Japan holds firm on VM deadline as Fed tracks progress
February 15, 2017

Some smaller firms have accepted they will not get the documentation completed in time and have developed contingency plans instead. Chris Bender, a director in the global regulatory solutions team at hedging advisory firm Chatham Financial, says clients are falling into two buckets in how they are preparing for March 1. “Our clients who are using a rolling forward strategy are planning to roll those trades in February because they anticipate there will be a bottleneck in March. So we expect to see a lot of trading activity towards the end of the month. For those clients that don’t have trades coming up in the near future, they are sitting tight for now and waiting for a lot of the bottleneck to clear before amending their documentation. Or, if they have to trade, they are planning to execute products out of scope of the margin rules, like deliverable forwards or spot for currency trades,” he says.

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Forex swap margin treatment uncertain ahead of VM deadline
February 6, 2017

Chris Bender, director of regulatory advisory on Chatham Financial’s global regulatory solutions team in Pennsylvania, agrees: “We have a number of clients that have decided they will be prioritising US dealers when transacting deliverable forex forwards,” he says. But US banks don’t have it so easy themselves. While forex swaps are exempt from variation margining, some market participants fear the Commodity Futures Trading Commission (CFTC) could treat forwards as non-deliverable forwards (NDFs), which are caught by the incoming regime.

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iTreasurer: Corporates to Get More Time for Swaps Docs
January 23, 2017

“To the extent that the non-financial end user is party to a CSA that [it] has negotiated apart from regulatory requirements, that CSA will not need to be modified,” said Kate Helmberger, director, derivative and regulatory contract advisory at Kennett Square, PA-headquartered Chatham Financial. Ms. Helmberger added that the letter can be completed using the ISDA regulatory margin self-disclosure letter, which can be accessed on the analytics site IHS Markit website or in paper form; in addition some banks have created their own representation documents.

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FX options a tempting solution – but problems persist
December 16, 2016

Amol Dhargalkar, managing director of Chatham Financial, a risk-management company, observes that new entrants to the market might find it difficult to grab share without having some differentiating capability, especially since corporate treasury departments tend to reward business to their partner banks that provide them with capital markets, cash management and/or M&A support.
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Preparing for Continued FX Volatility
December 12, 2016
“For example, Dhargalkar said, a company that is hedging all of its currency exposures by 70% might be able to get a similar outcome at a lower cost by hedging just its top five exposures by 80%. “Instead of hedging everything a little bit, hedge a few things a lot more,” he said, but he noted that this approach might require additional tools and expertise.”
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iTreasurer: OTC Trading Will Require Being More Forthcoming
By John Hintze, iTreasurer
December 2, 2016

Corporate end users dodged the swap clearing and margin requirements levied on financial firms that followed the 2008 financial crisis. However, they soon must abide by what may prove to be a tedious requirement for some companies if they want to continue trading over-the-counter (OTC) derivatives. That’s according to a Chatham Financial executive at The NeuGroup’s November Treasurers’ Group of Thirty (T30) meeting hosted by the Kennett Square, PA-based derivative advisory firm. “Given the complexity of trading relationships and regime-specific regulations, these determinations could be quite difficult to make if left to the counterparties without a foundational framework to work with,” said Ankur Patel, director of corporate regulatory advisory at Chatham Financial.

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M&A mania: deal-contingents re-emerge but risks remain
November 30, 2016
Mergers and acquisitions (M&A) have long been a money-spinning business for investment banks, generating millions of dollars in fee revenue per deal. Now, banks' trading businesses want a slice of the action. "In recent years, some banks have announced to us that they have made a deliberate decision to hire people to start or reinvigorate the deal-contingent business," says Mark Battistoni, a managing director at hedge advisory Chatham Financial in London. Read More


 
It’s Time for a New Chapter in Derivatives Reform 
November 28, 2016
Far from weakening reforms, a data-driven approach to right-sizing regulations for smaller players would be a logical extension of one of derivatives reforms’ great achievements: bringing the once-opaque derivatives market into the light, explains Luke Zubrod, director of risk and regulatory advisory services at Chatham Financial.
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Forex volatility leaves companies more exposed than ever, says Chatham Financial
November 8, 2016

Amol Dhargalkar, managing director of Chatham Financial’s global corporate sector, comments on the levels of volatility in currency markets over the past several years and notes unexpectedly that fewer companies are electing to hedge against exposures in this asset class.

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iTreasurer: Companies Cut Financial Hedge Use
November 3, 2016

Amol Dhargalkar, managing director of Chatham Financial’s Global Corporate Sector, noted that slow growth in Europe, Canada, China and Japan, as well as recessions in Brazil, South Africa and Russia have impacted companies’ ability to forecast swings in FX rates. Consequently, newer entrants to the global markets have delayed implementing hedging strategies. Mr. Dhargalkar said such delays are likely to continue until these companies can more comfortably predict business patterns and make forecasts.

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OpenBracket brings high-tech talent to Delaware
By Scott Gross
November 1, 2016

Nearly 200 programmers from around the country are expected to put their skills to the test during this weekend’s finals of the inaugural OpenBracket Delaware coding competition at the Grand. Sponsors such as Chatham Financial, JPMorgan Chase Co. and Capital One are planning to host events at restaurants along Market Street.
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iTreasurer: Non-US Person Swap Trading Gets Pass
By John Hintze, iTreasurer
October 18, 2016
Christopher Bender, a director of regulatory advisory on Chatham Financial’s Global Regulatory Solutions team, said “A benefit to the proposal is that if you are a non-US person corporate and you’re trading with a non-US swap dealer, then the proposed rule confirms that the corporate is exempted from having to comply with the external business conduct standards unless the transaction is negotiated or executed in the United States, but if the transaction is arranged, negotiated or executed (ANE) in the US, then certain external business conduct requirements would still apply.”

