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Understanding and Responding to the Debt Ceiling DebateMellon Capital's Global Investment Strategist Lowell Bennett discusses the US debt ceiling debate and the market implications of a possible credit downgrade. Author: Lowell Bennett
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Hedge Fund RoundtableThe recent Madoff Ponzi scheme, which potentially wiped investors out of billions, will add pressure for increased transparency and industry regulation. To lend some perspective on events in the hedge fund asset class, we assembled our hedge fund experts to share their views on the future of the industry, the impact on managers and where we likely will find the best opportunities moving forward. Authors: Ted Berenblum, Sean Cumiskey, John Langeler, Daved Langguth
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Transform Treasury Investing With Portal TechnologyCorporate cash levels have skyrocketed to historical highs over the past decade. Industry experts expect this trend to continue as larger cash reserves are held for several reasons including heightened balance sheet conservatism in the wake of Sarbanes-Oxley (SOX) and simply a lack of sufficient opportunities to immediately deploy corporate cash in many industries. A traditionally time-consuming manual investment process is ripe with opportunities for reengineering in today's era where corporations strive for maximum efficiency and sound compliance. Author: Kirk Black
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Investing Through the Liquidity CrisisShort-term investing is a critical function of most treasury departments. Investors work to preserve principal and maintain liquidity as their primary goals while also attempting to maximize returns generated on their excess cash as a secondary goal. Historically, treasury and other short-term investors have viewed money market mutual funds as safe havens to invest their excess liquidity. Author: Kirk Black
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VIDEO: Hedging Liabilities - Using Total Return Swaps to Hedge Nonqualified Deferred Compensation PlansWilliam Blank, Managing Director, BNY Mellon Capital Markets, a broker-dealer affiliate of BNY Mellon, shares our thoughts on a different method for hedging liabilities associated with nonqualified deferred compensation plans using total return swaps. Unlike traditional hedging alternatives, total return swaps are unfunded. This allows the company to retain the use of the deferred cash for more profitable business purposes. Author: William Blank
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Hedging Nonqualified Deferred Compensation PlansThis paper explores the various methods a plan sponsor can use to hedge its market-based nonqualified deferred compensation (NQDC) plans, the costs and benefits of each method, and the key decision factors. We conclude that using total return swaps (TRS) to hedge NQDC plan liabilities is an innovative, efficient and valuable strategy for plan sponsors looking to minimize volatility while retaining capital to reinvest in their businesses. Author: William Blank
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The Great Recapitalization: Maturing Mortgage Debt Wave Creates Value OpportunitiesUrdang discusses historic opportunities in the commercial real estate market as about $1.7 trillion in debt is set to mature over the next four years, with property value declines and high delinquency rates in CMBS creating potentially attractive buying opportunities Authors: David Blum, David Rabin
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A Clear Case for ChangeReprinted with the permission of Financial-i The move to central clearing for OTC derivatives is causing consternation, especially amongst fund managers, and many foresee changes in investor behaviour to avoid charges when the new regulations come into force. This article was first published in Financial-i Q2 2011. www.financial-i.com. Authors: Jonathan Bowler, Christopher Coleman
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Mitigating Collateral Damage: Current Themes in Managing and Mitigating Counterparty Credit Risk for OTC Derivatives (UK English)The financial crisis re-emphasised the importance of counterparty credit risk, and the subsequent industry-led program of reform has addressed many of the shortcomings of the OTC market. BNY Mellon and independent consulting firm InteDelta investigated current counterparty credit risk management policies and processes across a representative sample of asset management, insurance and pension fund institutions. Findings from this research reveal an evolving OTC derivatives market that is wary of risk, open to change, and surprisingly robust. Authors: Jonathan Bowler, Mark Higgins, Stephen Ingle, David Brown, Michael Schroeder, Chris Coleman, Patrick Tadie, John Templeton
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Mitigating Collateral Damage: Current Themes in Managing and Mitigating Counterparty Credit Risk for OTC DerivativesThe financial crisis re-emphasized the importance of counterparty credit risk, and the subsequent industry-led program of reform has addressed many of the shortcomings of the OTC market. BNY Mellon and independent consulting firm InteDelta investigated current counterparty credit risk management policies and processes across a representative sample of asset management, insurance and pension fund institutions. Findings from this research reveal an evolving OTC derivatives market that is wary of risk, open to change, and surprisingly robust. Authors: Jonathan Bowler, Mark Higgins, Stephen Ingle, David Brown, Michael Schroeder, Chris Coleman, Patrick Tadie, John Templeton
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