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Japanese firm plucks banker from UBS
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
The derivatives market gathered in London on Thursday night to celebrate its leading players
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--Sharon Bowles, chair of the European Parliament's Economic Monetary Affairs Committee and shadow rapporteur on derivatives legislation, on the impact a so-called vertical silo market could have on Europe's competitiveness with other regional markets
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The first week of January is often a positive one for risky assets as investors return from their holidays.
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Credit valuation adjustment has been the subject of increased attention by dealers and end-users alike. The bankruptcy of Lehman Brothers, the default or significant downgrade of a number of once-AAA-rated and non-collateral-posting swap counterparties, particularly in the insurance sector, have all fired the interest. Other factors include the implementation of FAS 157 in the U.S. and IAS 39 in Europe, proposed Basel capital requirement rules, impending regulations under the Dodd-Frank Act and increased demand for pricing transparency by corporate end-users.
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A decision by the First Department of the Appellate Division of New York County yesterday will help protect credit protection buyers whose credit event claims are dismissed by protection sellers on technical grounds, according to lawyers in New York.
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The U.K.’s Financial Services Authority has been lobbying members of the European Parliament against restricting or banning naked sovereign credit default swaps.
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Derivatives legislation in Europe should create a transparent system of clearing that would prevent exchange-owned central counterparties to operate “vertical silo” models and develop a so-called vertical silo market, according to Sharon Bowles, chair of the European Parliament’s Economic Monetary Affairs Committee and shadow rapporteur on derivatives legislation.