I joined IFR as a reporter from Risk magazine at the beginning of 2011, covering derivatives across all asset classes. This has resulted in scoops on a wide range of subjects such as CDS, Basel capital rules and fallout from the Eurozone crisis. In my two and a half years at Risk I wrote a series of cover stories, most notably on dealers over-hauling valuation of derivatives portfolios.
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In yet another tough year for credit derivatives businesses, as balance-sheet costs soared and banks retrenched, a handful of houses were able to stay the course. For adapting its business to the new regulatory regime while identifying innovative sources of revenue, Credit Suisse is IFR’s Credit Derivatives House of the Year.
As more stringent capital rules cut deeper in 2014, many houses became increasingly constrained by their past excesses. For those with a stronger capital position, there were many opportunities. For honing its focus as others questioned their future, and taking market share on the back of a client-centric approach, HSBC is IFR’s Derivatives House and Interest Rate Derivatives House of the Year.
The over-the-counter derivatives market shrank by 3% over the first half of the year to US$691trn in terms of gross notional outstanding, data from the Bank for International Settlements show, after peaking at an all-time high of US$710trn at the end of 2013.