Bloomberg为什么删除这篇关于CDS的大新闻?

hoollly

文章意思是,美国国会打算通过限制credit default swap法案.
这会导致目前80%的credit default swap交易瘫痪,引发疯狂大抛售和市场冻结.
而且over the counter trade会被禁止,进而被统一在交易所里面交易.

**意思是这位提议的美国议员人为制造市场恐慌.

只是提议而已,不过如果真的是被一无所知的国会议员通过的话,杀伤力就大了.

hoollly

那个没问题,反正他说的话没有法律约束力,但是国会通过的东西,除非造反,不然不听是不可以的.

就好象巫青团有人说要抵制美国货,和国会议员/政府部长提出抵制美国货的威力完全不同.

至于,如果国会通过的话,效力就更加不同了.

hoollly

很奇怪,已经空了.
(近来市场内部变化很多,很多新闻被遮蔽,我也不方便在这里说,以免引起恐慌.)

http://www.bloomberg.com/apps/news?pid=20601103&sid=aunliUvGxe90&refer=us

US Draft Law Would Ban Most Trading in Credit Swaps -

29 Jan 2009 European Union Financial Services Commissioner Charlie McCreevy said today he wouldn’t support a ban on trading credit- default swaps without owning the ...

这是个大新闻.
原文如下:

Bloomberg.com- Draft legislation that would change how over-the-counter derivativesare regulated might prohibit most trading in the $29 trillioncredit-default swap market. House of Representatives Agriculture Committee Chairman CollinPeterson of Minnesota circulated an updated draft bill yesterday thatwould ban credit-default swap [color=blue ! important][size=11.8833px][color=blue ! important][size=11.8833px]tradingunless investors owned the underlying bonds. The document, distributedby e-mail by the committee staff in Washington, would also force U.S.trading in the $684 trillion over-the-counter derivatives market to beprocessed by a clearinghouse.
“This would basically kill the single-name CDS market,” said TimBackshall, chief strategist at Credit Derivatives Research LLC inWalnut Creek, California. “Given the small size of many issuers’ bondsoutstanding, this would make it practically impossible for the CDSmarket to exist.”
U.S. regulators and politicians are stepping up pressure on banks touse clearinghouses and agree to increased oversight of the OTC marketsto improve transparency amid the credit crisis. Bad bets oncredit-default swaps led to the U.S. takeover of American InternationalGroup Inc. in September.
As much as 80 percent of the credit-default swap market is traded byinvestors who don’t own the underlying bonds, according to EricDinallo, superintendent of the New York Department of [color=blue ! important][size=11.8833px][color=blue ! important][size=11.8833px]Insurance.Dinallo last year proposed outlawing so-called “naked” credit-defaultswap trading. He shelved the proposal in November because of progressby federal regulators on broader oversight of the market.
Credit-default swaps are financial instruments based on bonds and [color=blue ! important][size=11.8833px][color=blue ! important][size=11.8833px]loans that are used to speculate on a company’s ability to repay [color=blue ! important][size=11.8833px][color=blue ! important][size=11.8833px]debt.They pay the buyer face value in exchange for the underlying securitiesor the cash equivalent should a borrower fail to adhere to its debtagreements.
‘Prove Counterproductive’
Proposals that would impair the credit-default swaps market “arelikely to prove counterproductive to efforts to promote lending andreturn the credit markets to a healthy, functioning state,” said GregZerzan, the counsel and head of global regulatory policy at theInternational Swaps and Derivatives Association, which representsparticipants in the privately negotiated derivatives industry.
“This is a bad idea,” said Robert Webb, a finance professor at theUniversity of Virginia and a former CME trader. “It is reminiscent ofthe opposition in the 19th Century to futures trading in the beliefthat speculators were controlling the market and driving agriculturalprices down.”
Effect on Banks
Forcing interest-rate swaps and credit-default swaps through aclearinghouse, which would establish prices for the privately tradedcontracts, may reduce how much banks are able to make from them.
As much as 40 percent of profit at Goldman Sachs Group Inc. andMorgan Stanley comes from OTC derivatives trading, according toCreditSights Inc. Estimating the new [color=blue ! important][size=11.8833px][color=blue ! important][size=11.8833px]incomethat exchanges such as CME Group Inc. could earn from processing theOTC trades is difficult because clearing fees and volumes aren’t knownyet, said Bruce Weber, a finance professor at the London BusinessSchool.
JPMorgan Chase & Co. held $87.7 trillion of derivatives as ofSept. 30, more than twice as much as the next largest holder, Bank ofAmerica Corp., which had $38.7 trillion, according to data from theOffice of the Comptroller of the Currency. Of the holdings at NewYork-based JPMorgan, 96 percent were in the OTC market, compared with94 percent for Bank of America.
Interest-Rate Swaps
The largest positions at JPMorgan and Bank of America, based inCharlotte, North Carolina, were in interest-rate swaps. Banks enterinto interest-rate swaps with clients such as cities or hospitals thatsold bonds and seek protection against adverse moves in interest rates.They also hedge their exposure to rates in the inter-dealer market.
The OCC data only included U.S. commercial banks, so Morgan Stanleyand Goldman Sachs Group Inc. weren’t listed at the time. Both NewYork-based investment banks converted to banks regulated by the FederalReserve on Sept. 21.
A provision in Peterson’s bill, which will be discussed in hearingsnext week, allows for the U.S. Commodity Futures Trading Commission toexempt certain OTC contracts that are too customized or don’t tradefrequently enough to be cleared.
Funded by its members, a clearinghouse adds stability to markets bybecoming the buyer to every seller and the seller to every buyer.
The standardization necessary to process a contract in aclearinghouse may harm the market and drive the trading overseas, Webersaid.
“It’s a big deal because the OTC market has developed almost as analternative to the exchange market with its clearinghouses,” he said.“It would be advantageous for places like London, Hong Kong orSingapore where OTC trading wouldn’t have that kind of restriction.”
System Like Trace
Weber said that if price transparency is what Chairman Petersonwants, it can be achieved in other ways, such as putting OTC derivativeprices on a system such as Trace, the bond-price reporting system ofthe Financial Industry Regulatory Authority.
Peterson’s draft bill would also authorize a study by the CFTC todetermine if OTC trading influences prices on exchange- tradedcontracts such as oil. If the commission found such an influence itwould be authorized to set limits on the size of positions held by OTCtraders.

faiko

阅读有点困难
谁可以用华文简单的说明一下？
谢谢

khokhokho

就像去年有位資深的人員，說英國完蛋，叫人民丟英磅，也是在制造市场恐慌。

cct2048

原帖由 khokhokho 于 30-1-2009 11:15 PM 发表
就像去年有位資深的人員，說英國完蛋，叫人民丟英磅，也是在制造市场恐慌。

他 ？

faiko

恕我的无知
请问什么是credit default swap？

谢谢各位无私的解释

hoollly

CDS市场更快的反应.

Credit Swaps to Be Overhauled as Dealers Curb Risks (Update2)

http://www.bloomberg.com/apps/ne ... 6p1I&refer=home