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Global Investor/ISF: Unfinished business; OTC derivative market reform
October 3, 2016
Luke Zubrod shares his insights and experiences with the OTC derivatives reform process. Zubrod recalls that in the immediate aftermath of the financial crisis there was an overwhelming public perception that derivatives were weapons of mass destruction, financial instruments capable of bringing economies to their knees. "In our discussions with policymakers and regulators in Washington DC and elsewhere, we thought it was important early on to tell the other side of the story – about commercial end-users that use derivatives as simple risk-reducing business transactions and that do so in quantities that are not systemically risky."

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Global Investor/ISF: The OTC derivatives harmonisation headache
September 29, 2016
Because of the global nature of many derivatives transactions, regulators recognised the need to develop a coordinated, harmonious regulatory framework. While the G20 nations demonstrated a remarkable level of coordination in developing this framework, the actual implementation of OTC derivatives regulation has not achieved the same level of harmonisation. Chris Bender, director of regulatory advisory at Chatham Financial, looks at the progress and remaining obstacles towards achieving a cohesive harmonious cross-border OTC derivatives regulatory framework.

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iTreasurer: US Corporates Exploiting Global Low Rates
By John Hintze, iTreasurer
September 23, 2016

Amol Dhargalkar, managing director of Chatham Financial’s Global Corporate Sector, noted significant advantages in terms of hedging cash flows, since issuing in Swiss francs, for example, enables a company to “soak up earnings” of Swiss assets from a cash flow standpoint. “You don’t have to worry about the cash just sitting there, or repatriation issues,” he said, noting, however, that shifts in the franc’s value will still be reflected on financial statements through translation impacts.

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iTreasurer: Flush Corporates Look to Harness Future Low Rates
By John Hintze, iTreasurer
September 8, 2016
Amol Dhargalkar, managing director of Chatham Financial’s Global Corporate Sector, said rate swap hedges out as far as five years have happened, but they tend to be outliers. More are in the two-year forward starting range, and the bulk of swaps are less than a year forward starting. “We’ve definitely seen an overall increase over the last year, and particularly of last six, maybe even three months,” Mr. Dhargalkar said.

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iTreasurer: Coming FASB Proposal Helps Hedge Accounting
By John Hintze, iTreasurer
September 2, 2016
Under current hedge accounting guidelines, notes Aaron Cowan, head of Chatham Financial’s corporates accounting advisory team, companies have to hedge all changes in cash flows, a punitive approach because components of the cash flows may have little to do with the risk treasury is seeking to hedge. FASB’s proposal would allow companies to hedge components in hedging relationships involving nonfinancial items, as long as they are contractually specified.

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GARP: EU Delay on Swap Margin Rule Introduces New Risks
By John Hintze
August 3, 2016

Perhaps more likely would be non-U.S. parties choosing to avoid U.S. counterparties. Christina Norland, head of Chatham Financial’s global regulatory solutions practice, said industry data show that approximately half of all trades subject to U.S. margin requirements are with counterparties that are not subject to U.S. rules. “So when you impose those rules, it’s quite possible those counterparties will go elsewhere and seek to trade with other entities,” Norland said.
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iTreasurer: Navigating Available FX Strategies
By John Hintze, iTreasurer
August 9, 2016
In terms of deal-contingent hedges, some of the least-known banks are the best at pricing them, said Amol Dhargalkar, managing director at Chatham. He suggested members look for banks with large portfolios of deal-contingent hedges reducing their risk and pricing. It was also suggested to AT30 members that they consider using the long-haul method, which can help organizations expand hedge accounting capacity. According to Aaron Cowan, Chatham’s executive director of corporate hedge accounting, this can also be accomplished by scrutinizing the company’s organizational structure and its various currency exposures.

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FX Week
Corporates caught out by Brexit and aftermath
By Laura Matthews
August 5, 2016

"So be prepared for them, and if for some reason you are convincing yourself that it was a once-in-a-lifetime event that won't happen again, we remind you there is a constitutional vote happening in Italy in the October timeframe, which could lead to all types of drama. After that there will be something else, and after that there will be something else, so it is really not something that can be swept under the rug any more," Dhargalkar, Chatham Financial Managing Director, says.
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iTreasurer: Beware Zero-Based Floors
By John Hintze, iTreasurer
August 2, 2016

“On the surface, this seems like a pretty good deal. If rates go below zero, the borrower only pays its loan spread,” said Casey Irwin, a hedging consultant at Chatham, who conducted the recent webinar along with Amol Dhargalkar, managing director and head of Chatham’s global corporate sector. “That had a huge impact on the transaction the client was looking to put in place; specifically, it saved several million dollars on the hedge from a structuring standpoint, and it also gave them a nice template for future dealings with their bank,” Mr. Dhargalkar said.”
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Total Derivatives
Operational challenges for banks for uncleared derivatives
By Ying Luthra
August 1, 2016

As the implementation date for margining on uncleared derivatives approaches for MSP on September 1st, Christina Norland, head of global regulatory practice at Chatham Financial, says “there’s still a lot of work to be done” as the deadline would likely “hold firm.” Aside from documentation changes, she saw that banks are working on getting their various models approved by regulators and that the process of preparing “is going straight to the deadline.” Meanwhile, the EU is delaying its implementation date (some say to March 2017), and Norland found that participants are wondering “what kind of impact with the EU not being on line?” will have. As for end users, the usage of derivatives continues to be put under close scrutiny as far as cost effectiveness and Norland found that Chatham’s clients “are looking and evaluating which is the least expensive” and noted that in a recent Chatham webinar survey that some clients “are considering not hedging at all.”
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The Bumpy Road to Brexit
by Lynn Strongin Dodds: DerivSource
July 29, 2016

