The Dawn of Digital Risk Management

June 2017

In this first installment of the DelphX Innovation Series, we describe how a new risk-pooling facility powered by transparent Distributed Ledger Technology is employing digital parallels to physical science to diffuse the impact of adverse events...

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Media Coverage

New DelphX ATS Data to Boost CDS Liquidity

April 11, 2016

Corporate bond trading platform operator DelphX is developing a regulated alternative trading system for trading a new securitized form of credit default swap protection known as Default Swap Receipts (DSRs) that will provide greater price transparency and “restore liquidity” to single-name CDS markets, officials say...

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Press Release

A More Perfect Credit Default Hedge

A new form of securities employing Smart Contract technology aims to enable sellers of single-name credit default protection to fullly compress their exposure and collateral requirements through broad mutualization and offsetting of risk.

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Market Liquidity

The value in digitally transforming credit risk management

To withstand new regulatory pressures, investor expectations, and innovative competitors, banks need to reset their value focus and digitize their credit risk processes.

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Price Transparency

Pre-Trade Transparency in Over-the-Counter Markets

Fan Chen and Zhou Zhong (2012)

To understand whether and how pre-trade transparency would affect an increase of pre-trade information, which refines traders' information sets, enhances traders' bargaining positions relative to dealers'. Smaller bid-ask spreads induce more traders to participate, and hence, lead to an increase in market liquidity.

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Market Structure and Costs

Pricing and Liquidity in the U.S. Corporate Bond Market

Oliver Randall (2013)

The author finds that, “Using the solution to a dynamic equilibrium model, I can rationalize the following stylized facts in the US corporate bond market: (i) a reduction in dealers’ inventories in the financial crisis of 2007-09 and sovereign debt crisis of 2011-12; (ii) a reduction in average trade size since the onset of the financial crisis and the subsequently tighter regulatory environment; (iii) the dependence of prices and liquidity on dealers’ holding costs, with asymmetric effects for buys versus sells; (iv) a generally negative relationship between transaction costs and trade size."

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