lunedì 28 febbraio 2011

CDS per le masse...

Dall'8 marzo prossimo il Chicago Board Options Exchange offrirà al mercato retail dei CDS, per iniziare limitandosi a soli 10 titoli azionari, con un payoff di 1000 dollari nel caso di default del sottostante prima della scadenza. I nuovi contratti si chiameranno CEBO o  Credit Event Binary Options (CEBOs). Secondo zerohedge

Since the contracts will have specific prices, they will in essence replicate the LIBOR spread on CDS (or the inverse cash bond pricing from par), and the closer a company is seen as being to bankruptcy, the higher the contract price. What this will do is to revolutionize the shorting aspect of trading, as there will be no borrowing need to express a bearish outlook on a company, and no possibility for State Street, BoNY or your favorite repo desk to pull your borrow from underneath your feet thus forcing a short squeeze. In essence, this will be a marginable equity product trading as a credit derivative. We are delighted that finally one will be able to express a bearish opinion without fears of gross market manipulation and melt up, as the CEBOs will have little or no structural relationship to what happens with the broader stock market.

Le dieci società che vedranno i CEBO per prime sono: 
  • AK Steel Holding Corporation
  • Advanced Micro Devices, Inc.
  • Arvinmeritor, Inc.
  • American Axle & Manufacturing Holdings, Inc.
  • Hovnanian Enterprises, Inc.
  • Huntsman Corporation
  • MBIA Inc.
  • The PMI Group, Inc.
  • Smithfield Foods, Inc.
  • Tenet Healthcare Corporation 

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