Amol Dhargalkar, managing director at Chatham Financial, would also not be surprised to see some modifications particularly when it comes to changing to a one-sided from two sided reporting obligation. This would switch the focus to reporting compliance from trade matching which is more aligned to Dodd Frank. Looking ahead, Dhargalkar believes that companies will look to re-evaluate their hedges and exposures in the UK. “Some of the questions that will be asked will be around the upfront and compliance costs involved. While the smaller companies may not have much choice around where and who they trade with, but the larger companies will be able to look at other jurisdictions.”
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To hedge, or not to hedge
By Nia Tam
July 04, 2016

Rob Dornton-Duff, who leads Chatham Financial’s global infrastructure and project finance advisory business, explains that infrastructure projects are not normally structured to provide sufficient headroom to absorb market risks – including currency risk – based on available cashflows to service debt. He suggests that a typical debt service coverage ratio of 1.2 could see a payment default if the debt and revenue are mismatched, say due to a foreign exchange rate movement in a 20 percent range. “And 20 percent isn’t severe by the volatility standard for any currency. We cannot assume the headroom is available to absorb such market risks,” he points out.
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AFP Online: Brexit Fallout: 8 Items for Treasurers to Consider
By Ira Apfel
June 24, 2016
“The markets don't expect a U.S. rate hike through February 2017,” said Amol Dhargalkar, Managing Director, Global Corporates Sector, Chatham Financial. “Mid-market U.S. corporates with around $1 billion in annual sales still haven’t focused on this,” he said. “You need a hedging program—or you need to get everyone comfortable with being unhedged.”
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iTreasurer: Brexit Sinks In, Markets Sink
By John Hintze, iTreasurer
June 24, 2016

“One of the first questions [for companies] is what impact is there right here and now, and I think the answer to that there will be none,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial. “That is, except from a risk-management perspective.”
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iTreasurer: Synching Swap Margin Rules
By John Hintze, iTreasurer
June 17, 2016

“Aligning the start dates globally for margin requirements was the product of a pretty extraordinary coordination effort, so this is a pretty significant departure,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial. He added that the question of whether the US should delay its margin rules was met by a “resounding chorus from the panelists that the US should endeavor to keep those dates in lockstep with the Europeans, lest there be competitive imbalances.”
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Delay US non-cleared margin rules, industry tells Congress
By Peter Madigan
June 14, 2016

"If I was a European entity and I had the choice of facing a European bank or a US bank, one who was subject to US margin rules that started earlier and another that is subject to European rules that had not come into effect, if those start dates did not match I would have an incentive to trade with the European bank," said Luke Zubrod, director of risk and regulatory advisory services at Chatham Financial, which advises derivatives end-users. "That is a real-world implication of that misalignment on those dates. We should endeavour to move forward in lockstep with Europe."
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PEOPLE ON THE MOVE: Aqua America hires chief information officer
By Mike Zebe
May 23, 2016

The Philadelphia Inquirer picks up on two new Chatham hires: Matt Tevis and Todd Cuppia, both joining the financial institutions group.
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GARP: ISDA’s SIMM Creates Standard for Calculating Margin – and Some Risks
By John Hintze
May 6, 2016

“The calculation of initial margin across multiple entities and jurisdictions is very complex,” said Christina Norland, director of global regulatory solutions at advisory firm Chatham Financial. “So the SIMM model is designed to enable the industry to consistently calculate initial margin for all the different derivative classes to which margin requirements apply.”
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WSJ: Negative Rates May Cost Property Investors More
By ART PATNAUDE
May 3, 2016

"This extra cost has stung many property companies," said Mark Battistoni, managing director in London at U.S.-based financial advisory firm Chatham Financial. “It’s not going to kill real estate deals. But it’s not a happy surprise,” he added.
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IFR: End-users deride bank capital requirements
By Mike Kentz
April 29, 2016

“Corporates fear uncleared transactions will be hit as well. Already, pricing for an uncleared 20-year interest rate swap aimed at hedging an investment grade corporate fixed rate bond has doubled since pre-crisis levels due to higher bank capital requirements, according to Luke Zubrod, consultant at Chatham Financial.
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Hanging in the Balance: Sorting through the tough balance sheet questions facing community institutions
By Mark Loehrke
April 27, 2016
"In this difficult and hypercompetitive operating environment, we continue to see the best opportunities to expand margin in strategies that wring every basis point of savings out of wholesale funding sources, which can be meaningful and are often overlooked by management teams,” said Todd Cuppia, Director of Balance Sheet Strategies. David Sweeney, Managing Director, stated, "If the Fed continues to raise rates, my biggest question is what the bigger banks in the U.S. do to retain and capture non–maturity deposits, which are very valuable in the Liquidity Coverage Ratio." Read More


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iTreasurer: ISDA Releases Revamped CSA Ahead of Margin Deadline
By John Hintze, iTreasurer
April 15, 2016

“What is critical to know for corporate treasurers, who might read about ISDA’s documentation in the news or hear about it from dealers, is that they won’t have to draw up new CSAs as a result of the new margin rules,” said Christina Norland, head of global regulatory solutions at Chatham Financial. “That’s a big change for a lot of financial end users. Luckily for corporate end users, they will still be able to transact under their existing CSAs.”
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CREFC European Seminar focuses discussion on impact of negative rates on investors
April 14, 2016
"Models need to be revised or scrapped in favour of new ones – in particular for interest rate options such as caps and floors,” Mark Battistoni, managing director at Chatham Financial said. “The pace of change varies by banks, so even now, the product capabilities and price differential between mainstream banks for some hedging products is shockingly wide.” Read More


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iTreasurer: Derivative End-Users See More Reg Relief
By John Hintze, iTreasurer
March 24, 2016

