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Securitization and Structured Finance

Featured Content

SIVs, Conduits and Asset-Backed Commercial Paper (ABCP)

Structured Investment Vehicles (SIV): Asset Sales And Re-Intermediation Onto Bank/Insurers' Balance Sheets

Securitization

Financial Innovation and Securitizations: What Prospects after Reintermediation in 2010?

Credit Defaults Swaps on Asset-Backed Securities (ABCDS)

Are ABX Derivatives Prices an Accurate Measure of Subprime RMBS and CDO Valuations?

Asia/Pacific

Australia: Financial Sector

Australian Post-Crisis Financial Regulation: Will Reforms Prevent Another Boom and Bust?

How Was Australia Impacted by the Credit Crunch?

Australia : Pacific : Asia/Pacific : Finance and Banking : Banks and Risk Management : Hedge Funds and Private Equity : Real Estate and Mortgage Finance : Securitization and Structured Finance :

Islamic Finance

Will Indonesia’s Islamic Bond Issues Attract Investors in 2010?

Islamic Finance: How Insulated from Conventional Shocks?

Gulf Cooperation Council : Kuwait, Qatar, Bahrain, Oman : Saudi Arabia : South East Asia : United Arab Emirates : Asia/Pacific : Middle East and Africa : Finance and Banking : Asset Management and Portfolio Choice : Banks and Risk Management : Securitization and Structured Finance :

Middle East and Africa

Islamic Finance

Will Indonesia’s Islamic Bond Issues Attract Investors in 2010?

Islamic Finance: How Insulated from Conventional Shocks?

Gulf Cooperation Council : Kuwait, Qatar, Bahrain, Oman : Saudi Arabia : South East Asia : United Arab Emirates : Asia/Pacific : Middle East and Africa : Finance and Banking : Asset Management and Portfolio Choice : Banks and Risk Management : Securitization and Structured Finance :

North America

Repurchase Agreements

Review of the Tri-Party Repo System: Task Force Releases Infrastructure Progress Report

Fed Confirms Reverse Repo Tests and Term Deposit Facility Plans to Exit QE

United States : Advanced Economies : North America : Finance and Banking : Capital Market Intermediaries : Securitization and Structured Finance :

Credit Default Swaps (CDS)

"Big Bang" and "Small Bang" in the CDS Market: Industry Group Adopts Standardized Rules for "Plain Vanilla" CDS

Credit Derivatives: Economic Risks and Benefits

United States : North America : Finance and Banking : Markets : Derivatives : Securitization and Structured Finance :

Credit Defaults Swaps on Asset-Backed Securities (ABCDS)

Are ABX Derivatives Prices an Accurate Measure of Subprime RMBS and CDO Valuations?

United States : North America : Finance and Banking : Securitization and Structured Finance :

Counterparty Risk Management and Central Clearinghouse

Counterparty Risk Management: How Safe Are Central Clearinghouses?

ICE Launches Clearinghouse To Reduce Counterparty Risk in the Credit Default Swap (CDS) Market

United States : North America : Finance and Banking : Securitization and Structured Finance :

Securitization

Financial Innovation and Securitizations: What Prospects after Reintermediation in 2010?

The Case Against Fix Retention Rules in Securitizations: BIS and IMF Global Financial Stability Report, Chapter II

United States : North America : Finance and Banking : Banks and Risk Management : Capital Market Intermediaries : Securitization and Structured Finance :

Special Purpose Vehicles (SPV)

Life After General Growth Properties Bankruptcy: Testing Bankruptcy Remoteness in Court

United States : North America : Finance and Banking : Securitization and Structured Finance :

CDS Trading Strategies

The CDS Basis-Trade: Why is the Spread Convergence Stalling?

The Empty Creditor Phenomenon: Does It Also Work In Reverse?

United States : North America : Finance and Banking : Securitization and Structured Finance :

SIVs, Conduits and Asset-Backed Commercial Paper (ABCP)

Structured Investment Vehicles (SIV): Asset Sales And Re-Intermediation Onto Bank/Insurers' Balance Sheets

Asset Backed Commercial Paper (ABCP) Outlook: Inherently Unstable Market?

United States : North America : Finance and Banking : Real Estate and Mortgage Finance : Securitization and Structured Finance :

Collateralized Debt Obligations (CDOs) and Structured Products

Unwinding of Structured Products: Together they Stand and Fall?

