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Reforms should focus on banks' access to liquidity, not capital
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
IPO pipeline strong, but timetables slipping as markets await clarity on tax, growth and defence funding
State-owned bank Spuerkeess has not indicated when it will issue its first bond
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The Securities and Exchange Commission and Commodity Futures Trading Commission have reportedly decided which parts of the over-the-counter derivatives market each will oversee, with the SEC getting jurisdiction over credit default swaps and equity derivatives.
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The U.K. High Court is set to decide Tuesday on another case involving disputed payment rights relating to a Lehman Brothers Holdings Inc. collateralized debt obligation. At issue is whether a so-called flip clause—allowing noteholders first rights to repayments over a defaulted counterparty—is enforceable in the U.K.
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The International Organization of Securities Commissions and the Committee on Payment and Settlement Systems have teamed up to review their 2004 recommendations for central counterparties.
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Regulators defended the U.S. Treasury Department’s proposals to reform the over-the-counter market in a discussion hosted by the Chamber of Commerce in Washington, D.C., this morning. Among the corporates expressing their concerns were Post-it products maker 3M and medical supply firm Zimmer.
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Credit default swaps referencing Lear Corp. were settled at 38.5%, Markit and Creditex determined in an auction today. The result means sellers of protection on the company’s bonds will pay out 61.5 cents on every dollar of protection sold. Loan-only CDS were valued at 66%, meaning buyers of protection will recover 34.
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The U.S. Treasury Department is close to proposing legislation that would see Tier One financial holding companies—firms that could pose a threat should they fail—subjected to tougher reserving and risk management requirements. Treasury spokesman Andrew Williams told Derivatives Week Tuesday that the department plans to release proposed legislation on the Tier One portion of the financial reforms “very soon…[in] days or weeks.”