“In this case, where our client’s business is distributed across a fairly wide geography and encompasses a number of different types of products, there was a fair amount of coordination required behind the scenes to finish this otherwise fairly simple form,” Mr. Hoffman said.
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US derivatives users cheer hedge accounting rejig
By Louie Woodall
March 25, 2016

"There was diversity of opinion among the accounting firms that took a position on this during the financial crisis," says Aaron Cowan, global head of corporate accounting at Chatham Financial in Denver. "Some said: 'If you novate a trade to another bank and that bank has a similar credit quality to the party that you just novated away from, then it's not a de-designation'. Others said: 'No, that's a change in a critical term of the derivative and you have to de-designate. Even if the new counterparty has the same credit risk as the former party, that is a de-designation and re-designation.'." Read More

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iTreasurer: Swap Reg Fragmentation Averted
By John Hintze, iTreasurer
February 18, 2016

“The ultimate outcome is the banks would pass higher costs on to end users,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, adding that European rules impose much higher capital requirements on banks clearing transactions through clearinghouses subject to non-equivalent rules. “But now that that log jam is broken and having worked through a very challenging negotiation, one would hope it creates an atmosphere of cooperation that pays dividends for other equivalence decisions,” Mr. Zubrod said.
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Dealer algos strike back in swaps market showdown
By Robert Mackenzie Smith
February 24, 2016

"There was a period of time when some dealers were notably slower in responding to RFQs on Sefs, and that could result in a dealer not responding fast enough for us to even see a price on that trade before we executed," says Robert Mangrelli, a director in the real estate hedging and capital markets team at Chatham Financial in Pennsylvania. "But now, with the biggest dealers, there are no issues. From my perspective, they are just as fast in responding as everyone else, including Citadel." Read More

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Focus on Hedging amid Volatile Markets
By Susan Kelly
February 11, 2016

“'Amol Dhargalkar, a managing director at financial risk management company Chatham Financial, said he’s seen “a pretty significant number of companies that are really looking to revamp their existing [hedging] programs.' A survey of 350 executives which Chatham conducted during a recent webinar showed that about a third of companies are considering making improvements in their hedging programs over the next six months, he said. Those programs hedge FX, interest rate, and commodity exposures.”
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LinkedIn
LinkedIn Pulse: Foreign Currency: That’s Real Money
By Mark Battistoni
January 27, 2016

"The modern world can feel small due to ever-advancing communications technology, the ease of air travel and widening trade networks. Yet some things have changed very little over the years, reminding us of how big, diverse, and at times daunting, the world remains. Two big ones are languages and currencies.”
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AFP Online: Five Ways Treasury Can Manage Emerging Market Volatility
By Nilly Essaides
January 19, 2016
“Of all factors, according to Amol Dhargalkar, managing director at Chatham Financial, China has been the biggest exporter of market volatility. While its currency has weakened some, it’s not really about the first order effects. 'It’s the fact that the Chinese government is indicating that there’s an economic slowdown,' he said. That may be less of an issue for China than it is for other economies." Read More
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American Banker
American Banker: Why Swaps May Save Banks' Bacon When Rates Rise
By Bob Newman
November 19, 2015

"In a Nov. 6 article for American Banker, John Heltman provided a comprehensive overview of the challenges banks will face when the Federal Open Market Committee finally raises short-term interest rates. In this article, Bob Newman, who oversees the financial institutions advisory practice at Chatham Financial and counsels institutions on interest rate hedging, responds ... 'But the article's mention of rising rates causing potential loan defaults by commercial borrowers, and the potentially costly unwind of related interest-rate swaps, tells only part of the story.'"
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GARP: Hedge Accounting: Back in Risk Managers’ Court
By John Hintze
November 14, 2015

"“This should serve to reduce the risk of companies falling out of hedge accounting simply because the short-cut method is no longer, or was never, appropriate to use,” said Dan Gentzel, co-leader of the accounting advisory team at Chatham Financial."
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9 principles behind Chatham Financial’s steady growth
By Lindsay Podraza
November 13, 2015

Michael Bontrager founder of Chatham Financial, “What are we selling?” he asked about 20 Zip Code Wilmington students visiting Chatham this week. “Trust. The word gets way overused, but I think it’s the right word.” Read More


Regulation & compliance: EU/US arbitrage risk
By Mary Bogan
November 5, 2015

“The debate about equivalence has been burdened by context and the key issues here are extra-territoriality and the competitiveness of the US versus Europe,” says Luke Zubrod, director risk and regulatory advisory, Chatham Financial. “The question is about when US rules should apply outside the US. With OTCs, that’s challenging. Unlike equities, where relationships are severed on consummation of the trade, counterparties to derivatives contracts can be bound into an ongoing relationship for potentially years to come. Whose rules apply is therefore an issue that swells in meaning.” Read More


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NARIEM: 20/20 Investor Summit 2015 Report
June 2015
Matt Henry, Managing Director at Chatham Financial, recently participated in NAREIM’s 20/20 Investor Summit as part of a panel discussion on Risks Considered at the Fund and Asset Level. Click below and go to page 6 to find out his thoughts on emerging risks around debt valuation for open-ended funds. Read More


Total Derivatives
USD Swaps: Rotation out of risky assets
By Ying Luthra
August 21, 2015

"Looking at the world post Volcker rule implementation, Luke Zubrod, Director of Risk and Regulatory Advisory at Chatham Financial, senses “the changes over the Volcker Rule have been happening over a period of time.” One big implication and change in the market this year has been liquidity and Zubrod admits 'liquidity picture of derivatives market is not pretty,” adding that “liquidity has diminished over the last year and has worsened over the summer.'”
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iTreasurer: Execs See Slight Rise in Rates by Year End
By John Hintze, iTreasurer
July 30, 2015

