Review of 2011: collateral, capital and chaos
Whether pricing a plain vanilla swap or agreeing to raise the US debt ceiling, apparently simple acts proved surprisingly difficult this year. Risk magazine staff look back at some of the year’s big stories
By any measure, 2011 has been dramatic. The past 12 months have seen a devastating earthquake in Japan, revolution in the Middle East, the eighth-largest bankruptcy in US history, a rogue trader running amok at UBS, the spectacular unravelling of a second Greek bail-out and a downgrade for the US. The result has been a year in which volatility has rivalled the peaks seen in 2008, with risk aversion and funding stress intensifying along with it.
Away from the global spotlight, life has been
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