary Gensler.

The derivatives study was initially flagged in a report by Wall Street on Parade.

Also Read: 'The riskiest loans are outside the banking system.' Regulators worry that hedge funds could spark the next financial crisis

-Steve Gelsi


(END) Dow Jones Newswires

October 07, 2022 08:01 ET (12:01 GMT)

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