"An even bigger majority responding to the same question a year ago proved to be incorrect. A year ago, 94 percent of participants in Chatham’s market-update webinar expected rates to rise by the end of 2014, and instead rates fell 40 basis points, noted Gavin Duckworth, director, global real estate, hedging and capital markets at Chatham.”
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International Business Times
Dodd-Frank At Five: Wall Street Remains Humbled, But The War Over Financial Reform Is Nowhere Near Over
By Owen Davis
July 21, 2015

...“When Luke Zubrod entered the Rayburn House Office Building in the summer of 2009, he expected lawmakers to have only a foggy notion of how derivatives worked. But he was still surprised when a member of the House Financial Services Committee, then chaired by Barney Frank, D-Mass., blurted, “What is a derivative? I wouldn’t know one if it hit me in the face.””
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Interest Rate Swaps
Interview with Chatham's Bob Newman
July 20, 2015

..."To help us tackle that, I’ve brought in the big guns. I’m joined today by Bob Newman with Chatham Financial. Bob is the Managing Director for Chatham’s financial institutions business, and one of THE go-to experts for banks looking to hedge interest rate risk.”
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iTreasurer: Beware Timing Mismatch in Hedge Program
By John Hintze, iTreasurer
June 29, 2015

“Aaron Cowan, who heads up the corporate accounting advisory team at Chatham Financial, said his firm has actively worked with clients to maximize the capacity of their hedge accounting programs over the last four years, seeking to reduce that volatility. The techniques have sparked heightened interest recently, given the FX unknowns corporates now face.”
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Financial News: M&A surge brings requests for forex protection
By Matt Turner and Nick Kostov
June 29 2015

"Brian Conly, managing director at Chatham Financial who focuses on private equity clients, said: “Banks don’t price contingent risk the same way. We’re seeing all of the bids and sometimes a bank with a higher price might be incredulous that someone else is willing to do it for a lower price but that’s the nature of the business. It’s a competitive business.”
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AFP Exchange: What Would a Grexit Mean to Treasurers? To Many, Not Much
By Nilly Essaides
June 29 2015

"Currency markets and, to a certain extent bond and equity markets, are much calmer about the latest Grexit fears than a few years ago, noted Amol Dhargalkar, Managing Director, Global Corporates Sector for Chatham Financial. “As a result, most corporates this time around have not worried about this,” he said. “We’ve had no single conversation about the possibility of a Greek exit. Anecdotally, the number of such conversations has been declining as we’ve been dealing with this long running drama.”
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2 with county ties win Ernst & Young entrepreneur contest
by Brian McCullough
June 21, 2015

"Two business leaders with Chester County connections took home awards in the Ernst & Young Entrepreneur of the Year contest for the Philadelphia region. Michael Bontrager, founder, chairman and CEO of Chatham Financial in Kennett Township, and Bill Aubrey, president and CEO of Gertrude Hawk Chocolates, were the two chosen to continue to compete in national and international competitions put on annually by the corporate services firm."
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EM currencies: are options the way forward?
by Paul Golden
June 3, 2015

"Depending on the direction of exposure, forwards have always been a difficult tool to use in hedging EMs, primarily because of the expected depreciation driven by interest-rate or inflation-rate differentials, says Amol Dhargalkar, who heads up the corporates team at Chatham Financial."
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iTreasurer: Kludgy Swap Market Still Safer than Pre-Crisis
By John Hintze, iTreasurer
May 15, 2015

"The consensus among Advisory Committee participants was that several factors have led to fewer FCMs, with new regulations playing a significant role. Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, noted during the session that new regulations stemming from the Dodd-Frank Act as well as the Basel Committee have escalated costs for intermediaries and their clients, resulting in a less dynamic market.”
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Financial Times: Investors in switch from CME to LCH
By Joe Rennison
June 9, 2015

“We have already had clients choose to move to LCH on account of the basis and it’s an active discussion with many others,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial.
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Nomura reviews viability of swaps clearing business in US & Europe
By Joe Rennison
April 24, 2015

..."The upstart players tended to be more aggressive in their pricing schemes, says Luke Zubrod, director of the risk and regulatory advisory practice at consultancy Chatham Financial.” Read More

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iTreasurer: Captive Finance Units Get OK for Uncleared Swaps
By John Hintze, iTreasurer
May 15, 2015

"Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, said the interpretative letter impacts companies setting up SPVs to purchase the loans and leases their financing arms originate. Those assets are typically fixed-rate, but the loans used by the SPVs to fund those assets tend to be floating-rate.”
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Responding to Currency Swings
By Susan Kelly
May 14, 2015

“There are more and more companies that are putting in place hedging programs to mitigate their currency risk,” said Amol Dhargalkar, a managing director at Chatham Financial. “In the last nine months, maybe six months, we’ve seen more companies doing that than we had seen in maybe the prior two years.”
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iTreasurer: Looking for the Right Balance in a Hedge Program
By Geri Westphal, iTreasurer
May 4, 2015

"Amol Dhargalkar, who leads Chatham’s risk management practice serving the corporate sector, said the results were very telling when it came to the application of hedge accounting for FX hedging programs. In short, “over 80 percent of companies hedging forecasted revenue and expenses are applying hedge accounting,” he said.”
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More Information: iTreasurer.com


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Chatham Currently Ranks #1 Financial Advisor Globally for Renewable Energy
As Listed by Euromoney's Infrastructure Journal
Q1 2015

Chatham Financial currently ranks #1 Financial Advisor globally for Renewable Energy in Euromoney's Infrastructure Journal league table (pg 15 in PDF). Chatham Financial is also #6 in Europe and #11 globally across all infrastructure sectors.
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Penning the Next Chapter of Ownership: Refinancing Strategies that Preserve Value for Developer-Owners
By Patrick O'Donnell, Chatham Financial for eb5 Investors Magazine
Spring, 2015

“For EB-5 developers that intend to continue owning their projects upon completion, this article provides a general overview of commercial real estate lending markets, complete with refinancing frameworks to help developer-owners protect the value they have created."
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AFP Exchange: Too Little, Too Late
By John Hintze
March 2015

