Credit markets
Moody's: Basel II fuelling growth in collateralised debt
Basel II was a “key driver” behind over €100 billion of collateralised debt issuance in Europe, the Middle East and Africa during 2006, according to rating agency Moody’s. Collateralised debt issuance in the region increased by 78% from 2005.
New partners at Morrison & Foerster
US law firm Morrison & Foerster has appointed two new partners to join its London Capital Markets Group. Peter Green and Jeremy Jennings-Mares both join from rival law firm Freshfields Bruckhaus Deringer.
Mayer, Brown, Rowe & Maw hires derivatives partner
Law firm Mayer, Brown, Rowe & Maw LLP has appointed a new derivatives and structured securities specialist. Edmund Parker joins the firm as a partner in its London Finance Group.
Cantor Fitzgerald creates structured products team
US broker Cantor Fitzgerald has established a structured products team. The structured products group now sits within the Debt Capital Markets division at Cantor.
Italian regulator to use CDS data
Interdealer broker GFI has started providing credit default swap (CDS) data to the Commissione Nazionale per le Società e la Borsa, the Italian securities market regulator (Consob)- possibly for market surveillance purposes.
Lehman buys Grange Securities
Lehman Brothers has bought Australian investment bank Grange Securities. Lehman says it will not disclose the terms of the deal although it is thought to be close to US$100 dollars.
S&P predicts harder times ahead for European structured products
European structured products will come under ratings pressure in 2007, but there will be only a limited number of downgrades, according to rating agency Standard & Poor's (S&P).
Italian regulator to use CDS data
Interdealer broker GFI has started providing credit default swap (CDS) data to the Commissione Nazionale per le Società e la Borsa, the Italian securities market regulator (Consob)- possibly for market surveillance purposes.
Same underlying names dominate CDS trading in December, says GFI
Credit default swaps (CDS) offering protection against debt issued by US auto companies, European telecoms and Asian financial services institutions were again the most actively traded credit derivatives in December.
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Basel II
Correlation and credit VAR
Navneet Arora and Shisheng Qu show that credit VAR in commodity trading is affected not only by the inherent credit risks of counterparties, but also by various correlations among counterparties and between counterparties and commodity prices