Novation Protocol For Newbies Plotted

The International Swaps and Derivatives Association, along with a group of dealers and lawyers, is working on updating its novation protocol to ease adherence for new entrants to the credit derivatives market.

  • 23 Dec 2005
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The International Swaps and Derivatives Association, along with a group of dealers and lawyers, is working on updating its novation protocol to ease adherence for new entrants to the credit derivatives market. The protocol, issued Sept. 12 and implemented Oct. 24, was a dealer-led response to concerns from the Federal Reserve Bank of New York over unconfirmed backlogs of third-party trade assignments (DW, 10/3).

The adherence period for the protocol closed Nov. 30, with more than 2,000 adherents. And, despite complaints by hedge funds and arm-twisting by dealers (DW, 10/24), the protocol has proven reasonably successful. But funds are popping up all the time and new entrants have found the protocol's requirements cumbersome and operationally burdensome. This has led to the group of dealers and ISDA re-forming to consider ways of easing adherence for new users.

ISDA is consulting with the membership with the notion of launching a protocol in 2006 that will be permanently open for adherence to new funds and other users, said Louise Marshall, spokeswoman for ISDA. The tentative name of the project is the "Evergreen Protocol."

  • 23 Dec 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 344,234.82 1335 8.11%
2 JPMorgan 339,975.37 1458 8.01%
3 Bank of America Merrill Lynch 303,833.99 1046 7.15%
4 Barclays 256,068.68 961 6.03%
5 Goldman Sachs 226,910.60 765 5.34%

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Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 46,845.71 193 6.55%
2 JPMorgan 45,135.56 102 6.32%
3 UniCredit 39,106.98 168 5.47%
4 Credit Agricole CIB 36,468.56 180 5.10%
5 SG Corporate & Investment Banking 35,682.25 138 4.99%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 14,088.48 62 8.97%
2 Goldman Sachs 13,469.15 66 8.58%
3 Citi 9,948.21 58 6.34%
4 Morgan Stanley 8,572.10 54 5.46%
5 UBS 8,391.04 36 5.34%