"The upshot of recent volatile exchange rates is likely to be a year of many companies undershooting or overshooting their budget forecasts. Amol Dhargalkar, who leads Chatham’s corporate practice, said clients with ongoing hedging programs had already hedged a percentage of 2015 sales or expenses, and while those hedges may be making or losing money, they’re serving to reduce earnings volatility."
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SNL Financial
Banks working to keep duration short ahead of rising rates
by Nathan Stovall and Zuhaib Gull: SNL Financial
March 27, 2015

"Dave Sweeney, the head of Chatham Investment Advisors, a registered investment adviser that provides banks with analyses and recommendations for their investment portfolios, said many banks are seeing better loan growth on the horizon and trying to keep the duration in their securities portfolio short, at less than three years."
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iTreasurer: SEFs Losing Favor?
By John Hintze, iTreasurer
March 26, 2015

“Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, said that among the several aims of the new swap regulations was the intent to create incentives to clear swaps in order to reduce systemic risk in the derivatives market. He prefaced his comments about the drop in cleared swap volume by noting he would expect regulators to be more concerned if uncleared swap volume had increased more sharply. Nevertheless, he said, the decline in cleared swaps does likely raise questions for regulators."
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IFR: Swaps market wins nine-month margin delay
By Helen Bartholomew
March 21, 2015

“It’s a win about which there is tempered enthusiasm and although the delay isn’t generous, it will help,” said Luke Zubrod, director of risk and regulatory advisory at risk solutions firm Chatham Financial and a representative of the Coalition.
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Derivatives Regulation: The Softly, Softly Approach
by Lynn Strongin Dodds: DerivSource
March 19, 2015

Luke Zubrod, director, risk and regulatory advisory, Chatham Financial, agrees adding, “In order for there to be equivalence under the current framework there needs to be a comparable legislative framework in place and that is not the case today. Europe has been catching up quickly but Asia and other markets are farther behind in implementing their regimes, as they are essentially adopting a fast follower strategy."
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Hallett Hill Wind Farm taps US private placement market
By Kate Burgess
March 18, 2015

Hallett 2 Wind farm has made its first foray into overseas capital markets with an AUD 205m (USD 156m) US private placement issue. ...ICG was financial and ratings advisor to Hallett Hill, with Allens and Sidley Austin providing legal advice. Herbert Smith Freehills and Chapman & Cutler provided legal advice to the noteholders and Chatham Financial provided hedging advice to the issuer.
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SEFs Compress Trades
By Steve Marlin
March 5, 2015

...“Compression is generally understood to be a process in which dealers tear up trades that are equal and offsetting in order to reduce the number of trades in the system,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, a financial-advisory and technology firm. “This is a ‘risk mitigation’ measure, rather than a trading mechanism.” Read Complete Article

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LinkedIn
LinkedIn Pulse: Banks' NIM: Ready for Lift-Off....Still
By Bob Newman
March 3, 2015

"While economists remain divided on the outlook and timing for a Federal Reserve interest rate hike, CEOs from across the country delivered a consistent message during investor presentations at a regional bank conference last week: 'We are ready for lift-off'.”
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LinkedIn
LinkedIn Pulse: Interest Rate Hedging in 2015: How a Community Bank Can Get Started
By Bob Newman
February 26, 2015

"As the December 17th FOMC meeting concluded, a change in the Fed’s policy statement opened a debate as to the difference between 'keeping borrowing costs near zero for a considerable period' and being 'patient in beginning to normalize monetary policy'. While the timing of Fed policy changes remains uncertain, the ultimate direction of short-term interest rates is clear –as in “nowhere to go but up.”
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iTreasurer: Thinking About a Hedge Budget Do-Over
By John Hintze, iTreasurer
February 13, 2015

"The February 5 webinar focused on volatility impacting markets including the FX, and a survey generating 167 responses found that 29 percent of the financial-executive participants said FX volatility has been a major point of discussion with their investors, board members and senior management. In addition, 55 percent of respondents said their companies have either changed their hedging strategies or are discussing changes.”
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CFTC establishes market risk committee, releases details of members
By Andrew Saks-McLeod
February 19, 2015

U.S. Commodity Futures Trading Commission (CFTC) Commissioner Sharon Y. Bowen today announced the members of the CFTC’s Market Risk Advisory Committee (MRAC). Commissioner Bowen is the sponsor of this advisory committee. Luke Zubrod, Chatham Financial, Director of Risk and Regulatory Advisory Services has been named to the committee. The MRAC must begin work on determining and analyzing the risks to our markets and consumers, in order to provide consultation on how best to address them.
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Republicans in Congress set to push Dodd-Frank fixes
By Alex Osipovich
February 17, 2015

Warren's reaction provokes consternation among those on the other side of the debate. "Our little end-user fix was about as benign as you can imagine," says Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, a Pennsylvania-based advisory firm that lobbied for the end-user margin provision. "It was about Main Street companies hedging and reducing risk, and it was a legislative clarification that was documented to be fully consistent with congressional intent. And even that generated an opportunity for Elizabeth Warren to rail against Wall Street." Warren's office did not respond to a request for comment.
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Velocita reaches financial close on French wind farm
By Elza Holmstedt Pell
January 07, 2015

...Green Giraffe (financial), Allen&Overy (legal), Natural Power (technical), Greensolver (technical) and Chatham Financial (hedging) advised Velocita.
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FierceCFO: Rising FX volatility catches companies' attention
By Susan Kelly
January 21, 2015

"Amol Dhargalkar, a managing director and leader of the corporates team at Chatham Financial, noted that prior to the middle of last year, currency markets had enjoyed a few years of "relatively low volatility. There was probably just some degree of comfort that companies had generated around the type of risk exposure that they had," he said. "...
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Markets Media: Swiss Bank Move Catches Treasurers By Surprise
By Steve Marlin
January 20, 2015

