Michael Watt
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Articles by Michael Watt
Contingent capital solutions mooted for CCPs
Default insurance has been explored by at least one clearing house, but capital markets solutions may be a better way to supplement existing safeguards, say some participants
Conservatives take CCPs to heart after UK/EU split
David Cameron's demand for the UK to be exempt from an ECB policy on clearing houses helped prompt last month's split with the EU - and is earning applause from eurosceptic Conservatives
Little seasonal cheer for bank CDS spreads
Europe's big banks have endured a rocky month of ratings downgrades, eurozone discord and funding stress
Germany downgrade threat sees eurozone CDSs widen
Eurozone CDS spreads were back on the rise today after Standard & Poor's warned it could downgrade 15 eurozone member states, including Germany
Eurozone CDS spreads fall on French-German fiscal deal
Risk perceptions in the eurozone fell today as France and Germany agreed new treaty plans that will sanction fiscally irresponsible member states
Nomura appoints new equity derivatives co-head
Japanese bank hires Steven Downey as head of equities trading for Europe, the Middle East and Africa and co-head of derivatives
German CDS spreads level out after weak debt auction spooks markets
Cost of insuring against a German government default remains stable after yesterday’s lacklustre debt auction, but risk perceptions on German banks surge
Pickel replaces Voldstad as Isda chief executive
Bob Pickel reappointed Isda chief executive, replacing Connie Voldstad, who will stay on as special adviser to the board
Regulators plan co-ops as answer to OTC fragmentation
CLS Bank-style regulatory council could be applied to trade repositories and CCPs to avert market fragmentation, but French regulators are not convinced
CDS spreads in holding pattern as row delays eurozone deal
Spreads flat or slightly tighter despite political squabbling over size of EFSF
Nomura hires new structured lending head
Munish Varma joins from Deutsche Bank as global head of structured lending and special situations
Risk.net poll: CCPs should have access to central bank liquidity
The majority of respondents to an online poll support central bank liquidity access for CCPs, but critics argue this would be likely to lead to the break-up of multi-currency clearers
Société Générale adds to rates strategy team
Alberto Brondolo and Julian Wiseman appointed to expand SG CIB’s global rates research efforts
European bank spreads decline amid talk of recapitalisation plans
Risk perceptions on European banks fall as Merkel and Sarkozy agree to produce a recapitalisation plan within the month
Lloyds and RBS CDS spreads steady despite downgrade
The decision by Moody’s to downgrade Lloyds and RBS fails to spark surge in CDS spreads, while other European banks finish more or less unchanged on the week despite continuing woes in the eurozone
Risk.net poll – UK Treasury is right over ECB lawsuit
Respondents to a Risk.net poll support the UK Treasury’s decision to sue the ECB over its proposal to require CCPs clearing euro-denominated contracts to be legally incorporated in the eurozone
ECB policy would shatter big CCPs, critics warn
Plans to have CCPs based in the jurisdiction of the currency they clear would pull apart multi-currency services, experts warn, after UK Treasury challenges ECB
SG and Crédit Agricole CDS spreads tighten despite downgrade
Traders say decision by Moody’s was already priced in as major French banks escape CDS blow out