Weapons for mass construction

The World Bank's involvement in the first-ever currency swap cemented its reputation as a derivatives pioneer. Navroz Patel talks to the supranational's treasury group about its push into structured products and its role as a swaps intermediary


Nowadays, most cutting-edge derivatives trades are done in the inter-dealer market or between dealers and hedge funds, but it wasn't always so. What many consider to be the genesis of the modern day over-the-counter derivatives market occurred nearly a quarter of a century ago and involved a cross-currency swap between IBM and the World Bank.

Ever since, the supranational has stood out from its peers with its sophisticated approach to risk management. And although it has not enjoyed

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Credit risk & modelling – Special report 2021

This Risk special report provides an insight on the challenges facing banks in measuring and mitigating credit risk in the current environment, and the strategies they are deploying to adapt to a more stringent regulatory approach.

The wild world of credit models

The Covid-19 pandemic has induced a kind of schizophrenia in loan-loss models. When the pandemic hit, banks overprovisioned for credit losses on the assumption that the economy would head south. But when government stimulus packages put wads of cash in…

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