Cutting edge introduction: exploring constant maturity asset swaps

New product design has been on the wane for the past few years, but there are still ideas floating around. This month’s technical section includes an article exploring a potentially interesting market – derivatives referencing asset swap spreads. By Laurie Carver

lightbulbs

Among the changes wrought by the financial crisis has been a U-turn in attitudes to financial innovation. In 2005, then-chairman of the US Federal Reserve Alan Greenspan praised securitisation for making the financial system more flexible, efficient and resilient than it had been 25 years previously. Four years later, following the collapse of the subprime-backed securities market, another former Fed chairman, Paul Volcker, argued the greatest financial innovation in recent decades had been the

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