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3 posts from August 2008

31 August 2008

US to adopt global accounting standards

The US Securities and Exchange Commission (SEC) has announced that the US will adopt International Financial Reporting Standards (IFRS) - click here for more from the FT. Seems like the world is changing with the US adopting international standards rather than going it alone. Whats next? - will Londoners talk to each other on the Tube?

Fannie, Freddie and Derivatives Law

It is hard to avoid stories about Fannie Mae and Freddie Mac, the US mortgage institutions, in the press of late but I thought the article "Derivatives law sheds light on the financial ripple effect" in the FT posed an interesting problem about the potential "conservatorship" (or put another way, nationalising these institutions so that they are run and effectively owned by the US govt).

Fannie and Freddie are heavy users of interest rate derivatives ($2.5 trillion notional apparently) and any nationalisation would trigger bankruptcy clauses in interest rate swaps, which would allow the counterparties (mainly banks) to cancel any "in the money" deals adding huge financial claims on top of the existing mortgage/credit problems driving the more towards conservatorship. Seems like the US Treasury has a few more problems to deal with...

05 August 2008

Windows NoT - the new Microsoft OS?

Interesting article on plans from Microsoft for a completely new OS (i.e. not a new version of Windows), currently called Midori, motivated by the move to distributed computing and the commercial/technical need not be held back by the legacy of the Windows OS code base. Click here for more.

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