Old Trade Clearing Picture Unclear Derivatives Week Online

IDX CEO Cawley, appearing on a Financial Technologies Forum panel today in New York City, discusses the economics of novating existing CDS trades into a central clearinghouse.

Challenging the Status Quo-Structured Credit Investor

IDX's Jamie Cawley discusses clearinghouse fungibility and the likelihood the market supports multiple platforms.

IDX Capital Announces Record First Half of 2009 from Credit Derivatives Trading

"Our solid performance is consistent with meeting the needs of our clients. We are working to exceed the expectations of our shareholders and employees in this fast changing environment," notes IDX CEO.

Credit Derivatives News

Capital Market News

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3.10.2010	Date set for Aiful CDS auction - Creditflux The date for an auction to settle Aiful credit default swaps has been set as Thursday 25 March, according to Creditex’s website. Initial bidding will take place from 9.45am JST, with initial results at 10.30. Final results will be published after 2pm JST. The Isda committee ruled in December that… (more)
3.10.2010	CLOs trade in CDO-squared liquidation - Creditflux All bonds apparently traded from this week’s big CDO-squared liquidation, structured credit traders say (more)
3.10.2010	Bank hires high-yield sales specialists from broker - Creditflux (more)
3.10.2010	S&P upgrades CLO after mezz buy-back - Creditflux Standard & Poor’s has upgraded a 2006 European CLO after it used money which would have gone to equity and the manager to bought back notes. The agency lifted ratings on the senior class A notes of Egret Funding CLO I by two notches to A+, as well as upgrading… (more)
3.10.2010	Rally back on despite mixed European picture - Creditflux The rally in credit markets is continuing today, with strength in European sovereigns seeing the SovX Western Europe index dip below 70bp to 69.5bp (more)
3.10.2010	Tranche traders torn between 'perpetual index' and annual roll - Creditflux A recent JP Morgan poll of CDX IG index correlation traders has elicited diverging responses on where dealers should focus efforts to improve liquidity, say sources (more)
3.10.2010	Buyers reap a grim gain from survivor option bonds, reports WSJ - Creditflux The Wall Street Journal reports that some professional investors have recently started buying up retail corporate bonds that include a survivor’s option – an option for the holder to redeem the bond early. Such bonds, which are sometimes issued by large investment grade corporates targeting retail investors, typically trade at… (more)
3.10.2010	Markit releases index roll timetable and initial changes - Creditflux Markit has released a timetable for the forthcoming rolls of credit default swap indices later this month. iTraxx indices and CDX IG are due to roll on Monday 22 March, with CDX HY rolling a week later on 29 March. Dealer provisional lists for iTraxx indices and CDX IG will… (more)
3.10.2010	Short end CDX curves should flatten, says JP Morgan - Creditflux In a report published last week, JP Morgan notes that the three-to-five year curve on the North American CDX index is at least 20 basis points too steep based on historical trading patterns. Short-end curves have generally steepened amid the recent rally, but the bank believes that the steepening in… (more)
3.10.2010	Barcap touts full cap structure trade to arb super senior basis - Creditflux Barclays Capital says that the current 7.4 basis point difference between actual and model-implied super senior spreads is a good point to put on a full capital structure trade. This involves selling protection on all the standard index tranches and buying protection on the index at the same time. At… (more)

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