Credit default swaps
Ardagh review sparks CDS warnings
Lawyers warn a panel’s decision on the company’s restructuring will have wider implications
Asia’s bank risk managers brace for tariff stress
Banks keep a close eye on clients, and dust off risk transfer toolkit
JP Morgan’s credit structuring head departs
Denis Gardrat will head infrastructure investor Rivage Investment’s UK unit
US CDS clearing drops to 11-month low in August
Retreat from CCPs tied to jump in uncleared contracts for peripheral geographies
US Treasury clearing success depends on competition and choice
The origins of the forthcoming clearing mandate for US Treasury securities and details of the ICE clearing platform scheduled to launch by end of year
Barclays edges past BofA in client swap margin
UK bank reclaims fifth spot in FCM ranking as margin tops $21bn
Danske shrinks CVA capital charges 44% after hedge revamp
Credit protection buying spree helps cut capital requirements to lowest level since 2014
Altice CDS auction may debut lock-up tweak
Separate industry proposal would make permanent a cash settlement fallback
OTC books grew in 2024 but remain below peaks
Dealer Rankings 2025: US fund and insurer books were larger in 11 of 16 markets
Quantum path integrals for default intensity models
A method to price credit derivatives via default intensity approximation is presented
Isda moves to fix outdated CDS obligations list
Updated process would allow for mass updates, reserving legal review for most complex challenges
Tariff rout lifts required IM by $51bn
Collateral posted for swaps, futures and CDSs jumped in April, data from top CCPs shows
Isda proposes oversight group for CDS process
New governance committee the “first step” in credit determinations revamp
Vanguard is new kid on the CDS options block
Counterparty Radar: Passive behemoth held a quarter of reported notional among US retail funds in Q4 2024
Patience pays off for XVA desks in wild week of tariff swings
Dealers avoided knee-jerk reactions that could have caused credit spreads to widen further
Index CDS trading nearly doubles as tariffs spook market
Turnover ebbed in single-name contracts as iTraxx and CDX volumes climbed rapidly last week
Basel tweak may weaken counterparty hedging, industry warns
Proposed technical revision risks dissuading bespoke CDSs and guarantees covering derivatives exposures
Shaking things up: geopolitics and the euro credit risk measure
Gravitational model offers novel way of assessing national and regional risks in new world order
A tale of two tail risks
This paper investigates the relationship between banking credit risk and the financial market jump hazard rate, finding the two risks to have opposing behaviors.
CDS panel revamp wins support, but questions linger
Role of independent members, transparency and funding of enhanced committee yet to be decided
Intrum auction gives CDS buyers minimal payout
Outcome seen as success for market that needed to adjust auction terms amid ongoing restructuring