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10 May 2012

FT: Funds dash to clearing houses for swaps


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大手資産運用会社は、取引相手の銀行の信用格付けの引き下げを前にして、スワップ取引について第三機関を通じた清算へと急いでいる。


The moves could vindicate regulators’ belief that private derivatives trades may be a source of counterparty risk. It comes months before final Dodd-Frank rules in the US that will force a swath of private, over-the-counter derivatives to be submitted to so-called central clearing houses.

The timetable for the transition has accelerated after Moody’s announced that it is considering downgrading the credit ratings of several US banks that deal in derivatives. The move towards central clearing comes despite financial groups pushing the Commodity Futures Trading Commission and other regulators to preserve their ability to carry out bespoke, non-standardised trades with customers. But privately, some senior bankers have expressed relief at central clearing.

Credit Suisse banking analysts estimated this week that the majority of derivatives were clearable, but relatively higher-rated banks such as Goldman Sachs and JPMorgan could make more money doing bespoke, uncleared transactions after the review.

Full article (FT subscription required)



© Financial Times


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