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Credit markets

Intensity gamma

Mark Joshi and Alan Stacey develop a new model for correlation of credit defaults based on a financially intuitive concept of business time similar to that in the variance gamma model for stock price evolution

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The plight of permanent capital

Permanent capital vehicles have been touted as a solution for alternative asset managers seeking stable long-term financing. However, the market has all but closed to new business, prompting deal sponsors to rethink the way these vehicles are structured…

Centralising the server

Yahoo! has been at the cutting edge of the internet revolution for the past 10 years, but its treasury risk management team has been relatively conservative in its use of derivatives. Jayne Jung talks to Yahoo! treasurer Gideon Yu

Money for old smoke

Despite the lack of mandatory, standardised carbon trading in Asia, interest is growing fast. And several trading initiatives are under way, finds Joe Marsh

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