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Derivatives Week Learning Curves

  • Selling Derivative Claims

    The financial crisis has resulted in the termination of billions of dollars worth of derivatives between sophisticated market participants.

  • FX Hedging The Double Dip

    An increasing number of asset managers are turning to fx as a cheaper, more liquid way to hedge cross-asset portfolios. They are prepared to accept some mismatch between the risk profile of their portfolio and their fx hedge, but are ultimately looking for hedging instruments which provide a payoff in times of risk aversion. The term risk aversion can be measured, and therefore traded, in one of the following three ways: carry unwind, increase in correlation and an increase in fx volatility.

Previously in Derivatives Week

  • CME/Citadel Restructure JV

    The joint clearing venture between CME Group and Citadel Investment Group has been restructured to focus solely on clearing, shelving the Citadel-led electronic execution platform for credit default swaps trading, CMDX.

  • Hawaiian Fund Lands More Ex-B of A Traders

    Olivier Droulers, a former head of index flow trading at Bank of America Merrill Lynch in London, and Emmanuel Slezack, who took over when Droulers was made redundant in March, have joined Hawaiian hedge fund Evolution Capital Management.

  • Barclays Restructures USD12.3B In Toxic Assets

    Barclays Capital is restructuring USD12.3 billion of structured credit assets through a sale to Protium Finance, a newly created Cayman Islands fund. Protium will pay C12 Capital Management—a new management company led by Stephen King, former head of Barclays’ principal mortgage trading group, and Michael Keeley, member of Barclays’ management committee covering European financial institutions—USD40 million a year to manage the assets.

  • Meteor Offers Dual-Linked Structure

    London-based Meteor Asset Management today launched what it calls its Prima Platinum Plan, a five-year investment with returns linked to the FTSE100 and the S&P500.

  • Indonesian Master Translation On Deck

    The International Swaps and Derivatives Association has commissioned a Bahasa translation of the 2002 ISDA Master Agreement.

  • Calif. AG To Investigate Credit Raters

    Edmund Brown, the attorney general of the state of California, has announced the launch of an investigation into the role credit-rating firms may have played in the current crisis.

  • Citi Looks To Unload Smith Barney Stake

    Citigroup is looking to get rid of its 49% stake in the Morgan Stanley Smith Barney joint venture, according to Vikram Pandit, Citi’s ceo.

  • Lawmaker Looks To Expedite Lehman Claims

    Rep. Gregory Meeks (D-N.Y.) is spearheading an effort to speed up the settlement of claims by Lehman Brothers creditors.

  • ICE In Pact To Automate OTC Trading

    IntercontinentalExchange and ConvergeEx have entered into an agreement that will integrate ConvergeEx’s order management system with the ICE’s platform for over-the-counter derivative trading.

  • BIS Backs Standardized OTCs

    The Basel Committee on Banking Supervision has thrown its support behind the standardization of derivatives as a way of using risk-mitigation techniques to reduce systemic risk.

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Q&A

    David Bailey, Financial Services Authority

    David Bailey, who manages the FSA's over-the-counter derivatives and post trade policy, is heavily involved in discussions with E.U. lawmakers and regulators over plans to regulate the European derivatives market and is in close contact with international regulators through the OTC Derivatives Regulators' Forum. He spoke to Managing Editor Rob McGlinchey.

Quote Of The Week

One Year Ago

    One Year Ago In Derivatives Week

    Citadel Securities was beefing up credit trading in an attempt to fill a hole in the market left by the collapse of three major dealers in the year prior with five hires in the space [Citadel continued these efforts, hiring three more credit traders in October (DW, 10/27), and became an outspoken proponent for open access to credit default swap clearing as its business expanded (DW, 5/4).]

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