Fed: More Banks Should Use Credit Derivatives

Patrick Parkinson, associate director at the Federal Reserve Board, said more banks should use credit derivatives to transfer credit risk.

  • 04 Apr 2004
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Patrick Parkinson, associate director at the Federal Reserve Board, said more banks should use credit derivatives to transfer credit risk. He estimated that only three banks in the U.S. have taken significant advantage of the default swap market. "The others should," he added.

Parkinson predicted that the proposed Basel Capital Adequacy Accord will encourage banks to mitigate risk through credit derivatives because it aims to align economic risk and regulatory capital.

  • 04 Apr 2004

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3 Bank of America Merrill Lynch 296,928.01 1015 7.27%
4 Barclays 249,873.33 927 6.12%
5 Goldman Sachs 220,211.32 736 5.39%

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4 Credit Agricole CIB 33,211.72 160 5.03%
5 SG Corporate & Investment Banking 32,419.80 126 4.91%

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1 JPMorgan 13,792.73 61 8.96%
2 Goldman Sachs 13,469.15 66 8.75%
3 Citi 9,716.40 55 6.31%
4 Morgan Stanley 8,471.86 53 5.50%
5 UBS 8,248.12 34 5.36%