CDS Confirms Debate Rages On

Dealers were working overtime to downplay regulators' worries about unconfirmed credit derivatives trades.

  • 18 Mar 2005
Email a colleague
Request a PDF

Dealers were working overtime to downplay regulators' worries about unconfirmed credit derivatives trades. "Our confirm backlog has massively decreased," said Derek Smith, head of investment grade default swap trading at Goldman Sachs. Improvements in electronic trading have been largely responsible for this, said Smith. Peter Axilrod at The Depositary Trust & Clearing Corporation said, "Where you have paper, you have backlogs."

But, at an earlier panel, Gay Huey Evans, director of the Markets Division at U.K. regulator the Financial Services Authority, sounded a broad warning to derivatives dealers. "I want all of you to recognize the risks," said Evans, speaking on the chairman's panel. "Do not ever wait for the train to derail," she warned.

  • 18 Mar 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 344,551.82 1341 8.09%
2 JPMorgan 340,847.26 1467 8.00%
3 Bank of America Merrill Lynch 306,216.73 1054 7.19%
4 Barclays 256,667.84 965 6.02%
5 Goldman Sachs 227,311.51 769 5.33%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 47,043.60 195 6.55%
2 JPMorgan 46,108.71 102 6.42%
3 UniCredit 39,106.98 168 5.45%
4 Credit Agricole CIB 36,670.04 182 5.11%
5 SG Corporate & Investment Banking 35,773.91 138 4.98%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,088.48 62 8.97%
2 Goldman Sachs 13,469.15 66 8.57%
3 Citi 9,948.21 58 6.33%
4 Morgan Stanley 8,572.10 54 5.46%
5 UBS 8,391.04 36 5.34%