Board-Ansicht
Mix-Ansicht- US-Stromkonzernen droht Bonitätsherabstufung - Tofir, 20.09.2002, 18:56
- Das gibt Probleme mit den Partnern der Derivatgeschäfte - genau wie bei JPM... - Tofir, 20.09.2002, 20:55
Das gibt Probleme mit den Partnern der Derivatgeschäfte - genau wie bei JPM...
-->Some derivatives customers scale back from JPM
Friday September 20, 12:56 pm ET
By Dan Wilchins
NEW YORK, Sept 20 (Reuters) - Some derivatives customers, concerned about further ratings cuts, are quietly scaling back their trading limits with J.P. Morgan Chase & Co. (NYSE:JPM - News) following recent credit downgrades, although a number of firms said they remain active with the bank.
Standard & Poor's Ratings Services and Fitch Ratings cut J.P. Morgan Chase's ratings on Tuesday after the bank revised earnings expectations, and S&P believes further cuts are possible.
The prospect of further cuts could threaten revenue growth for its derivatives trading operations, traders said.
That is a serious matter: J.P. Morgan Chase gleans 15 percent to 40 percent of trading revenues per quarter from derivatives, said David Hendler, a fixed-income analyst at CreditSights Inc.
J.P. Morgan had about $25.9 trillion in derivatives contracts outstanding on June 30, according to data from the U.S. Office of the Comptroller of the Currency. That is about half of the $50.1 trillion in total outstanding derivatives contracts for insured U.S. commercial banks.
Higher borrowing costs and slower derivatives trading growth could shave over $600 million off earnings for J.P. Morgan Chase in 2003, Hendler said.
But some traders said the downgrades -- along with possible future downgrades -- are a complete non-issue, and J.P. Morgan Chase will be able to grow its business anyway.
Mike Dorfsman, a spokesman for J.P. Morgan, said"The counterparty credit rating for J.P. Morgan Chase Bank, which is the entity that enters derivatives transactions, is 'AA-,' which still ranks with the pre-eminent financial institutions."
The bank is confident that it can ride out these temporary difficulties, Dorfsman added.........(....so, so!)
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Und die massiven Goldderivate bitte nicht vergessen........
tofir
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