Articles by Mark Pengelly
Profile - Federal Reserve Bank of New York's Theo Lubke
The Federal Reserve Bank of New York has been shepherding global efforts to improve the over-the-counter derivatives market since 2005 and continues to push dealers to improve in areas such as transparency and central clearing. Theo Lubke, senior vice…
Questioning collateral
European financial markets have been turned upside down by the sovereign debt crisis, with eurozone government bonds no longer regarded as completely risk-free. As a result, dealers are more wary of the correlation inherent in collateral denominated in…
US regulatory changes weigh on consumer ABS
Analysts declare Talf a success but say consumer ABS growth could be hampered by regulatory and accounting uncertainty
Concerns grow on correlation of derivatives collateral
Sovereign debt crisis raises fears about correlation of derivative collateral denominated in domestic currencies
NY Fed discourages use of bespoke derivatives
Post-trade reporting and collateral seen as way to push OTC derivatives towards central clearing
Canada ponders best route to derivatives clearing
Dealers and regulators are in separate discussions on over-the-counter derivatives clearing.
Financial reform to be decided in US
US financial reform edges closer as legislators prepare for the reconcilation of the House and Seante bills
Self-referencing CDS risk?
Ballooning credit default swap spreads on European sovereigns have encouraged some market participants to sell credit protection on their own country. But how much is this protection really worth, and could this selling contribute to systemic risk? Mark…
Harbouring doubts on close-out netting
Derivatives safe harbours are viewed as crucial to close-out netting. However, they are under siege from the US Congress, where legislators have tried to undo the protections given to market participants when a counterparty defaults. Mark Pengelly reports
Vol and correlation cause equity derivatives pain
Hedge funds and dealers reported to suffer losses from recent equity derivatives moves
Sovereign CDSs cause systemic concern
Increased protection selling on sovereigns raises fears about systemic risk
A sting in the tail
After recent financial turmoil, market participants are thinking much more rigorously about ways to protect themselves against the possibility of rare but extreme events. However, effectively hedging tail risk is not straightforward. By Mark Pengelly
Derivatives safe harbours under siege
Amendment to US financial reform package proposes an end to derivatives safe harbours
Investigations find no evidence of 'fat finger' errors in US trading fall
NYSE, SEC and CFTC claim 'fat finger' error not the cause of last week's stock market plunge.
Sparks fly on regulation during Isda's annual general meeting
Heated debate over financial regulatory reform going through the US Congress was at the forefront of the International Swaps and Derivatives Association’s annual general meeting in San Francisco last month.
Buy side steers clear of CCPs
Regulators have pushed hard to ensure buy-side firms are able to access central counterparties since the crisis began. But despite the launch of several new services, very few buy-side participants are actually using them. By Mark Pengelly
Isda AGM: collateral drops 20% with market rebound
As the markets recover from the crisis, counterparties are using much lower levels of collateral, an Isda survey has found.
Isda AGM: Reform bill misgivings aired
A speaker from BAML calls for delays to US financial reform proposals.
Isda AGM: 'Trepidation' over central clearing, admits CME
Uncertainty over the final shape of regulatory reform is reportedly making buy-side firms wary of committing to central clearing.
Isda AGM: Greek CDS reflects fundamentals, says UniCredit's Lim
High credit default swap spreads on Greece reflect real concerns, not speculation, and demonstrate the product's usefulness, Isda heard on Friday.