Error-Prone Constant Proportion Debt Obligations (CPDOs) Ratings: Second Computer-Glitch At Moody's

United States : North America : Finance and Banking : Macro View : Securitization and Structured Finance : Systemic Risk, Vulnerabilities and Asset Bubbles :

OTC Derivatives Regulation

OTC Derivatives in H2 2008: Total Notional Shrinks, Gross Credit Exposure After Netting Increases To $5 Trillion

The Future of OTC Derivatives Trading and Clearing: CPSS Issues Guidelines

United States : North America : Finance and Banking : Securitization and Structured Finance :

RGE Analysis

Satyajit Das on Lehman CDS Settlement: Epilogue

Elisa Parisi-Capone Jan 27, 2009

How Authorization to Recapitalize Banks via Public Capital Injections ("Partial Nationalization") Was Introduced - Indirectly Thorugh the Back Door - into the TARP Legislation

Nouriel Roubini Oct 09, 2008

The U.S. and Global Financial Crisis is Becoming Much More Severe in Spite of the Treasury Rescue Plan. The Risk of a Total Systemic Meltdown is Now as High as Ever

Nouriel Roubini Sep 29, 2008

Commodity Prices and Derivatives Activity

Elisa Parisi-Capone Sep 04, 2008

Super-Senior Tranches of CDOs are Worth Much Less than 22 Cents on the Dollar: Another Ponzi Scheme of "Selling" Toxic Garbage with More Leverage

Nouriel Roubini Jul 29, 2008

The Delusional Complacency That the "Worst is Behind Us" is Rapidly Melting Away... and the Risk of Another Run Against Systemically Important Broker Dealers

Nouriel Roubini Jun 27, 2008

How Will Financial Institutions Make Money Now That the Securitization Food Chain is Broken?

Nouriel Roubini May 19, 2008

Ten Fundamental Issues in Reforming Financial Regulation and Supervision in a World of Financial Innovation and Globalization

Nouriel Roubini Mar 31, 2008

The Rising Risk of a Systemic Financial Meltdown: The Twelve Steps to Disaster

Nouriel Roubini Feb 05, 2008

EconoMonitors

Finance & Markets Monitor

Bank Securitization Woes Only the Beginning

Yves Smith Feb 8, 2010

US EconoMonitor

Volcker Rule: Dead on Arrival? And is Obama a Lame Duck?

Yves Smith Feb 2, 2010

Global Macro EconoMonitor

Botox Cures – Part 1

Satyajit Das Jan 25, 2010

Finance & Markets Monitor

On Goldman’s (and Now Morgan Stanley’s) Deceptive Synthetic CDO Practices

Yves Smith Dec 30, 2009

Finance & Markets Monitor

Interesting Paper on Leveraged Buyouts and Private Equity

Claus Vistesen Dec 23, 2009

US EconoMonitor

Non-Reform of Rating Agencies

Yves Smith Dec 8, 2009

Finance & Markets Monitor

Details

James Kwak Nov 30, 2009

Finance & Markets Monitor

Does Financial Innovation Promote Economic Growth?

Rick Bookstaber Nov 4, 2009

US EconoMonitor

What a Tangled Web Mortgage Securitizers Weave…

Barry Ritholtz Oct 25, 2009

US EconoMonitor

We Need Open Derivative Models

Rick Bookstaber Oct 12, 2009

US EconoMonitor

Why Sheila Bair’s Remarks about Repos are Really, Really Important

Joseph Mason Oct 6, 2009

US EconoMonitor

TALF as a Permanent Lender of Last Resort

Joseph Mason Sep 29, 2009

US EconoMonitor

Those Who Really Saw the Crisis Coming also Know How it Ends

Joseph Mason Sep 16, 2009

US EconoMonitor

No Accounting for Taste

Satyajit Das Sep 14, 2009

US EconoMonitor

Ratings Reform, Redux

Joseph Mason Aug 26, 2009

US EconoMonitor

Fun with Derivatives

James Kwak Aug 24, 2009

RGE Analysts' EconoMonitor

Credit Markets Update: Fundamentals Driven or Too Much Liquidity?

Elisa Parisi-Capone Aug 12, 2009

US EconoMonitor

Naked CDS: Exposed

Charles Davi Aug 11, 2009

US EconoMonitor

The Problem That Won’t Go Away

James Kwak Aug 7, 2009

Daily Digest

Analysis

Bernanke's Exit Strategy: Tighter Reserve Requirements

Wall Street Journal  Andy Kessler Feb 3, 2010

Analysis

Regulators take aim at unrealised derivatives profits

Risk.net  Duncan Wood Feb 8, 2010

Blogs

Two Hedge Funds One Bank? Is There A Concerted Effort To "Destroy" Greece?

