Articles by Matt Cameron
Bank results suffer after May volatility
Short volatility positions contribute to poor equity derivatives results
The swaps carve-out conundrum
Section 716 of the Dodd-Frank Act will force swap dealers to hive off certain derivatives businesses into separate affiliates. But the legislation is fiendishly complicated, riddled with oversights and requires daring interpretative leaps, which has left…
Morgan Stanley is mystery buyer of Natixis CDS portfolio
Morgan Stanley is said to have acquired the bulk of an €8.6 billion portfolio of complex credit derivatives from Natixis last month.
Volatility, correlation and skew too
Surviving skew
Goldman hit by short equity volatility position
Rumours of big losses in Goldman's equity derivatives business are borne out as second-quarter profits drop 83%.
Dodd-Frank margin intent delivers end-users a blow, despite reprieve
Senator's letter fails to assuage end-user concerns over non-cleared swaps
Surviving skew
Skew skyrocketed in May, breaking through levels last reached in 2008 after the bankruptcy of Lehman Brothers, while volatility and correlation also spiked. The dislocations are rumoured to have caused losses for some exotic equity books. How did dealers…
Sparring over global valuation
Dealers have typically used a variety of pricing models that are specific to certain asset classes and instruments. But is it possible for banks to build global models that can be used to price instruments across asset classes? Matt Cameron reports
Dodd-Frank bill sparks end-user margin fears
Reform bill ambiguity means end-users might have to post margin even if they don't clear swaps.
EC derivatives consultation stops short of detail on corporate exemptions
Long-awaited derivatives proposals focus on standards for central counterparties that clear OTC derivatives.
Asian supervisors look to central clearing
Clearing the way
European Parliament’s IAS 39 clearing eligibility proposal criticised by accountants
Accountants condemn a proposal to use IAS 39 as a means to determine whether a derivative has to be cleared through a central counterparty.
Financial reform to be decided in US
US financial reform edges closer as legislators prepare for the reconcilation of the House and Seante bills
Lack of co-ordination contributes to European market sell-off
The Bafin decree on short selling in May signalled a lack of agreement by European regulators, say participants
Dealers and legislators left disappointed by CPSS-Iosco recommendations
Proposals on risk management by CCPs should be more detailed, say participants
Asia plays catch-up on CCPs
While European and US regulators blaze a trail in over-the-counter derivatives reform, Asian supervisors have been much more circumspect. Some are now exploring the use of central clearing but many are still wrestling with how best to implement it. Matt…
Cut derivatives volumes down to size, says European Parliament report
European Parliament committee calls for a smaller derivatives market, citing "distorting" effect.
Germany cuts euro and equity derivatives ban
Germany narrows shorting ban
German short sell ban snares long euro FX derivatives
Long euro derivatives positions caught up in proposed legislation, while doubts remain over the exemption of market-makers
Naked euro currency swaps face same fate as CDSs in Germany
Germany broadens shorting ban scope
Hong Kong examines OTC derivatives central clearing
TMA sets up taskforce to examine feasibility of a HK derivatives clearing house
Controversial swaps legislation survives as US Senate passes bill
Swap dealers and major swap participants will be unable to qualify for federal government support
Bafin shorting ban may be narrower than feared
Lawyers say decree appears limited