Decoupling default and spread risk

Constant maturity CDS


A handful of dealers have begun marketing constant maturity credit default swaps (CMCDS) in Asia. The product, which periodically resets premiums to reflect current market spread levels, effectively decouples spread and default risk, and is being touted as a means of enticing those investors who think that CDS spreads are too tight into the market.

The product has been marketed in the US and Europe since late last year, and several banks, including Deutsche Bank, JP Morgan Chase and BNP Paribas

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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