Quant版 - 请教金改的spin off swap trading是什么意思？ |
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t***l
发帖数: 3644 | | t***l
发帖数: 3644 | 2 没有人知道？
【在 t***l 的大作中提到】
: 是说和swap有关的衍生品都不能做了？
| j******n
发帖数: 271 | 3 大概是如果将来要政府纾困，必须把赌博部门独立出去。
Very reasonable, we should not bail out gamblers who lost. | a***r
发帖数: 594 | 4 a lot of OTC derivatives are in form of SWAPs. you pay me one cash flow, I
pay you another. not money exchange up front.
examples are: interest rate swaps, credit default swaps ... CDO is a kind of
swaps. International Swap Dealer Association covers almost every corner of
OTC derivatives.
one broad interpretation of some of the terms in the bill is that banks can
not operate any swap trading any more. those operations need to be spun off into some new company, no longer backed by the full faith
【在 t***l 的大作中提到】
: 是说和swap有关的衍生品都不能做了？
| t***l
发帖数: 3644 | 5 独立出去是什么意思？不属于银行了？
【在 j******n 的大作中提到】
: 大概是如果将来要政府纾困，必须把赌博部门独立出去。
: Very reasonable, we should not bail out gamblers who lost.
| d*j
发帖数: 13780 | 6 thanks for the input
of
of
can
off into some new company, no longer backed by the full faith and capacity
of the bank. so when they incur huge loss, the bank does not have to go down
with them.
swaps
.
【在 a***r 的大作中提到】
: a lot of OTC derivatives are in form of SWAPs. you pay me one cash flow, I
: pay you another. not money exchange up front.
: examples are: interest rate swaps, credit default swaps ... CDO is a kind of
: swaps. International Swap Dealer Association covers almost every corner of
: OTC derivatives.
: one broad interpretation of some of the terms in the bill is that banks can
: not operate any swap trading any more. those operations need to be spun off into some new company, no longer backed by the full faith
| a***r
发帖数: 594 | 7 basically yes.
right now, a trading desk in say Goldman Sachs is backed by the full faith
of GS. as long as GS is not in bankruptcy, it has to honor the contract the
desk traded, in profit or in loss.
when spun off, the desk will not have any access to GS capital beyond the
extend of what GS spun off. so GS did not need to use any of its capital if
the spun off desk incurred trading loss.
There might be some negative consequencies:
1. segmentation of risk between underlying and swaps. a treasury
【在 t***l 的大作中提到】
: 独立出去是什么意思？不属于银行了？
| t***l
发帖数: 3644 | 8 多谢分享。
the
if
desk
【在 a***r 的大作中提到】
: basically yes.
: right now, a trading desk in say Goldman Sachs is backed by the full faith
: of GS. as long as GS is not in bankruptcy, it has to honor the contract the
: desk traded, in profit or in loss.
: when spun off, the desk will not have any access to GS capital beyond the
: extend of what GS spun off. so GS did not need to use any of its capital if
: the spun off desk incurred trading loss.
: There might be some negative consequencies:
: 1. segmentation of risk between underlying and swaps. a treasury
| t**o
发帖数: 64 | 9 Thanks a lot for the the education!
of
of
can
off into some new company, no longer backed by the full faith and capacity
of the bank. so when they incur huge loss, the bank does not have to go down
with them.
swaps
.
【在 a***r 的大作中提到】
: a lot of OTC derivatives are in form of SWAPs. you pay me one cash flow, I
: pay you another. not money exchange up front.
: examples are: interest rate swaps, credit default swaps ... CDO is a kind of
: swaps. International Swap Dealer Association covers almost every corner of
: OTC derivatives.
: one broad interpretation of some of the terms in the bill is that banks can
: not operate any swap trading any more. those operations need to be spun off into some new company, no longer backed by the full faith
| l*********s
发帖数: 5409 | 10 These assumed negative consequences are actually good. They force traders to
adequately price the risks and refrain from excessive gambling.
【在 a***r 的大作中提到】
: basically yes.
: right now, a trading desk in say Goldman Sachs is backed by the full faith
: of GS. as long as GS is not in bankruptcy, it has to honor the contract the
: desk traded, in profit or in loss.
: when spun off, the desk will not have any access to GS capital beyond the
: extend of what GS spun off. so GS did not need to use any of its capital if
: the spun off desk incurred trading loss.
: There might be some negative consequencies:
: 1. segmentation of risk between underlying and swaps. a treasury
| w*****e
发帖数: 197 | 11 Very good points. It seems like after all, the pie is going to be
smaller. And hedge funds are probably going to pick up majority of
the risky business since they are not transparent. But they might
also be targeted in the new bill.
And I think overall, it is not a bad thing to the macro economy.
Banks now spend more time outsmarting each other in these bets
than actually performing the service that they are required to
offer. Remember they are backed by Fed and Fed is backed by ...
To quants, I
【在 a***r 的大作中提到】
: basically yes.
: right now, a trading desk in say Goldman Sachs is backed by the full faith
: of GS. as long as GS is not in bankruptcy, it has to honor the contract the
: desk traded, in profit or in loss.
: when spun off, the desk will not have any access to GS capital beyond the
: extend of what GS spun off. so GS did not need to use any of its capital if
: the spun off desk incurred trading loss.
: There might be some negative consequencies:
: 1. segmentation of risk between underlying and swaps. a treasury
| g***e
发帖数: 577 | 12 Nice post!
Where you based?
of
of
can
off into some new company, no longer backed by the full faith and capacity
of the bank. so when they incur huge loss, the bank does not have to go down
with them.
swaps
.
【在 a***r 的大作中提到】
: a lot of OTC derivatives are in form of SWAPs. you pay me one cash flow, I
: pay you another. not money exchange up front.
: examples are: interest rate swaps, credit default swaps ... CDO is a kind of
: swaps. International Swap Dealer Association covers almost every corner of
: OTC derivatives.
: one broad interpretation of some of the terms in the bill is that banks can
: not operate any swap trading any more. those operations need to be spun off into some new company, no longer backed by the full faith
| a***r
发帖数: 594 | 13 regarding software engineering in quant world. there is another factor that
one needs robust infrastructure only when there is scale, otherwise, you can
get away hiring a number of low comp people to just manully amend things.
if scale is going to shrink, infra requirement may infact be lower.
but who knows.
there would be major infra overhaul if some major swaps (IR, CDS) were put
on exchnages. rigorous software engineers join the "quant" team, though many |
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