为确保压力测试全流程高效推进、精准落地，证券公司需构建"组织—制度—数据—模型—信息技术"五位 一体的保障体系，协同发力、全方位支撑测试工作的实效性。其中，组织保障聚焦压实责任、强化协同， 制度保障侧重规范流程、明确标准，数据保障着力夯实基础、确保质量，模型保障注重优化方法、准确计 量，信息技术保障旨在科技赋能、提升效率。 二、系统推进压力测试机制建设 （一）建立场景全覆盖机制 2023年10月召开的中央金融工作会议明确要求，"对风险早识别、早预警、早暴露、早处置"。近年来，监 管和自律部门高度重视，不断细化和完善压力测试的各项规范要求。同时，在金融市场日益复杂多变和证 券行业高速发展的背景下，证券公司自身面临着多方面的风险挑战。压力测试作为前瞻性和情景性的风险 管理方法，通过模拟可能发生的极端压力情景，能够有效帮助证券公司提前识别潜在风险、准确评估风险 承受能力、妥善应对各类风险，为科学高效的开展经营决策提供有力依据，对维护金融市场稳定、防范化 解系统性风险具有重要意义。 一、构建压力测试管理体系 压力测试基础工作在于构建并持续完善风险因子库、压力情景库以及传导模型库，实现模型与参数的统一 管理，同时建立定 ...

来源：滚动播报 美联储监管副主席鲍曼表示，她计划很快公布对压力测试机制的进一步调整，这一举措预计将受到华尔 街银行的欢迎。鲍曼周二称："我们正在逐步推出改善压力测试流程的提案，预计将在未来一周左右推 出新一轮方案。"美联储此前承诺，将允许华尔街银行提前了解部分压力测试模型，以平滑每年资本要 求的变化。银行业长期呼吁修改与资本要求相关的部分，认为这些规则过于繁重，限制了业务运作。鲍 曼补充称，美国版"巴塞尔协议Ⅲ最终方案"的新提案目前正与联邦存款保险公司及货币监理署协商中。 监管机构已基本放弃两年前提出的旧版本，计划最早于2026年第一季度公布新版方案。 ...

Core Viewpoint - The Federal Reserve is initiating significant reforms in capital regulation, focusing on transparency and external participation to reshape regulatory paths and alleviate constraints on credit and innovation in the financial system [1][2]. Group 1: Key Discussion Topics - The meeting's core topics included stress testing mechanisms, the calculation methods for the Global Systemically Important Banks (GSIB) surcharge, the implementation path for Basel III Endgame, and potential reforms to the supplementary leverage ratio (eSLR) [4]. - Participants criticized existing rules as overly complex and costly, with a consensus against increasing capital levels, advocating instead for simplified regulations [4][5]. - As of Q1 2025, U.S. large banks held $196 billion in excess capital, representing 16% of their total capital, indicating a backdrop of sufficient capital within the banking system [4]. Group 2: AI in Regulatory Discussions - Artificial intelligence (AI) was introduced as a new topic in banking regulation discussions, with OpenAI's CEO highlighting its rapid integration into financial services, particularly in payments, consulting, and risk management [7]. - The dialogue is seen as the Federal Reserve's proactive response to the risks associated with AI in finance, emphasizing the need for vigilance against potential consumer fraud [8]. Group 3: Regulatory Focus and Future Directions - The Federal Reserve aims to enhance regulatory transparency and incorporate diverse perspectives from various economic sectors, as stated by Vice Chair Michelle Bowman [8]. - The meeting reflects a shift in regulatory focus from Wall Street to the general public, as indicated by recent comments from Treasury Secretary Scott Bessent [8].

Core Insights - The Federal Reserve is moving towards faster implementation of capital regulatory reforms, despite opposition, with a goal to finalize rules before Powell's term ends [2][3] Group 1: Regulatory Focus - The recent Federal Reserve meeting discussed key topics such as stress testing mechanisms, the calculation of GSIB surcharge, the implementation path for Basel III Endgame, and potential reforms to the eSLR [3][4] - Analysts noted that there was a consensus among participants to simplify regulations rather than increase capital levels, highlighting the complexity and high costs of current rules [3][4] - As of Q1 2025, U.S. large banks are expected to hold $196 billion in excess capital, representing 16% of their total capital, indicating a robust capital position that may be constraining credit and innovation [3] Group 2: AI in Regulatory Discussion - AI was introduced as a new topic in the regulatory agenda, with OpenAI's CEO discussing its rapid integration into financial services and the potential risks it poses, such as consumer fraud [5] - The dialogue around AI is seen as a proactive response from the Federal Reserve to address emerging financial risks associated with technological advancements [5] Group 3: Leadership and Transparency - Federal Reserve Chair Powell remained low-profile during the meeting, engaging privately with select attendees, amidst external pressures from the Trump administration regarding financial regulation [6] - Bowman emphasized the need for a diverse perspective in future regulatory frameworks, aiming for increased transparency and market feedback as key objectives of the current review [6]