“...If a company has exposure to the Swissie, either from a revenue or cost perspective, that’s going to be a challenge for them, particularly if it’s from a cost standpoint, said Dhargalkar. “If you are a company that has budgeted 120 Swiss francs on the euro, there’s a bit of a rude awakening in store,” he said. Read More

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FTA Outlook: Valuing Derivatives, Under AASB 13 Fair Value Measurement
By Steve Castleton & Andrew Brown
January 19, 2015

AASB 13, Fair Value Measurement (“AASB 13”) was issued in 2011 and became effective January 1, 2013. Even though the standard has been effective for nearly 2 years, many companies are either still grappling with how to implement the standard with respect to derivative valuations or need to continue to refine their process based on feedback from auditors or an evolving derivative portfolio. Read More



Laying the Groundwork
By Bob Newman
January 13, 2015

..."As a rate hike looms, derivatives may draw renewed interest, Chatham's Bob Newman discusses that 'Now that we’re seemingly closer to the Fed getting ready to raise short-term interest rates, having derivatives in the toolkit can help an institution be better prepared to take action.'” Read More

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Senate approves margin carve-out for non-financials
By Peter Madigan
January 9, 2015

..."But while the bill "provides greater certainty" to non-financials, it falls short of the more fundamental changes they were hoping for, says Luke Zubrod, director of the risk and regulatory advisory practice at consultancy Chatham Financial in Philadelphia. The bill stated that "the initial and variation margin requirements... shall not apply to a swap in which a counterparty qualifies" for one of the exceptions available for non-financial firms that are primarily using derivatives to hedge.” Read More

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iTreasurer: US, Europe at Odds over Swap Rules
By John Hintze, iTreasurer
November 21, 2014

Called “Report of the OTC Derivatives Regulators Group to G20 Leaders on Cross-Border Implementation Issues,” the report “seeks to tilt the narrative a bit,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial. Mr. Zubrod acknowledged that it’s unlikely the current conflict between the U.S and EC will be resolved until the regulators recognize each other’s regulatory regimes in areas such a clearing. Nevertheless, the report identifies several areas of agreement where progress has been made.
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iTreasurer: Regulator to Fix Forwards Treatment
By John Hintze, iTreasurer
November 14, 2014

“The CFTC has always recognized these kinds of contracts weren’t used to speculate on price but as tools for managing a business,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial. “However, the seventh factor in the test raised some questions and concerns that a wide swathe of supply contracts could be pulled into the swap definition.”
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Mercati esposti a grandi rischi sistemici
By Morya Longo
November 17, 2014

"Protections do exist - says Luke Zubrod, Director at Chatham Financial - but extreme market conditions could be a problem for CCPs.”
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Microfinance, major challenges
By Catherine Contiguglia
November 14, 2014

"Investing in institutions that provide credit to small firms and individuals in poor countries is increasingly popular – so much so, that there are brewing fears of a breakdown in lending practices. 'We see more funds looking at partially hedged or unhedged strategies to manage their risk, because the cost of these derivatives tends to be very high,' says Kate Marcus, Director of Private Equity Advisory at Chatham Financial.” Read More

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Real Estate Capital News
Market volatility shows lenders and borrowers need to cooperate
By Jamie Macdonald & Jenane Gazal
November 2014 - Real Estate Capital

Viewpoint: "In loan negotiations, many zero-sum games remind the parties that they are on opposite sides. Defining the reference interest rate over which the margin applies isn’t one of them, but, as recent market turbulence shows, this term carries a lot of value to both parties. For fixed-rate or floating-rate loans, this rate can change rapidly." More information at: recapitalnews.com (registration required)
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Swap pricing too tight: When will it change?
By Yiying Luthra
November 10, 2014

"Despite an alphabet soup of adjustments, end-users mostly still enjoy very tight pricing for swaps. However, Luke Zubrod, Director of Risk and Regulatory Advisory at Chatham Financial, highlights that dealers are tiering their pricing on SEFs.”
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Shaping Up Commodity Risk Management
By Phil Weeber & Bryant Lee
October 29, 2014

“How to build a program that mitigates the company’s exposures to commodity price swings."
Read the Complete Article


Middle School Students Help Make Marketing Plan
By The Times of Chester County
November 6, 2014

Tim Ernst, Director of Marketing and Communications at Chatham Financial stated, “Getting to work alongside Futures’ bright and energetic students was such a thrill for all the Chatham Financial volunteers. We hope the day encompassed for the students what the program is all about; with teamwork, hard work and learning, anything is possible.”
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Is the Margin Exemption Valuable, After All?
By Meg Waters
October 16, 2014

"After Treasury & Risk ran a recent article on the Fed’s proposed margin rules for non-cleared derivatives transactions, we received a reader inquiry asking for further clarification. Joseph Neu of The NeuGroup, a network that promotes knowledge sharing among corporate treasurers, asked about the combined effects of the current Fed proposal and regulatory capital charges on margin-exempt swaps. If capital requirements drive up the price of derivatives trades, will companies consider posting margin to reduce costs, even though they fought long and hard to avoid being included in the collateral rules? To answer, we sat back down with Luke Zubrod, director of risk and regulatory advisory with Chatham Financial and a technical advisor to the Coalition for Derivatives End-Users. Luke regularly confers with U.S. Congressional staff and federal regulatory agencies including the Commodity Futures Trading Commission (CFTC) and Federal Reserve regarding derivatives regulatory matters, and frequently helps T&R suss out the details of complex derivatives regulations. "
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iTreasurer: Hedging Sharp Rate Moves
By John Hintze, iTreasurer
September 26, 2014

