One Year Ago In Derivatives Week
A clutch of Citigroup credit staffers formed a boutique called Novarum to advise Street firms on managing counterparty risk using contingent credit-default swaps--CDS whose notional value varies with the mark-to-market value of the underlying swap. [Trading in CCDS has been slow with one desk head seeing about a deal a week. At Novarum's urging, 23 dealer members of the International Swaps and Derivatives Association formed a working group and met in January in an attempt to boost flows (DW, 1/26)].
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