Risk magazine
Clearing CDS for lift-off
A new single-name North American credit default swap (CDS) contract, due to be launched next month, is expected to bring greater standardisation to the market and pave the way for central clearing.
SEC incompetence and secrecy over Madoff enrages Congress
The fraud examiner who spent eight years warning about Bernard Madoff's alleged Ponzi scheme has blamed institutional incompetence within the Securities and Exchange Commission (SEC).
European CDS regulation 'inevitable' - EC official
The European Commission (EC) is moving ahead with plans to enforce central clearing of credit default swaps (CDSs), despite a plea by the International Swaps and Derivatives Association (Isda) to resume dialogue on the issue.
JP Morgan CDS pricing model to be made available via Isda
JP Morgan's credit default swap (CDS) Analytical Engine will be released as open source code soon via the International Swaps and Derivatives Association (Isda). Isda believes the model - which is used to price CDS contracts - will increase transparency…
Eurex trading volume nudges ahead of CME
A 41% drop in trading volumes compared with the previous year put CME behind Frankfurt-based Eurex in January 2009.
CDS spreads fall on Spanish energy
The cost of credit protection on Spanish energy firms plummeted in early trading this morning and confidence in the Japanese electronics sector began to return.
Federal Reserve extends liquidity programmes
The Federal Reserve has extended the deadline for its existing liquidity programmes by six months, to October 30, in a sign of continuing strain on financial markets.
Deutsche takes 12 from Merrill Lynch
Twelve senior bankers have left Merrill Lynch to join Deutsche Bank's institutional group, as Merrill's former CFO steps down.
Primus takes hit in Q4
Primus Guaranty, the Bermuda-based parent company of the first standalone credit derivatives product company, saw a net loss of $918.5 million in the fourth quarter of 2008. This result compares with a net loss of $403.9 million in the corresponding…
Obama ties executive pay caps to bail-out funds
President Barack Obama on Wednesday unveiled a compensation cap of $500,000 for top executives at firms receiving "exceptional assistance" from the US government.
RBS chairman departs earlier than expected
Royal Bank of Scotland's (RBS) chairman, Tom McKillop, has stepped down two months earlier than he intended.
Auction sets settlement values for LyondellBasell companies
An auction run by data vendor Markit and broker Creditex determined final settlement values for credit derivatives trades referencing three US-based subsidiaries of Netherlands-based chemical company LyondellBasell, today.
SSgA adds to European product team
State Street Global Advisors (SSgA), the Boston-based investment management arm of State Street Corporation, has announced five additions to its European product engineering team in London.
Sovereign CDSs hit record highs
The cost of credit protection on the US and New Zealand's national debt reached all-time highs in early trading this morning, while Japanese corporates faced declining market sentiment.
CDSs widen on Japanese firms
The cost of credit protection on Japanese corporates and electronics firms widened in early European trading today.
Settlement settled?
The collapse of Lehman Brothers and other banks last year proved that settlement risk in the forex market has been greatly reduced. But while forex operational risk managers may be giving themselves a pat on the back, there are warnings that settlement…
All shook up
The financial crisis turned 2008 into an unforgettable year. The 2009 commodity rankings reveal those who triumphed despite adversity. By Roderick Bruce, with research by Xiao-Long Chen
Hedge simple
Extreme shifts in foreign exchange rates have forced corporate treasurers to reconsider their hedging strategies. With currency volatility expected to remain high, many are shifting away from complex structures towards simpler approaches. By Ryan Davidson
Hard times for metals markets
UBS topped the precious metals categories of this year's Risk commodity rankings, while Societe Generale won base metals, in a year dominated by volatile prices, illiquid markets and counterparty credit concerns. By Donna Haws, with research by Xiao-Long…
Fit for forex
A variety of online trading and analytics platforms are being offered by banks to their clients. Risk looks at the functionality and benefits of some of these systems. By Ryan Davidson