Cerca de 70.000 portugueses emigraram em 2023. Suíça foi o destino preferido

[EuroVerde]

Ainda hoje o FMI alertou para o facto de virem ai mais falências nos bancos.

[atomez]

Afinal correu tudo sem problemas, acabou por ser um não evento.

Ainda bem. Isto é bom sinal. Muito bom sinal mesmo que o sistema financeiro está a regressar à normalidade.

Lehman's massive debt swaps settle smoothly

Last update: 4:12 p.m. EDT Oct. 21, 2008

NEW YORK (MarketWatch) -- A settlement in billions of dollars in Lehman Brothers credit-default swaps finalized without any big hitches, an industry clearing organization said Tuesday, adding a note of support to the recent recovery in credit markets.

"The liquidation process for forward open commitments involving Lehman has been completed," said the Fixed Income Clearing Corporation, a unit of the Depository Trust & Clearing Corp., in a notice on its Web site.

It said it was "pleased to announce that no loss allocations will be imposed on [mortgage-backed securities division] member firms as a result of the liquidations of these forward trades."

The exchange between the buyers and sellers of credit-default swaps, a type of derivative contract that pays out when a company reneges on its debt, had spooked markets Tuesday. Some investors worriedsellers would be unable to come up with the cash to pay their counterparties, and these no-shows would usher in a new round of bank or fund failures.

This type of domino effect turned what started as a U.S. housing market collapse into a global credit crisis.

"Settlement of Lehman's CDS is what has the market on the nervous side," said Peter Cardillo, chief market economist at Avalon Partners, said earlier Tuesday.

Global interest rates spiked and lending contracted after Lehman Brothers (LEHMQ:0.05, -0.01, -11.1%) declared bankruptcy in mid-September, a failure that risked taking some of the firm's numerous trading partners down with it.

Its bankruptcy also triggered a relatively rare event in the $50 trillion market for credit-default swaps: the requirement that holders of protection on Lehman debt get paid by the sellers of these swaps.

An Oct. 10 auction determined terms of the payout. Buyers of protection against a Lehman default were slated to receive 91.375 cents for every dollar of Lehman debt they held. See full story.

The overall size of the payout was expected to be as much as $400 billion. But if the counterparties' offsetting trades are taken into account, the Depository Trust and Clearing Corp. had forecast that sellers of the protection may only have to cough up about $6 billion.

"It looks as though there was no major fallout from the settlement to member firms," said analysts at Action Economics. But they cautioned: "We'll have to wait to see if there was a broader market impact, however."

The credit-default swap settlement came as stressed credit markets showed some early signs of recovery.
The cost of short-term borrowing continued its recent fall Tuesday.

The London interbank offered rate, or Libor, for three-month dollar loans fell to 3.83375% from 4.05875% the previous day. The decline follows a sharp drop of about 35 basis points, or 0.35 of a percentage point, on Monday. See Libor story.

Still, there are more companies at risk of default and more debt outstanding than in several years, and credit-default swaps may cause continued headaches for credit markets, said John Atkins, a fixed-income analyst at IDEAGlobal.

Going forward "workouts can be much more convoluted," he said. "This doesn't mean things can't go wrong."

[iurp]

Alguém sabe algo mais sobre isto?

Abraço

[salvadorveiga]

Mas isso nao corresponde ao leilao que foi feito na semana passada que deu um preço inferior a 1 dime por dollar...???

Estava convencido que era passado...

Eagle Eye

Nao... acho que a semana passada eram os MDS ou assim, Mortgage Swaps...

Andaram a brincar aos acronimos... MDS; CDS, COS, CDO's... que um gajo perde-se

[Eagle Eye 2002]

Mas isso nao corresponde ao leilao que foi feito na semana passada que deu um preço inferior a 1 dime por dollar...???

Estava convencido que era passado...

Eagle Eye

[rate]

12H30 : o nosso psi20 já segue a cair quase 1%
cc

[EuroVerde]

Isso vai coincidir esta semana com o corte de produção da OPEP que deverá não deixar cair o crude (pelo menos).

São factores muito fortes

[atomez]

Caro Atomez na prática em que é que isso afecta o mercado?

Alguns bancos, seguradoras, hedge funds ou outras financeiras podem não ter liquidez para pagar, falirem e o ciclo repetir-se.

O valor total de CDS pendentes em todo o mundo está estimado em $54 triliões. É mais que o produto mundial bruto...

Markets hold breath as $360bn Lehman swaps unwind

Bankers in the City and on Wall Street are bracing for yet another round of turbulence as the contracts are unwound.

The Bank of England and the Federal Reserve in America have said they will keep their special liquidity windows open late on Tuesday night to allow the contracts to settle.

“We’re in unchartered waters here and it may all prove an anti-climax,” said a senior City banker on Friday, “but everyone will be watching the situation and wondering what’s going to happen.”
...
“This will arguably be the biggest cash-exchange day and somebody will fail,” one analyst warned last week.

[Navete]

A volatilidade deverá aumentar!

[newtrade]

A que horas se sabe o que se vai passar?

[- GOE -]

Hoje vencem-se os CDS (credit default swaps) sobre o Lehman. Estão em jogo uns $300 biliões.

Apertem os cintos e verifiquem os air bags.

Caro Atomez na prática em que é que isso afecta o mercado?

Obrigado e bons negócios

[atomez]

Hoje vencem-se os CDS (credit default swaps) sobre o Lehman. Estão em jogo uns $360 biliões.

Apertem os cintos e verifiquem os air bags.