Christopher Whittall' s stories
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Investors burned by index overshoot on CDS rebirth
A number of hedge funds were left licking their wounds on Monday following the launch of new legal documentation for credit default swap indices – the US$21trn credit derivatives market’s most significant overhaul in over five years.
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Equities desks tap collateral swap funding
Equity derivatives desks are increasing their usage of collateral swaps to fund their trading businesses more efficiently, as the Basel III-induced squeeze on balance sheet has begun to permeate beyond fixed income trading divisions and into investment banks’ less capital-intensive activities.
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Euro swap curve turning Japanese
As growth stagnates and inflation prints continue to fall, fears that the European economy is turning Japanese are being clearly reflected in the interest rate swap market, as yields have plunged across the euro curve this year to bring them further into line with yen contracts.
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Trillions saved as swaps margining standards agreed
The derivatives industry has taken a major step towards harmonising margining standards across the market, in a move that will slash the amount of high-grade collateral needed to be held against uncleared swaps under beefed up regulatory standards by trillions of dollars.
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ISDA chief praises ex-industry tormentor Gensler
Gary Gensler was the thorn in the side of the derivatives industry for more than three years during the drafting and implementation of the Dodd-Frank Act, so it may have raised some eyebrows to hear ISDA’s new chief executive heap praise on the man who oversaw the biggest overhaul in the history of the US$710trn swaps market.
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Trillions saved as swaps margining standards agreed
The derivatives industry has taken a major step towards harmonising margining standards across the market, in a move that will slash the amount of high-grade collateral needed to be held against uncleared swaps under beefed up regulatory standards by trillions of dollars.
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ISDA chief praises ex-industry tormentor Gensler
Gary Gensler was the thorn in the side of the derivatives industry for over three years during the drafting and implementation of the Dodd-Frank Act, so it may have raised some eyebrows to hear ISDA’s new chief executive heap praise on the man who oversaw the biggest overhaul in the history of the US$710trn swaps market.
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Volatility likely for delayed CDS rebirth
The rebirth of the US$21trn credit default swap market will be delayed by two weeks, Markit and ISDA confirmed on Wednesday, in a sign that the industry is struggling to get ready for the most substantial overhaul to CDS in over five years.
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FSB tackles swaps data fragmentation
The Financial Stability Board put forward proposals to build a central aggregator last week to combat data fragmentation in the US$710trn OTC derivatives market in order to help global regulators identify build-ups of systemic risk.
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Dwindling liquidity forces pensions rethink
The decision by one of Europe’s largest pension funds to reduce the tenor of its guaranteed pension products has brought into sharp relief the drop-off in liquidity in long-dated fixed income markets, as providers across the Continent look to manage a transition from defined benefit to defined contribution schemes.
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