International Swaps and Derivatives Association (Isda)
Challenges and opportunities for Isda in 2012
Challenges and opportunities
Cutting complexity with a new standard CSA
Cutting complexity
Cross-border confusion between domestic clearing houses
Cross-border confusion
Tentative on G-20 timelines for OTC derivatives clearing
Tentative on G-20 timelines
Dealers draw up contract for covered bond CDSs
Credit Suisse, Deutsche Bank and JP Morgan expect demand for spread volatility protection on covered bonds
Cross-default dilemma
Cross-default debacle
LEI debate focuses on governance issues
The LEI vision
China's credit default swap market slow to grow
China launched its version of the credit default swap market nearly 18 months ago – yet activity has almost ground to a halt due to a combination of inflexible rules, lack of standardisation, and an approach to the concept of credit default that is…
Isda working group close to finalising standard CSA
Latest proposal extends number of silos from five to 17, mirroring approach taken by LCH.Clearnet
Sovereign CDS market needs to learn lessons from Greece, dealers say
An auction to settle the Greek sovereign CDS goes smoothly, but some participants argue the documentation needs to be revisited
S&P Indices partners with Isda to assess credit quality of US and European banks
S&P Indices launches equally weighted proxies that measure the quality of US and European banks in conjunction with Isda, the trade body for the global OTC derivatives industry
CFTC rule sounds death knell for FIA-Isda trilateral give-ups
Final rule forbids documentation revealing identities or limiting counterparty choice
Dealers worry about risk of $500bn overnight liquidity drain
Dealers are concerned that intra-day margin call guidelines, which they claim could drain up to $500 billion from financial markets, could make it into final CPSS/Iosco principles
MAS brings Singapore regulations in line with global rules on OTC derivatives
Fears that a different approach to over-the-counter derivative regulations in Asia could prompt regulatory arbitrage with Europe and North America have been laid to rest by Singapore’s February consultation on OTC derivatives, explains Cindy Leiw of Isda
Dealers call for revised language on break clause close-outs
Current methodology to calculate a close-out value following the exercise of a break clause results in inaccuracies, claim dealers
Banks tout break clauses as capital mitigant
Breaking with tradition
Beyond Basel 2.5: regulators prepare trading book review
Beyond Basel 2.5
Greek auction result could undermine CDS use
An early trigger is unlikely, but fears of distorted auction outcome remain – and could undermine the use of credit default swaps as a hedge, say market participants
Banks criticise plan to deduct DVA from equity capital
Comment letters from Isda and Bank of Montreal argue Basel Committee proposal on DVA deductions goes too far
Downgrade termination costs
Downgrade termination costs
Market welcomes ‘pragmatic’ approach to central clearing by MAS
Singapore regulator wants central clearing but is agnostic over where it takes place
Basel DVA capital deduction could cost banks billions
Billions of dollars in capital could be excluded under Basel proposals on derivatives DVA - with US banks hardest hit
Dealers agree standard index CCDS documentation
The development of an index CCDS product will help market participants hedge counterparty risk, say proponents
Dealers tackle euro redenomination risks
Back to the drachma?