DERIVATIVE STATISTICS ISDA released the derivative statistics report for 1Q15. You're welcome to read the entire report - see link below.  I've made a list  of the work we have to do  DERIVATIVES TO-DO LIST FOR 2016 Two pieces which explain the work ahead in 2016: The piece on...

ISDAfix Swap Rate Manipulation - Q&A Originally published September 24, 2014, updated June 19, 2015 13 banks sued by Alaska Electrical Pension Board (AEPB) over ISDAfix Swap Rate Manipulation. The banks named are Bank of America, Barlclays, BNP Paribas, Citibank, Credit Suisse, Deutschebank, Goldman Sachs, Royal Bank of...

These Derivative Cheat Sheets will help make sense of derivatives reform. The attached PDF file includes 3 resources: Page 1 - matrix of the various aspects and differences between Clearing a swap and entering into a bilateral swap (OTC)   (Source: MHDS LLC) Page 2 - Haircuts suggested...

After 7 years of preparation, the UK courts are bringing individuals to trial as the LIBOR Scandal heads to court.  SUSPICIOUS DEATHS & SUICIDES You may recall during 4Q13 and 1Q14 when 12 bankers committed suicide. The stories are as varied as the are sordid. The media linked as...

1Q15 ISDA SURVEY It’s May 2015, almost 8 ½ years since the Great Credit Crisis began and ISDA did their 1Q15 survey of market participants.  With Dodd-Frank bills have been passed; procedures have been implemented and processes have changed. RESPONDENTS The survey includes 376 respondents. Respondents did not have...

TRADING EARNINGS SEASON  1Q15 GAME PLAN 40% or 200 S&P 500 companies have reported.   The wide divergence between revenues and earnings remains. 70.5% of companies have reported positive earnings surprises of 4.7% (so not quite as high as last week). 44.5% of companies have reported positive revenue surprises.  59.5% reporting...

4Q14 Earnings Season Statistics - Wrap Up Statistics on the companies in the S&P 500 are understandable and easy to digest. But I miss so much of the market out there. Should I use Russell?  Maybe. We’ll see next quarter. For now, let’s finish up this quarter...

SHARING A CAB CAN FEEL SO RIGHT New York City isn’t often viewed as a small town. But it’s a collection of neighborhoods and often feels like a day in a small town. One snowy day, in particular, reminded me how special cities are. Although I’m biased to...

S&P 500 EARNINGS SURPRISE STATISTICS The stage was set for Earnings Season 4Q14’s gloomy guidance back in October after reporting 3Q14. So, it’s no surprise that as of February 6, 71% of the 260 S&P 500 companies reported exceeded their earnings estimates. Actual earnings beat consensus estimates by 4.2% on...