Bankruptcy

Deus Ex Macchiato » Firms Could Lose IM in a Default

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A new CPSS-IOSCO consultative report puts forward a proposal for using non-defaulting clearing members IM to cover losses at a CCP. D.E.M.

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Foxeye the front office experts | Not any more

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It appears the company is now out of business, here A shame for the employees. Bill.

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Ring Fence Retail? | Frances Coppola

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Frances Coppola makes an interesting commentary on who brings risk into banking, and in the case of HBOS, not scary derivatives traders, but people who were supposed to provide a safe retail bank business. The assumption so far is that retail banking is "safe", but the outcome of HBOS paints quite a different picture, and is similar to the situation at Northern Rock I suspect. Coppola Comment: Something's rotten in retail banking.

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Nothing to Hide | ISDA media.comment

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John & Sally play a game of netting. John also nets with Susan and doesn't tell Sally, naughty John. ISDA points out how simple netting is: Nothing to Hide | ISDA media.comment.

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Cyprus, Land of Structured Products

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Nick Dunbar author of The Devil's Derivatives, and a recommended read, describes his own encounters with banking in Cyprus: click here

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FCM Residual Interest - "changing an ecosystem which has existed for decades"

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LCH, ICE Join MF Global Suit Over $600 Million Collateral - Bloomberg

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A new development, the assets that the US trustee is trying to recover, are held by LCH & ICE as collateral against the past margin calls.  The court case next year to resolve this is now much more complicated, as there is no reason why LCH or ICE would not clear the trades of MFG UK in good faith and likewise take their assets as collateral. I wonder if the bonds were delivered as a pledge, but more likely title transfer. Any lawyers want to comment?

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Jon Corzine Caused MF Global’s Bankruptcy and Put Customer Funds at Risk.

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The House of Representatives Financial Services Committee investigation into the collapse of MF Global has published it's report, the publication is here at their website, or download the PDF by clicking here.

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