Credit default swaps

NYSE Liffe shuts down CDS clearing service

Derivatives exchange NYSE Liffe and London-based clearing house LCH.Clearnet have shelved their central clearing service for credit default swaps (CDS), having processed no trades since it was launched in December last year.

Credit spread shocks: how big and how often?

The second half of 2007 saw violent moves in credit spreads. In the fallout, there has been much discussion about how to estimate the probabilities of these severe events, but few conclusions have been obtained beyond the fact that historical data is…

The CDS curse

There has been growing concern about the influence credit default swaps (CDSs) can have on corporate reorganisation talks. Some have argued that because lenders can also hold CDS protection, they might block a debt reorganisation in order to force the…

Financial CDS spreads steady

Market sentiment towards financials has steadied in the past week as the flow of positive second-quarter results from major financials in Europe and the US continued.

CDS clearing in Europe begins

Dealers have met the July 31 deadline for clearing credit default swaps (CDS) on European reference entities and indexes that they set back in February.

Combining CDSs and equities

Duggan Asset Management is offering exposure to equity and credit markets with its new capital-protected simple growth product. As well as access to an unusual asset class - credit default swaps - participation is linked to the DJ Eurostoxx 50

The bespoke conundrum

The dealer community has pushed towards standardisation of credit default swaps contracts, enabling them to meet a regulatory goal of ensuring a large chunk of the credit derivatives market is cleared through central counterparties. What implications…

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