Latest articles from Derivatives & Structured Products

A really useful instrument?

September 5, 2005

Credit derivatives were supposed to redistribute banks’ credit risk but how much of that risk has been transferred outside the banking sector is unknown. Does it matter? 

Derivatives-based solutions aim to solve ALM mismatch

August 1, 2005

As pension assets drop and future liabilities rise, traditionally conservative pension funds are turning to complex derivatives-based products. This offers a well-timed opportunity for investment banks that have the right skills.

Derivatives extend the reach of Islamic finance

June 6, 2005

With huge assets under management and a growing population of issuers and investors, the Islamic investment market is being taken increasingly seriously. Natasha de Teran looks at how derivatives are being used to create Sharia-compliant products.

Open for trade

May 2, 2005

A decade in the making, Turkey’s derivatives exchange aims to reduce risk in foreign currency, commodities and share trading. 

Search for yield unearths new dangers in credit markets

March 7, 2005

Credit specialists have risen to market challenges with new products. However, the recent fashion for longer-dated synthetic CDOs could present more risks than investors realise. Natasha de Teran asks how concerned we should be about this latest trend.

The cutting edge of debt tools

May 3, 2004

Agence France Trésor has been a pioneer of European inflation-linked bonds. Natasha de Teran interviews chief executive Bertrand de Mazičres about the development of these debt instruments.

Spotlight on a shady world

July 2, 2002

Melvyn Westlake says the legal row between Nomura and CSFB could result in more transparency in the world of credit derivatives.

Equity derivatives enter the dialogue

June 2, 2002

Banks are benefiting from an increase in corporate sector demand for alternative ways of raising finance while capital markets are effectively closed. 

Enron fallout: why insurers fail banks

March 2, 2002

JP Morgan Chase thought it had its Enron risks insured. Now it is fighting a legal battle to reclaim the money. The case raises wider questions about the effectiveness of credit insurance and the much-heralded convergence between banking and insurance.

As easy as ABCP

January 2, 2002

The asset-backed commercial paper (ABCP) market, which started modestly as a way for banks to move assets off their balance sheet, using special purpose vehicles known as conduits, is today among the most innovative and complex financial sectors, often supporting entirely synthetic transactions.But its very success is arousing concern among some close observers. The market's role in shifting risk, often to exploit anomalies in the regulatory treatment of the banks' capital, looks distinctly uncertain when the rules change in three years time under current proposals.

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