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Monday, December 22nd, 2014 by GEORGE BOLLENBACHER As we move from Thanksgiving to Christmas, it is traditional to reflect back on the year that is coming to a close, and to begin planning for the new year. For the capital markets, reflecting on 2014 may result in mixed emotions, so does 2015 look to be any better? Looking Back Actually, taking the retrospective view it would be easy to say… Read More »

Categories: Featured, Publishings

Monday, December 1st, 2014 by GEORGE BOLLENBACHER Capital markets participants are nearly unanimous in the belief that almost every aspect of the markets is changing: international regulation, capital requirements, liquidity, and instrument structures , just to name a few. With that much change blowing things around, it can be hard to make out forms in the murk, but gradually the shape of the capital markets of the future is beginning… Read More »

Categories: Featured, Publishings

Tuesday, September 9th, 2014 by GEORGE BOLLENBACHER It doesn’t actually matter whether a bank is solvent – what matters is whether the economy as a whole thinks it is solvent. Once a critical mass of market participants begin to doubt the quality of a bank’s promise to pay, the rush is on to get out of that institution, and its living will is of little use. The news this summer… Read More »

Categories: Featured, Publishings

by George M. Bollenbacher On September 16th the New York Court of Appeals will hear arguments on a case that is rather well known in commercial banking circles, but perhaps less so in the swaps markets. As it turns out, the case may have significant implications for swaps market participants, including clearing houses. The case itself, Motorola Credit Corp v. Standard Chartered Bank, nominally involves the question of whether a… Read More »

Categories: Publishings

Monday, August, 18th, 2014 by GEORGE BOLLENBACHER Everyone is aware of the many and momentous changes in swaps regulation across the globe, and most of us have read predictions by various authorities (who may or may not have an axe to grind) on how the market will change as a result of regulations. However, there is precious little actual statistical evidence of how the market is changing, partly because the… Read More »

Categories: Featured, Publishings

Tim Cave and Anish Puaar | 07 Aug 2014   The proposed European financial transaction tax may be collected through a central industry utility, raising the possibility of using existing market infrastructure such as trade repositories to gather the levy. The creation of a “dedicated tax collection utility” is one of four options listed in a European Commission document on the FTT’s “collection methods and data requirements”. The document, seen… Read More »

Categories: News

Move Seen as Preparation for Fed Eventually Raising Interest Rates Katy Burne Aug. 6, 2014 1:21 p.m. ET   CME Group Inc. is raising margin requirements for most customers using its interest-rate swaps-clearing services, the latest sign of financial institutions girding for possible rate increases over the next year. The adjustments, which took effect Monday, mean that clients whose portfolios call for more margin under the new parameters will have… Read More »

Categories: News

Traders Magazine Online News,  August 4, 2014 John D’Antona Jr.   With more trading and risk in the swaps market, clearinghouses should be more open and disclose their operating procedures for the benefit of the marketplace. That’s the viewpoint of market consultancy Tabb Group, which said in a recent report that the concentration of risk among central counterparties in the new global market structure must be accompanied by a proportional… Read More »

Categories: News

Aug 01, 2014 Cross-margining offered by Europe’s biggest clearing houses has been called into question by clearing members, amid concerns competition in this area will increase risk in the derivatives market. Clearing firms have highlighted that a potential race to the bottom could lead to under-collateralisation and risk cross-contamination between default funds. Under the new regulatory regime of centrally cleared swaps, firms are required to post collateral as initial margin… Read More »

Categories: News

Fri Aug 1, 2014 12:59pm EDT By Davide Scigliuzzo, Reuters   NEW YORK, Aug 1 (IFR) – The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to USD1bn on credit default swaps. ISDA’s determinations committee voted unanimously that a “failure to pay” event occurred on July 30, when Argentina missed a coupon payment on some restructured foreign-law bonds. The ISDA… Read More »

Categories: News
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