BASEL, Switzerland (HedgeWorld.com) - Included in the Bank for International Settlements' quarterly review released March 3 was a paper focusing on tranched products, how they are rated and whether these ratings are an adequate reflection of their inherent risk. BIS researchers Ingo Fender, Nikola Tarashev and Haibin Zhu suggested in the paper, "Credit fundamentals, ratings and value-at- risk: CDOs versus corporate exposures," that there can be a marked mismatch between the sensitivity of collateralized debt obligation tranche ratings and those of corporate ratings to market information and ratings migration data. A further issue is that tranching itself can have profound implications on the probability of large losses. Thus, noted the researchers, "investors who narrowly focus on ratin...
BASEL, Switzerland (HedgeWorld.com) - Investors may be over the worst of the "disorderly de-leveraging" which began in mid-2007 and intensified from the end of February to mid-March as the Bear Stearns crisis played out, according to the Quarterly Review from the Bank for International Settlements. However the BIS noted in the review, published Monday [June 9], that credit investors remain cautious, and credit spreads continue to sit at historically high levels. Nonetheless, there has been a marked improvement in conditions since the height of the crisis, when markets across asset classes were extremely illiquid and booming credit spreads underlined the severe level of market stress and heightened concerns regarding leverage and liquidity. But then, BIS noted, "markets subsequently rebo...
... in the swap is often an investment bank. By taking the swap position, the investor assumes...See BIS Quarterly Review, Table 19: Amounts outstanding of over-the--counter (OTC) derivatives, Bank for International Settlements, available at http://www.bis.org/stati...
BASEL, Switzerland (HedgeWorld.com) - Supplementary research in the June 2006 Quarterly Review published by the Bank for International Settlements finds that in the Asia-Pacific region, as in more mature markets, securitization of domestic assets has expanded significantly in recent years. Unlike in the United States and Europe, however, this growth has been driven mainly by the repackaging of residential mortgages and consumer receivables rather than that of corporate debt. The review attributes the expansion to the Asian crisis of 1997, and to consequent securitization laws and regulations aimed at dealing with the nonperforming loans that resulted from the crisis. After the meltdown it was households, rather than corporations, that emerged as the most important class of borrowers in ...
The Commodity Futures Trading Commission (Commission) is adopting final regulations to implement certain provisions of Title VII and Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) governing derivatives clearing organization (DCO) activities. More specifically, the regulations establish the regulatory standards for compliance with DCO Core Principles A (Compliance), B (Financial Resources), C (Participant and Product Eligibility), D (Risk Management), E (Settlement Procedures), F (Treatment of Funds), G (Default Rules and Procedures), H (Rule Enforcement), I (System Safeguards), J (Reporting), K (Recordkeeping), L (Public Information), M (Information Sharing), N (Antitrust Considerations), and R (Legal Risk) set forth in Section 5b of the Com...
... 39.5, review of swaps for Commission determination on clearing ... Amendments to the Commodity Broker Bankruptcy Provisions); 76 FR 33066 (June 7, 2011) (Adaptatio... with the board of directors at least quarterly. No comments were received on the proposed topics ... The International Swaps and Derivatives Association (ISDA) also sugg... with the Bank for International Settlements' Committee on Payment and Settlement Systems and t...
BASEL, Switzerland (HedgeWorld.com) - The Bank for International Settlements' June 2006 Quarterly Review has underlined what it terms a "retreat from risky assets", which it says began to take hold in early May. The authors noted that this followed a general rise in yields on government bonds. Bond prices had continued to fall up to mid-May, a reflection on the one hand of investor concerns about higher inflation, but also an indication of expectations that the global economy could continue to grow at a steady pace. The sharp downturn in the exchange rate of the dollar and the continued tightening of spreads on low grade corporate and emerging market debt did little to dent investor enthusiasm for equities and commodities. These asset classes continued to appreciate until mid- May, when...
...But symmetrically, as the banking system returns to health, investment resumes, and ... in the most recent (September 2009) Quarterly Review of the Bank for International Settlements. ...
... have made use of the European Central Bank (ECB) to finance their deficits indirectly. . The ... [euro] from the Eurozone and the International Monetary Fund (Thesing and Krause-Jackson 2010). I... to Spain (Bank for International Settlements 2010). Before the crisis, Spain had been in a fund...--. 2009. The Quality of Money. Quarterly Journal of Austrian Economics 12, no. 4: 41-64. . ...
...London Stock Exchange . Crest . Bank for International Settlements . Euronext-Liffe . O...LSE comments on the Higgs Review . The LSE has published its submission to the Higg...BANK FOR INTERNATIONAL SETTLEMENTS . Quarterly review . The Bank for International Settlements ha...
Introduction. II. The FSF'S Creation And Its Work Prior To The Global Financial Crisis. III. The FSF's Role in the Global Financial Crisis. A. The FSF's September 2007 Meeting. B. The FSF Working Group S Preliminary Report. C. The FSF's Interim Report. D. The FSF's April 2008 Report. E. Follow-Up Reports. IV. Transformation of the FSF. A. The November Summit. B. London Summit. V. Conclusion.
... supervisory groups, committees of central bank experts, and the European Central Bank, the FSF ha..., World Bank, Bank for International Settlements ("BIS"), Organization for Economic Cooperation and...First, it reviewed the prevailing conditions and adjustments in the f... . Bank for Int'l Settlements, BIS Quarterly Review: International Banking and Financial Market...
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