Credit Default Swap (CDS)
Banque de France: CDS mismanagement rather than naked shorting caused market downfall
Banque de France study says credit default swaps should not be abandoned; creation of centrally cleared market can reduce systemic risk
Spanish banks' reliance on ECB rockets again
Bank of Spain data shows the country’s lenders borrowed 48% more from the European Central Bank in June than in May; figures renew worry on sector’s health, but government remains adamant
Greek debt crisis sparks widening of almost all global CDS spreads
Cost of protecting against a Greek default up 190% in three months to mid-June as CDS spreads widened for 93% of sovereign debt on back of sovereign debt crisis in Europe
Europe raring to go on CDS rules, bank taxes
Brussels praises the political dynamic behind move for tightened financial regulation as French president Nicolas Sarkozy and German chancellor Angela Merkel call on Commission to speed up work
Eurozone seals deal on bailout fund
European finance ministers come to agreement on bond guarantee facility to support continent's crisis-hit countries; bond markets reassured by move
ECB buys another €10 billion in government debt
Analysts split on whether second round of purchases with German ban on naked short spooks European markets
Spanish CDS spread jumps as four banks announce merger
Four regional savings banks announce merger after one ailing lender was seized and placed into administration by the central bank on Saturday; move plays into investor fear that banking sector is unsteady
Riksbank's Persson: don't shoot CDS "messenger"
The Swedish central bank uses CDS spreads as an indicator of financial stability
Berlin hastily bans naked CDS, short-selling
Supervisor places temporary ban on naked credit default swaps, eurozone bond short sales, citing market volatility; analysts say uncoordinated move is further sign of fragmentation within eurozone
Market puzzled by Bafin ban
Traders incredulous as Bafin acts unilaterally to calm “extraordinary volatility”
Europe to place CDS markets under spotlight: Barnier
European commissioner Michel Barnier says legislation in works requiring credit default swaps to be registered and made fully transparent; follows criticism of investors from European leaders
Senior US lawmakers flag room for manoeuvre on derivatives reform
Senate Banking Committee head Chris Dodd and derivatives overhaul author Blanche Lincoln say negotiation still possible on controversial derivatives package; clearinghouse clause looks set to stay
Europe gambles to save currency union
Markets surge as European Central Bank changes course and commits to buying government bonds, move comes as eurozone and IMF unveil trillion-dollar support package
Banks should not rely on CDS spreads for credit risk
National Bank of Belgium study highlights a number of shortfalls in policymakers’ use of CDS spreads as an indicator for bank risk
Greece takes grudging step towards bailout
Greek government initiates procedures concerning proposed $40 billion rescue with eurozone and IMF, problems anticipated in joint effort
BoJ study links widening CDS spreads in Greece to greater sovereign debt risk
Bank of Japan study shows strong relationship between fiscal health and CDS spreads
Fed is investigating Goldman, hedge funds: Bernanke
Federal Reserve chairman Ben Bernanke says the central bank is looking into cross-currency swaps carried out by Goldman Sachs alleged to have helped Greece hide the extent of its debt
Rogoff predicts wave of sovereign defaults
Greece will not be the only country to face threat of bankruptcy, ex-IMF chief economist Kenneth Rogoff warns
Bank had different objectives with corporate bond purchases: Fisher
Bank of England’s executive director for markets Paul Fisher says the central bank’s asset purchase facility has achieved what it set out to do
Chile on the pros and cons of connectivity
Central Bank of Chile looks at how shocks are transmitted across markets and banking systems
BIS data show rebound in OTC derivatives
Notional amount of OTC derivatives trades rises by 10% in six months to June after fall in final half of last year
Central counterparties for CDS compared
Ad hoc industry group comprising both buy-side and sell-side publishes report on credit-default-swap central counterparties
Brussels bids to stabilise derivatives market
European Commission outlines proposals for derivatives-market revamp
Liquidity lessons from the crisis
Daniel Heller, the head of the Basel-based CPSS, discusses propsoed reforms for payments, clearing and settlements