American International Group (AIG)

CDSs: lubricant or landmine?

Credit default swaps have allowed banks and investors to improve the management of their credit risk, but they may represent a lurking source of contagion in a crisis, argues David Rowe

Central clearing: safe as houses?

New regulations mandating the central clearing of OTC derivatives bring operational risks for central counterparties and increased exposure to systemic risk. In the second of a two-part series, ORR looks at the problems and opportunities for clearing…

OTS pays the price of failure

The US Office of Thrift Supervision will be abolished under the Dodd-Frank Act, but is the agency being made a scapegoat for the financial crisis or will its dissolution help mitigate regulatory arbitrage and raise supervisory standards? Peter Madigan…