BIS Quarterly Review, March 2005

7 March 2005

Full text and statistical tables:

International banking and financial market developments

1. Overview: low yields in robust economies
2. The international banking market
3. The international debt securities market
4. Derivatives markets

Special features

Trading Asian currencies
Time-varying exposures and leverage in hedge funds
CDS index tranches and the pricing of credit risk correlations
Contractual terms and CDS pricing
Recent initiatives by Basel-based committees and the Financial Stability Forum