By January 2015, China overtakes the US as the world’s largest economy, with China producing $17.6 trillion versus the US producing $17.4 trillion. Compare this to 2004 when China produced 1/3 of the United States. Financial Times estimates China accounts for 16.5% of the global economy,...

Proposed Margin Rules Last month, US Banking Regulators presented a new proposal for the collection, calculation, and segregation of margin for bilateral derivatives. The new US proposals are quite different from their original 2011 proposal, in light of the BCBS/IOSCO issuance of their 2013 final policy framework on...

Davis Polk’s Dodd-Frank Progress Report Those insightful, intelligent people at Davis Polk continue to put out some of the most concise and readable information on Dodd-Frank. 4th Anniversary Progress Report Enjoy the 4-Year Anniversary Edition of Polk’s Dodd-Frank Progress Report....

ISDA 2014 CDS Credit Definitions On September 22, 2014, ISDA’s 2014 CDS Credit Definitions will become effective. This will be the first set of changes to the Credit Definitions since 2003, so it’s a pretty big deal. The key changes relate to Restructuring & Successor events.  Four key terms: Bank & Sovereign Subordinated or...

Issues & Trends in the End-User Community ISDA’s new Survey of Issues & Trends in the End User Community offers interesting insights into Swap Execution Facilities and End Users. Respondents point to fragmentation along geographical lines due to regulatory ambiguities in cross-border transactions. The survey’s respondents were...

THE LIBOR CRISIS IN THREE PARTS Learn about LIBOR rates, how they are used, the impact of LIBOR manipulation, and the LIBOR crisis in this three-video collection. Part 1: What is LIBOR? Part 2: The Impact of LIBOR Manipulation Part 3: Where do we go from here? You may also view a PDF...

6 KEY BANKS SIGNED UP FOR GLOBAL KYC REGISTRY Swift, the global messaging system, has entered into a memorandum of understanding with six key banks (Bank of America Merrill Lynch, Citibank, Commerzbank, JPMorgan, Societe Generale & Standard Chartered) to develop Swift’s KYC (Know Your Customer) Registry. The KYC Registry...

THERE ARE TWO TYPES OF PEOPLE IN THE WORLD Option buyers and option sellers. After many years in the options markets, this is my observation. Let me explain by introducing two dear friends: Betty and Samantha. BETTY Betty is always on time for everything. At street corners, Betty...