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September 22, 2010
♪ Somebody call 9-1-1…Fire burning in the muni market ♬ (Part 2)
Part 2: The Problems (in Harrisburg, PA)
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September 15, 2010
♪ Somebody call 9-1-1…Fire burning in the muni market ♬ (Part 1)
Perhaps Sean Kingston’s hit song Fire Burning is due for another inspirational remix. Harrisburg, PA throw your hands up!
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September 11, 2010
Basel III pre-meeting summary
Following our recent credit analysis on the big western commercial banks, we highlight issues that will be the focus of discussions in Basel as the Basel Committee on Banking Supervision (BCBS) meets tomorrow.
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September 10, 2010
Credit Analysis: US & European Banks ahead of Basel 3
Here is a broad credit analysis on 5 large American and 5 large European commercial banks (Banco Santander, Bank of America, Barclays, Citigroup, Credit Agricole, Deutsche Bank, HSBC, JP Morgan Chase, Unicredit and Wells Fargo) ahead of the upcoming Basel Committee on Banking Supervision (BCBS) meeting this Sunday in Switzerland where central bankers from around the world are expected to make further progress on final Basel III standards.
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September 2, 2010
Feedback from derivatives proposals in the EU & India (Aug 2010)
Here is a highlight of early feedback from reform proposals in EU derivatives legislation and RBI’s rules to allow the introduction of onshore credit default swaps.
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September 1, 2010
Trading opportunities in Turkish CDS after first sukuk sale
Coming on the heels of the nation’s first Islamic bond sale, here is a video by Reuters Insider analyst Vincenzo Albano called Turkish Debt and CDS Offer Trading Opportunities, describing the current negative basis spreads between the cash bonds of Turkey and Turkish credit default swaps.
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August 31, 2010
China first yuan swap or domestically insured corporate bond? (Part 2)
Part 2 of China’s first credit default swap/bond insurance issue
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August 24, 2010
China’s first yuan swap or domestically insured corporate bond? (Part 1)
Is it an insured bond or a corporate credit default swap that was sold in China last month? That is the debate amongst onlookers in the Chinese financial markets after a test run with some form of credit protection being sold along side a recent bond issue.
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August 9, 2010
New problems and issues created by the new derivative clearing solutions
As new solutions are found for dealing with financial and counterparty credit risks, new problems also emerge in managing and implementing these solutions. In this case, mandated clearing through Central Counterparties (CCPs) is creating looming problems in two areas: collateral management and vertical integration (leading to anti-competitive behaviour).
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August 6, 2010
ICE takes in $27.3 million in CDS clearing revenues 2010-H1
IntercontinentalExchange, owner-operator of the the largest credit default swap clearinghouse (ICE Trust) among other exchanges, just reported fiscal 2010 Q2 second-quarter results this week. Overall revenues were up 18% to US$296 million on record volumes, operating income was up 32% to US$178 million and operating cash flow was up 37% to US$158 million this quarter due in part to increased CDS clearing revenues.
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