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Credit Derivatives

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  • TOKYO, April 20- Japanese government bond prices were little changed on Monday, showing no response to comments from Bank of Japan Governor Haruhiko Kuroda that financial markets could be wrongfooted by Japan's inflation rising as the central bank expects. The 10- year JGB futures prices dipped 0.03 point to 147.97 in very thin trading, with only about 5,550...

  • LONDON, April 17- Britain postponed a sale of Treasury bills and global bond trading was hit by a power outage at news and market price provider Bloomberg on Friday, with trading volume in German government bond futures contracts tumbling by around a third. Social media first reported the Bloomberg systems going down at around 07:20 GMT and the screens were...

  • LONDON, April 16- Default insurance markets show no obvious concern at the growing risk that Greece will leave the euro zone, suggesting investors can now contemplate a future for the currency union without Athens. Default probabilities derived from credit default swaps-- seen as the purest gauge of credit risk-- have fallen this year in Italy, Spain and Portugal...

  • TOKYO, April 15- The Osaka Securities Exchange has begun to review the product design of superlong 20- year Japanese government bond futures to increase their trading, with changes possible as early as this summer, according to sources with knowledge of the plan. Twenty-year JGB futures contracts were re-listed last April after a 12- year hiatus.

  • EDINBURGH, March 12- The European Union is expected to make clearing of interest rate swaps mandatory from later this year, the bloc's securities market watchdog said on Thursday. Steven Maijoor, chairman of the European Securities and Markets Authority, told a pensions conference that the watchdog had completed an analysis of the interest rate swaps market...

  • Ukraine's credit default swaps fell 184 basis points after the International Monetary Fund approved a $17.5 billion loan package for the country, a decision that was widely expected. MSCI's emerging equity index ended nine days of losses to rise half a percent, as the dollar slipped off 11 1/ 2- year highs against a basket of currencies. "There is a bit of respite,...

  • CHICAGO, Feb 27- Chicago drew closer to a fiscal free fall on Friday with a rating downgrade from Moody's Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts. "This is an unfortunate wake-up call for anyone still asleep...

  • CHICAGO, Feb 27- Chicago's rating downgrade to Baa2 by Moody's Investors Service on Friday could terminate four interest-rate swap agreements, costing the city about $58 million, according to the credit rating agency. The swaps, which the city uses to hedge interest-rate risk on its variable-rate bonds, can be ended by bank counterparties if Chicago's credit...

  • 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.

  • 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.