One Year Ago In Derivatives Week

U.S. Bancorp was prepping its first investment-grade trading desk covering bonds and credit default swaps, becoming one of the first banks aside from the major dealers to begin trading the instruments after the collapse of Lehman Brothers. [Since then, several other firms outside of the major dealers have started trading CDS, including Banco Santander, which began trading CDS in Europe from its London office at the beginning of 2010 (DW, 9/15), and interdealer broker Phoenix Partners, which began trading the instruments in October (DW, 10/15).]