Foreign exchange/Risk management

Ambac makes $1.539bn derivatives gain

Ambac reported a massive $1.539 billion mark-to-market gain on credit default swaps (CDSs) in the first quarter – an upswing largely due to its own deteriorating financial condition.

Primus explores new CDPC model

Primus Guaranty, the Bermuda-based credit derivatives product company (CDPC) and asset manager, is looking into the possibility of setting up a new entity to sell credit protection, but unlike its existing business model, the new venture would post…

Simple structures

An increase in risk premiums on sovereign debt is giving banks a headache in pricing certain credit-related structured products. Investor appetite for such deals is in evidence, but mainly for simple, unleveraged products. Sophia Morrell reports

Column: Charles Cronin

Flawed models, conflicts of interest, ineffectual leadership: the rating agencies have emerged from the financial crisis with little credit, and reform may strip them further of their influence

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