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Credit Derivatives

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  • JGBs dip on weak U.S. bond, yield curve flattens Wednesday, 18 Feb 2015 | 1:46 AM ET

    TOKYO, Feb 18- Japanese Government Bond prices weakened on Wednesday, tracking softer U.S. bonds, but the longest maturities fared better on bargain-hunting by Japanese investors, flattening the yield curve. The price of 10- year JGB futures dipped 0.21 point to 147.02, though they stayed above a 2-1/ 2- month low of 146.69 hit on Monday. The market showed no...

  • *Bank of Korea chief's cautious rhetoric lifts bonds. SEOUL, Feb 17- South Korea's central bank held interest rates steady on Tuesday, as expected, but cautious remarks by its governor about the economic outlook kept hopes alive for a rate cut soon, lifting bond futures. "Lee's remarks were generally neutral in terms of policy implications throughout the news...

  • TOKYO, Feb 6- Japanese government bonds ticked up on Friday, erasing earlier losses after the Bank of Japan's buying operation unearthed limited selling interest among brokers, particular at the longest end of the yield curve. Ten-year JGB futures rose 0.12 point to 147.45, reversing earlier falls to 147.14. The BOJ bought a total of 1.18 trillion yen of JGBs on...

  • Wing Chau and his firm Harding Advisory LLC were found liable by Securities and Exchange Commission Administrative Law Judge Cameron Elliot. The SEC had accused Chau and his firm of allowing a hedge fund to control which assets backed a $1.5 billion structured collateralized debt obligation known as " Octans I CDO Ltd" without disclosing that critical...

  • Dec 16- A former bond trader was sentenced to 2-1/ 2 years in prison Tuesday after admitting to manipulating prices of mortgage debt, causing a $9 million loss at a unit of Bank of New York Mellon Corp.. Prosecutors said Green entered fake CMO sales into the trading system of BNY Mellon's Pershing LLC clearing unit, which handled Crocker trades and related...

  • U.S. swaps regulator wants tighter clearing house rules Thursday, 4 Dec 2014 | 11:17 AM ET

    WASHINGTON, Dec 4- Regulators should consider tighter rules for clearing houses given their crucial role as guardians against market routs after the 2007-2009 credit crisis, a senior U.S. swaps regulator said on Thursday. The Commodity Futures Trading Commission should take a first step towards subjecting clearing houses to more standardized regular...

  • Moody's downgrades Japan's sovereign debt rating Monday, 1 Dec 2014 | 3:47 AM ET

    TOKYO, Dec 1- Moody's Investors Service on Monday downgraded Japan's sovereign debt rating by one notch to A1 from Aa3, citing heightening uncertainty over the country's ability to hit its debt-reduction goal. The announcement briefly sent the yen to a seven-year low against the dollar and pushed 10- year Japanese government bond futures down by 10 ticks.

  • The purchases were part of a broad U.S. bond market rally in the wake of record low 10- year yields across Europe and a robust $35 billion five-year Treasuries note auction, analysts said. At 2:06 p.m. EST, 34,856 contracts of 10- year Treasury note futures for March 2015 delivery traded at a price of 126-9/ 32 and 18,950 contracts of March 2015 30- year Treasury...

  • TOKYO, Nov 21- The cost of insuring Japanese government debt has risen to a one-year high after Japanese Prime Minister Shinzo Abe's decision to postpone a tax hike sparked worries about the country's weak fiscal position. The spread on Japan's credit default swaps widened to 59.5 basis points over U.S. Japan's CDS has widened by 20 basis points in the last two...

  • NEW YORK, Nov 20- Six years of interest rate suppression by the U.S. "The high-yield market is sort of in a bubble and sooner or later there will be a price paid for that," said Carl Icahn, the billionaire investor who said he owns credit default swaps on high yield debt against the 5- year U.S. Martin Fridson, chief investment officer of wealth management firm Lehmann...

  • *Ratings downgrades hit bonds and credit default swaps. LONDON, Oct 24- Investors demanded higher yields to hold Tesco's debt on Friday while the cost of insuring against default rose sharply after ratings downgrades left Britain's biggest grocer hovering just above junk status. "The ratings remain on review for downgrade because Tesco has not yet announced...

  • Banks tear up rule book to cope with future crisis Wednesday, 8 Oct 2014 | 6:18 AM ET

    The world’s biggest banks have agreed to tear up the rule book on derivatives to make it easier to resolve a future failing firm like Lehman Brothers.

  • Fed's Lacker: I'm no fan of mortgage bond plan Friday, 19 Sep 2014 | 8:07 AM ET
    Jeffrey Lacker, president of the Federal Reserve Bank of Richmond.

    Richmond Fed's Jeffrey Lacker said that his dissent from the central bank's exit strategy stemmed from its mortgage-backed securities plan.

  • Why Bank Derivative Trades Aren’t So Risky Thursday, 13 Jun 2013 | 4:35 AM ET
    Warren Buffett called derivatives “financial weapons of mass destruction”

    Warren Buffett famously referred to derivatives as "financial weapons of mass destruction," but unless we accept that residential mortgages are too, the phrase glorifies them into something they are not.

  • Uh Oh: The Attempt to Regulate Swaps Is Failing Saturday, 6 Apr 2013 | 8:42 AM ET

    Clever finance critters are fleeing from swaps to futures, escaping the new regulatory regime that was a center-piece of Dodd-Frank.

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    After the unveiling of Libor rate-rigging practices among banks, eyes are turning to other markets, worrying that the manipulation would not be limited to Libor rates, the New York Times reports.

  • Banks' Fire Drill for Greece Election Saturday, 16 Jun 2012 | 7:25 AM ET
    bank_vault_200.jpg

    Hundreds of employees at big firms, some part of special teams, will be on standby this Sunday, awaiting the results of Greece’s pivotal election. The New York Times reports.

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    Conflicting signs are emerging in Washington over whether JPMorgan Chase’s surprise trading loss will spur tighter regulation on Wall Street, The New York Times reports.

  • How Bank Handles Bad Bet Is Fraught With Peril Tuesday, 15 May 2012 | 10:10 AM ET
    JP Morgan Chase headquarters

    JPMorgan’s next move depends on what happens in the credit markets. If investors become fearful about companies’ prospects , JPMorgan’s bet could face even bigger losses, The New York Times reports.