Zero Hedge  Feb 8, 2010

Blogs

US CMBS delinquency rate hits 6%, and is headed higher

Research Recap  Feb 5, 2010

Blogs

Bank Securitization Woes Only Beginning

naked capitalism  Feb 8, 2010

Blogs

Credit Risk Chronicles: FDIC Proposes Tough-Minded Securitization Reforms; Industry Howls

Credit Risk Chronicles  Cormick Grimshaw Feb 2, 2010

Blogs

Credit Default Swaps’ Status in Bankruptcy Challenged by Court

naked capitalism  Cormick Grimshaw Feb 4, 2010

Blogs

CPDOs, a structured finance post-mortem

Credit Risk Chronicles / FT Alphaville  Feb 5, 2010

Research

Constant Proportion Debt Obligations: A Post-Mortem Analysis of Rating Models

Federal Reserve Board  Michael B. Gordy and Sren Willemann Feb 6, 2010

Analysis

SIFMA SmartBrief Special Report: Derivatives Clearing and Settlement

Credit Risk Chronicles  Feb 6, 2010

Analysis

Securitisation's existential crisis puts growth at risk

Financial Times  Aline van Duyn Feb 6, 2010

News

U.S. Mortgage-Bond Market May Revive, Executives Say

Bloomberg  Jody Shenn Feb 5, 2010

Analysis

Standards for payment, clearing and settlement systems: review by CPSS-IOSCO

BIS  Feb 5, 2010

News

End of TALF Means Bond Spreads Fivefold Wider: Credit Markets

Bloomberg  Sarah Mulholland Feb 4, 2010

Analysis

Fitch: Lehman Rulings May Impact Structured Finance Transactions Globally

FitchRatings (free registration)  Feb 4, 2010

Analysis

Lessons from the Subprime Crisis: Is Securitization an option for P2P Lending and Microfinance Markets?

BBVA  Alfonso Ugarte Ruiz Feb 2, 2010

News

Goldman halted market-making on YRC after empty creditor claim

Risk.net  Duncan Wood and Christopher Whittall Feb 2, 2010

Analysis

Cloud of uncertainty over securitisation

Financial Times  Aline van Duyn Feb 1, 2010

News

Fitch Projects Commercial Real Estate CDO Delinquencies to Double to 25% by Year-end

Research Recap  Jan 20, 2010

Blogs

S&P says TALF putting CMBS market on the road to recovery

Research Recap  Jan 28, 2010

News

Banks Reviving Synthetic Bets as Volcker Blasts Default Swaps

Bloomberg  Shannon D. Harrington and Pierre Paulden Jan 26, 2010

News

Signs of securitisation thaw in Europe

Financial Times  Jennifer Hughes Jan 26, 2010

Research

Asset Fire Sales and Credit Easing

NBER  Andrei Shleifer and Robert W. Vishny Jan 25, 2010

News

TriOptima makes OTC rates data available

Financial Times  Michael Mackenzie Jan 20, 2010

News

Modeling Assumptions behind the ISDA CDS Standard Model

Credit Risk Chronicles / FinCad  Jan 21, 2010

News

The Time for Government Intervention in the European ABS Market Has Passed

Credit Risk Chronicles / Structured Credit Investor  Jan 21, 2010

Analysis

U.S. Credit Card ABS Through the Crisis: “A Look Back at What Could Have Been...”

FitchRatings (free registration)  Michael Dean, Cynthia Ullrich and Tracy Wan Jan 21, 2010

Analysis

Shadow Banking, Capital Markets and Financial Stability

Bank of England  Speech by Paul Tucker Jan 21, 2010

News

TALF Buyers Seeking Secondary-Market Exit

Asset Backed Alert  Jan 15, 2010

Blogs

Why the Fed is Buying Mortgage Securities

Library of Economics and Liberty  Arnold Kling Jan 17, 2010

Blogs

Talf gaffe at the Fed

FT Alphaville  Tracy Alloway Jan 12, 2010

Blogs

Cracks in transatlantic derivatives rules

Credit Risk Chronicles  Cormick Grimshaw Jan 6, 2010

News

Basel could force OTC derivatives onto exchanges

Credit Risk Chronicles  Cormick Grimshaw Jan 11, 2010

Blogs

CFTC head blames OTC derivatives for crisis

Credit Risk Chronicles  Jan 9, 2010

Analysis

Fitch: U.S. Credit Card Delinquencies Reach Record Levels; Chargeoffs Surge in December 2009

FitchRatings (free registration)  Jan 7, 2010

News

Banks Should Make Swap Prices More Transparent, N.Y. Fed Says

Bloomberg  Shannon D. Harrington and Matthew Leising Jan 7, 2010

Research

Policy Perspectives on OTC Derivatives Market Infrastructure

Federal Reserve Bank of New York  Darrell Duffie, Ada Li and Theo Lubke Jan 7, 2010

