On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Standardization of Credit Derivatives Market was deemed to be a necessary step towards a more transparent and better structured market, especially after the financial turmoil which began in 2007.This paper exhaustively goes through the so-called "CDS Bangs", provided by the International Swaps...

Market-implied ratings gained importance as efficient early warnings of official credit rating migrations. We build a two-dimensional implied rating system that gathers information from both the bond and the CDS markets. The system is able to outdo each of the corresponding one-dimensional...

Using data from the Survey on Italian Households' Income and Wealth gathered by the Bank of Italy, I test the effect of soft and hard information on households' probability of becoming insolvent during the crisis. I find that both help in reducing defaults, but the effect of hard information is...