Learning Curve
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This Learning Curve argues that, following the publication of a review by Financial Services Authority Chairman Lord Adair Turner, regulators should be focusing on a more measured approach to regulating credit default swaps--one that bears in mind the industry's proven record for collaboration and flexibility.
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The failures of Lehman Brothers and Bear Stearns have heaped pressure on buy-side firms to readdress their collateral management process, while fears of counterparty credit risks remain.
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A few weeks ago the International Swaps and Derivatives Association issued a so-called 'Big Bang' protocol governing credit derivative trades. -
On Jan. 29, Sen. Charles Grassley (R-Iowa) and Sen. Carl Levin (D-Mich.) introduced the Hedge Fund Transparency Act (HFTA) in the U.S. Congress.
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Counterparties are increasingly focusing on the finer print contained in their International Swaps and Derivatives Association Master Agreements and other trading documentation in an effort to protect their rights in the event that their counterparties suffer financial stress.
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The credit default swap market is likely to switch to a fixed coupon basis with upfront points.
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On Oct. 21, Nanshan Power publicly announced that the Shenzhen Bureau of China Securities Regulatory Commission (CSRC Shenzhen Bureau) had served a notice on it, ordering it to carry out rectifications for certain activities of Nanshan Power in relation to two oil options entered into with J. Aron & Co (Singapore) Pte. Ltd., a Singapore-based counterparty.
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For over a year now, the CDO market has been experiencing unprecedented stress and an ever rising number of ratings downgrades and outright defaults.
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While progress made on the notion of credit default swap regulation has been significant, this Learning Curve argues that having a central counterparty system will not fix the problems that led to today's crisis.
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As the ongoing credit crisis puts new strains on standard modeling methods, the one-factor Gaussian copula model is breaking down.
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The disclosure of derivatives being used in takeover situations has garnered much attention of late with Porsche's winning options strategy in trading Volkswagen options.
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A week ago, the Securities and Exchange Commission, the Federal Reserve Board and the Commodity Futures Trading Commission signed a memorandum of understanding to implement a central counterparty solution for credit default swaps.