Analysis

Businesses demand OTC exemptions

Financial Times  Jeremy Grant Jan 5, 2010

Analysis

Counterparty Risk: Reform is Overdue

Credit Risk Chronicles / SeekingAlpha  Cormick Grimshaw Jan 1, 2010

Analysis

Skin in the Game: Interview with Bob Herz of FASB

IRA Institutional Risk Analytics via Credit Risk Chronicles  Jan 3, 2010

Analysis

Reforming OTC Derivative Markets: A UK perspective

Financial Services Authority & HM Treasury  Dec 1, 2009

Blogs

Derivatives Look Set to Escape Any Serious Regulatory Reform

Research Recap  Jan 5, 2010

Analysis

On Wall Street: A tonic that works too well

Financial Times  Henny Sender Dec 28, 2009

Analysis

Princeton Study: Financial instruments could be spiked with unfindable risks

Credit Risk Chronicles  Dec 26, 2009

News

Banks Bundled Bad Debt, Bet Against It and Won

New York Times  Gretchen Morgenson and Louise Story Dec 23, 2009

News

ECB calls for more clarity in bond market

Financial Times  Jennifer Hughes Dec 24, 2009

Opinions

Insecure Securities

Project Syndicate  Hans-Werner Sinn Dec 1, 2009

Analysis

CMBS 3Q09 Servicing Update — Is There a “Best” Special Servicer?

FitchRatings (free registration)  Stephanie Petosa et al Dec 17, 2009

Analysis

U.S. Structured Finance: 2010 Outlook

FitchRatings (free registration)  Huxley Somerville and John Olert Dec 10, 2009

Blogs

Fitch predicts another tough year for most US structured finance sectors

Research Recap  Dec 8, 2009

Opinions

Why securitisation should secure a revival

Australian Financial Review  Stephen Grenville Dec 7, 2009

Analysis

Hearing on OTC Derivatives Reform and Addressing Systemic Risk Before the Senate Committee on Agriculture Nutrition and Forestry

Testimony by Timothy Geithner  Dec 7, 2009

Analysis

The word on the street over latest crossover hit

Financial Times  Dec 4, 2009

News

Chinese official slams banks over derivatives

Financial Times  Jamil Anderlini Dec 3, 2009

News

House Panel Approves Systemic-Risk Measure, Advancing Overhaul

Bloomberg  Alison Vekshin Dec 2, 2009

Research

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007–09

IMF  Viral Acharya and Philipp Schnabl Dec 1, 2009

Opinions

Financial crisis could be positive for securitisation in Asia

FinanceAsia  Fabienne Michaux Nov 26, 2009

Analysis

Report From ABS East 2009: Securitization Begins To Move Past The Fear

Standard & Poor's  Nov 30, 2009

Blogs

China’s New Clearinghouse Could Be The Missing Link

WSJ China Real Time Report  Denis McMahon Nov 30, 2009

Blogs

China Creates Derivatives Clearinghouse

Credit Risk Chronicles  Nov 30, 2009

News

Default Swap Reforms Roiled as Aiful Tests Settlement

Bloomberg  Shannon D. Harrington and Abigail Moses Nov 27, 2009

News

A developing bull market

Economist  Nov 26, 2009

News

Fitch raises alarm on European real estate

Financial Times  Daniel Thomas Nov 25, 2009

News

SEC to Focus on Derivatives as Insider Probes Expand

Bloomberg  Nov 23, 2009

Analysis

Calibrating the Credit Crunch

Morgan Stanley Global Economic Forum  Nov 24, 2009

Analysis

Banking on the state

Bank of England  Andrew Haldane Nov 21, 2009

Blogs

CIT CDS Auction Final Recovery Closes At 68.125

Zero Hedge  Tyler Durden Nov 21, 2009

Opinions

TBTF is not about Size, it's about Information

Finance & Markets Monitor  Joseph Mason Nov 20, 2009

Research

Asset Correlations for Credit Card Defaults

Wharton Financial Institutions Center  Onathan Crook and Tony Bellotti Nov 20, 2009

News

Fitch: ABCP Outstandings Slip 35% in 2009

HousingWire.com  Diana Golobay Nov 20, 2009

News

Short shrift

Breaking Views  George Hay Nov 20, 2009

Blogs

TARP Watchdog: AIG Bailout Transferred Billions from Government to Counterparties

Calculated Risk  Nov 18, 2009

Blogs

Report: Record Mortgage Loan Delinquency Rates in Q3

Calculated Risk  Nov 18, 2009

Blogs

Leveraging Big-Time by Local Development Companies

Elite Chinese Politics and Political Economy  Victor Shih Nov 18, 2009

Opinions

Whither Securitisation?

