Latest articles from Derivatives & Structured Products

Chris Murphy, global head of rates derivatives and swaps trading at UBS

Regulation and interest rates create hedging uncertainty

January 31, 2011

Sharp divergences of opinion on the trajectory of interest rates in 2011 make life difficult enough for borrowers and investors, but regulation is providing an extra layer of ambiguity.

The search for transparency

November 24, 2010

Listed products seem to meet many of the criteria for improved transparency and liquidity demanded by investors in the wake of the financial crisis, writes Michael Marray.

Changes set to test banks' adaptability

November 24, 2010

US, EU and UK authorities are all tightening regulations for the design and distribution of retail structured products. Banks are reacting quickly, but the international pattern of changes is not always coherent. Michael Marray reports.

Collateral damage

September 29, 2010

There is broad consensus that moving over-the-counter derivatives to central clearing will reduce individual and systemic risks, but this is not a panacea. Writer Philip Alexander

Hitting the wrong target

September 29, 2010

The new regulations designed to tame the world's banks and mend the post-crisis financial system are panning out with unintended consequences which threaten to hit the private sector where it hurts most. Michelle Price reports.


Sukuk-based project finance takes off

July 28, 2010

The capital markets were deemed too fragile to issue a riyal-denominated Islamic bond to help fund Satorp's greenfield refining project in Saudi Arabia, but that doesn't mean this type of asset funding has gone away. Project sukuk are becoming well known in the Middle East as Islamic finance-friendly products. Writer James Gavin

Automated safety

July 6, 2010

The range of index-strategy products based on algorithmic models has expanded dramatically in recent years. What used to be mainly the preserve of the equity derivatives department has now moved cross asset into commodities, foreign exchange and fixed income. Writer Michael Marray

Access and assurance

July 6, 2010

As investor demand and regulatory pressure drive a greater level of risk control and transparency among hedge fund and derivative offerings to private investors, managed accounts and UCITS 3 wrappers are providing a safer route to alternatives exposures. Writer Hugo Cox

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Gauging the cost of regulatory reform

July 6, 2010

New US regulation aimed at separating the derivatives business of investment banks from the parts of the bank that enjoy a deposit guarantee could have unintended consequences for the banks' clients. Writer Suzanne Miller

Rethinking risk management for insurers

July 6, 2010

The gradual move towards Solvency 2 capital regulations for insurers, together with tougher market conditions and changing accounting rules for pension funds, mean institutional investors are becoming increasingly sophisticated in their use of derivatives for asset-liability management. Writer Philip Alexander

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