This work analyses the impact that CDS standardization should have on the market. It focused on what seems to be the most important convention, among all CDS standards: the fixed coupon convention. After explaining briefly the standardization itself and this particular convention, this works analyses its impact on CDS volumes yet to be issued and on liquidity through the transaction bid ask spread. As for the bid as spread, using an information asymmetry based model, results are that adopting coupon rate above credit spread shall increase liquidity spread. Concerning volume, it did not find an overall tendency; it depends on the market conditions. Results are that, adopting conventional CDS coupon rates above credit spread shall encourage speculation. It shall also increase hedging transaction volumes in illiquid market situations, while discouraging hedging in liquid market situations.
CDS Standardization. Possible Effects of the Fixed Coupon Convention
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Книга по Требованию
Should be press liable or not
Producers of mos goods a d services are co sidered worlds APAR from he press i ki d, o jus i degree. Holdi g producers i ordi ary marke s o ever higher s a dards of liabili y is see as PROCOMSUMER. Proposi g holdi g he press o a y s a dard of liabili y for poli ical i forma io is see as A IDEMOCRA IC. he press is co s i u io ally obliga ed o check o he gover me . Mos of policymakers jus ify legal liabili y for harms, caused by goods a d services a d qui e limi ed liabili y for harms, caused by i forma io . Liabili y for defec ive co sumer produc s is PREDICA ED o a marke failure. As for "u fair" producers, power of possible profi s PREVE co sumers from ra sla i g heir rue prefere ces for safe y a d quali y i o effec ive dema d. So, cus omer prefere ces remai ou side he safe y a d quali y decisio -maki g process of producers. oday, i 'll be a ew mecha ism o force producers o follow cus omers rue prefere ces. Lack of liabili y for defec ive or harmful poli ical i forma io ca be predica ed o ly o a differe ki d of supposed marke failure o a failure of he marke o SUPPLY he LEVEL of safe y ha cus omers wa bu i s failure o supply he amou of poli ical i forma io ha socie y should have.
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