Reserve Bank of Australia  Speech by Guy Debelle Nov 18, 2009

Blogs

Dodd bill requires swap clearing unless exempted

Credit Risk Chronicles  Nov 17, 2009

Analysis

U.S. Securitization Likely to Become More Expensive

Credit Risk Chronicles  Nov 17, 2009

News

Why we cannot live without bears

Financial Times  John Plender Nov 15, 2009

Research

Eroding Market Stability by Proliferation of Financial Instruments

Abdus Salam International Centre Theoretical Physics (ICTP)  Matteo Marsili Feb 9, 2010

Analysis

SIFMA Q3 Research Quarterly

SIFMA Securities Industry and Financial Markets Association  Nov 17, 2009

RGE Writings

Latin American CDS: Fully Recovered, What Are the Risks?

Roubini Global Economics  Elisa Parisi-Capone, Bertrand Delgado and Alejandro Rivera Nov 17, 2009

Blogs

FDIC saves securitisation

Credit Risk Chronicles  Cormick Grimshaw Nov 12, 2009

Analysis

Caution over OTC clearing

Financial Times  Jeremy Grant Nov 12, 2009

Analysis

Over the counter, out of sight

Economist  Nov 12, 2009

Analysis

Securitization Likely to Become More Expensive

Wall Street Journal  Anusha Shrivastava Nov 11, 2009

News

FDIC to Seek Revisions in Securitization Practices

Bloomberg  Jody Shenn and Sarah Mulholland Nov 12, 2009

News

November Starts Strong for M&A

WSJ  Jessica Papini Nov 3, 2009

Analysis

Fitch: U.S. Credit Card Profitability to Remain Challenged

FitchRatings (free registration)  Meghan Neenan Nov 12, 2009

Analysis

Regular OTC Derivatives Market Statistics for H1 2009

BIS  Nov 11, 2009

Analysis

Preliminary Q3 2009 Bank Stress Test Results; Looking for OTC Derivatives Reform

IRA Institutional Risk Analytics  Herbert Gold Nov 11, 2009

News

Cinda Tries a New Trail on Bad Debt Trek

Caijing  Zhang Yuzhe Nov 6, 2009

Analysis

This clearing house idea has to be put on a sound base

Financial Times  Gillian Tett Nov 8, 2009

Analysis

When Einhorn turns his back on CDSs it's time to listen

Financial Times  Henny Sender Nov 7, 2009

Analysis

October Credit Derivatives Report

RiskCenter (free registration)  Nov 6, 2009

Analysis

Too Big To Fail, Part VI: Securitization Is Dead

The Atlantic  Daniel Indiviglio Jan 1, 1900

Blogs

MBA Urges Congress to Rethink 10% Risk Retention

Housing Wire  Oct 5, 2009

Blogs

Retention of securitisations no panacea - CEBS

Credit Risk Chronicles  Cormick Grimshaw Nov 4, 2009

Analysis

Securities Lending and Short Sale Roundtable

SEC  Sep 30, 2009

RGE GLOBAL ECONOMIC OUTLOOK

Table of Contents

Economic Outlooks:
U.S. | Japan | China | Eurozone
Germany | France | UK | India | Brazil

Global Issues
Growth and CPI | Commodities | Trade | Imbalances

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Featured Analysis

Turkey Demographics: A Mixed Blessing

Mary Stokes and Murat Vardal Dec 28, 2009

“Strong population growth will boost Turkey’s long-term growth potential. From 2010 to 2020, the population is expected to expand by an average of 1.0% per year and thereafter by an average of 0.5% per year through 2050.”

Featured EconoMonitor Post

Europe EconoMonitor

The Option of Last Resort: A Two-Currency EMU

Michael G. Arghyrou and John Tsoukalas Feb 7, 2010

First, we would like to clarify that we are

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Canada: Real Estate Sector

Do Vulnerabilities Loom as Canadian Housing Revives?

United States: Industrial and Corporate Sector

U.S. Inventories: Has the Drawdown Come to a Close?

China: Fiscal Policy

Crouching Local Debts, Hidden Risks

Ukraine: Domestic Politics

Ukraine’s Presidential Runoff: Uncertainty Lingers as Prime Minister Refuses to Concede Defeat

United States: Labor Market

Job Losses in the U.S. Bottoming Out: Has the Unemployment Rate Peaked?