Credit markets
CDS licence approvals too slow, Sefs claim
Sefs claim their applications for licences to offer single-name and index CDSs are moving at a glacial pace – echoing allegations made by the European Commission
Sefs and exchanges echo EC's CDS licence complaints
Abuse of power?
Single-name CDS clearing held up by fears over SEC regime
Temporary rules for portfolio margining by clients are set to expire in December. Hedge funds say they will stay on the sidelines until they know what happens next
SEC forces Ice into single-name CDS clearing U-turn
Clearing house has been told its own rules prevent it from shelving buy-side clearing for single-name CDS contracts
Cutting Edge introduction: CVA for CDSs
Counterparty risk is generally thought of at a portfolio level, but understanding how a particular payout interacts with credit and debit valuation adjustments could help banks make business decisions. Laurie Carver introduces this month’s technical…
CDSs, CVA and DVA – a structural approach
CDSs, CVA and DVA – a structural approach
Ice blames SEC as it drops single-name CDS clearing plans
Firms that trade index and single-name CDSs will see margin requirements increase
SEC's last-minute CDS margin fix sparks buy-side anger
Stop-gap margin solution would force most firms to post twice as much collateral as CCP members
Zombie firms are first Dodd-Frank major swap participants
Only registrants to date are MBIA and Cournot Financial Products – firms that have not traded derivatives since 2008
CVA proxying: Nomura's alternative to "flawed" EBA method
A cross-section for CVA
Proxy war: Shrinking CDS market leaves CVA and DVA on shaky ground
Runaway adjustments
"Deceptive and negligent": How the first CPDO got its AAA rating
An extraordinary Australian court judgement shines a light on the errors and deceit that led to the granting of an AAA rating to ABN Amro’s Surf constant proportion debt obligation in 2006. Lukas Becker reports
Dutch counsel confident of success as S&P faces new CPDO case
The fine handed out by an Australian court last year to ABN Amro and Standard & Poor’s was a rare success for post-crisis litigants in structured credit cases. The victors are hoping to repeat the trick in Europe – but what are their chances? Lukas…
Sponsored educational feature: UBS Delta
Next-generation credit curves
CDS market faces iTraxx clearing obstacle
Restructuring credit events would cause non-clearable contracts to spin out of cleared index trades
Copulas and credit models
Copulas and credit models
Fixing the flaw in sovereign CDSs
Fixing the flaws in sovereign CDSs
JP Morgan loss was bungled attempt to cut Basel III RWAs, says Dimon
Loss-making unit's RWAs would have tripled under Basel III, JP Morgan chief executive says - but attempting to cut capital burden made its hedges more complex
UBS: Sef aggregation 1.0
Pin money
Isda AGM: CCPs invited to join determinations committees
Central counterparties have been invited to join the Isda credit determinations committees – but they will not have a vote
Dealers draw up contract for covered bond CDSs
Credit Suisse, Deutsche Bank and JP Morgan expect demand for spread volatility protection on covered bonds
China's credit default swap market slow to grow
China launched its version of the credit default swap market nearly 18 months ago – yet activity has almost ground to a halt due to a combination of inflexible rules, lack of standardisation, and an approach to the concept of credit default that is…