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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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| April 1996 Volume 2, Number 1 |
| JEL classification: G13, G21, G23 |
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Authors: Eli M. Remolona, William Bassett, and In Sun Geoum In the early 1990s, some U.S. securities firms and foreign banks began creating subsidiary vehicles—known as structured derivative product companies (DPCs)—whose special risk management approaches enabled them to obtain triple-A credit ratings with the least amount of capital. At first, market observers expected credit-sensitive customers to turn increasingly to these DPCs. However, the authors find that structured DPCs—despite their superior ratings—have failed to live up to their initial promise and have yet to gain a competitive edge as intermediaries in the derivatives markets. |
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22 pages / 282 kb