Amol Dhargalkar, managing director at advisory firm Chatham Financial, said that to use such a product effectively corporate treasury executives should carefully evaluate the composition of their company’s fixed-income portfolio. Depending on the shape of the interest-rate curve, some bond investments’ value could remain steady while the future contract changes in value.
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Nitty-Gritty on the Margin Rules
By Meg Waters
September 25, 2014

“To get to the bottom of the proposed regulation and the ambiguity that continues to cause anxiety, Treasury & Risk sat down with Luke Zubrod, director of risk and regulatory advisory with Chatham Financial and a technical advisor to the Coalition for Derivatives End-Users. Luke regularly confers with U.S. Congressional staff and federal regulatory agencies including the Commodity Futures Trading Commission (CFTC) and Federal Reserve regarding derivatives regulatory matters."
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IFR: Corporates exempt from margin requirements
By Mike Kentz
September 12, 2014

“This is a pretty substantial win for the corporate hedging community in the US,” said Luke Zubrod, principal at Chatham Financial and representative of the Coalition of Derivatives End Users, a lobbying group made up of 270 corporations that utilise derivatives for hedging purposes. “They have been fighting for this heavily for the past three years.”
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CFO Journal: Swap Proposals Seen as Win for Companies, But Concerns Remain
By Vipal Monga
September 12, 2014

...“I’m pleased with the [new] proposal in many respects,” said Luke Zubrod, a director at Chatham Financial, which advises the Coalition for Derivatives End-Users...
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FierceCFO: Fed eases up on derivatives margin requirement for non-financial companies
By Susan Kelly
September 10, 2014

"The Commodity Futures Trading Commission, which has authority over companies' trades with swap dealers other than banks, had taken the position that end users didn't have to post collateral, and when it re-proposes its rules, it's expected to stick with that position, said Luke Zubrod, a director at Chatham Financial."...
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GLOBAL CASH 25: Too Much of a Good Thing
By Ronald Fink
September 11, 2014

...“It’s been a slow-moving train wreck,” says Luke Zubrod, director of risk and regulatory advice at consultancy Chatham Financial, of the derivatives rules."
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iTreasurer: Fed Steps Away from Margin for Corporate End-Users
By John Hintze, iTreasurer
September 4, 2014

“It seemed as if regulators had walked themselves into a corner, but they found a way to get out of it in the re-proposal,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial.
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DERIVATIVES: Fed backs off corporate margin requirements
By Mike Kentz
September 4, 2014

“This is a pretty substantial win for the corporate hedging community in the US,” said Luke Zubrod, principal at Chatham Financial and representative of the Coalition of Derivatives End Users, a lobbying group made up of 270 corporations that utilise derivatives for hedging purposes. “They have been fighting for this heavily for the past three years.”
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Politico Pro: Businesses claim victory in new banking rules for derivatives
September 3, 2014

Fed officials, including former Chairman Ben Bernanke, had indicated commercial businesses would be subject to collateral requirements as mandated by Dodd-Frank, said Luke Zubrod, a consultant with Chatham Financial, an advisory firm. “We had been pretty pessimistic that this would change,” Zubrod said. “This is a significant victory for non-financial end users.”
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iTreasurer: Corporate Swap Use a Casual Affair
By John Hintze, iTreasurer
August 26, 2014

“That may be true for some but not all. Given near-zero rates for floating rate debt, many corporates have leaned toward retaining that debt as long as rates stay low, and some are voicing concerns that rates will rise, said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, which works closely with corporates on their hedging programs."
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GARP: Unfinished Business: Corporate Swap Margin Requirements
By John Hintze
July 31, 2014

"Because thresholds are customized by each bank, they can't be addressed at one time via ISDA [International Swaps and Derivatives Association] protocol," said Luke Zubrod, director of advisory firm Chatham Financial. "Instead, companies will need to individually negotiate with each bank. The administrative undertaking is quite significant and will take many companies the better part of a year to complete."
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Funds face AIFMD reporting challenge
By Helen Bartholomew
August 9 - 15, 2014

“Compliance levels from the outset are likely to be low. Some funds stand to miss the deadline due to a backlog in the approval process, while others remain unaware that they are even affected by the new requirements, “Once funds achieve full registration under AIFMD, it automatically triggers their status as a financial counterparty under EMIR, but there’s still a lack of awareness surrounding the EMIR requirement,” said Phong Dinh, regulatory adviser at Chatham Financial, a consultancy.

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Institutional Investor
Four Years Later: Dodd-Frank and Derivatives
By Luke Zubrod
August 01, 2014

...“With many of the subsequent legislative changes in effect, the market is now much more transparent compared with before the 2008–’09 financial crisis. There is a greater backstop cushioning exposures incurred by participants in the $710 trillion market. And many of the hopes of reformers, such as former Commodity Futures Trading Commission chair Gary Gensler, have been realized. Now that it’s been a few years since the promulgation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, practical experience with the law’s central features has allowed us to assess its shortcomings and present ideas for fine-tuning.” says Luke Zubrod, director at Chatham Financial...
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Guest view: U.S. swaps need clearer reform
BreakingViews by Luke Zubrod
July 25, 2014

Clearer changes are needed for U.S. derivatives markets than the Dodd-Frank Act’s prescription. Four years after the regulatory reboot became law, many of the reformers’ hopes have been realized.
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EMIR Trade Reporting: 7 Tips
DerivSource
July 24, 2014

7 Last minute tips for those preparing to report collateral & valuation data now
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Regulators to Issue Corporate Margin Requirements Soon
By John Hintze, iTreasurer
June 23, 2014
*Registration may be required

“In the meantime, talk is circulating that the long dormant regulatory proposal’s revival may be imminent. Luke Zubrod, a director at Chatham Financial, said US regulators will likely change the proposal to resemble more closely the recommendations issued by the Working Group on Margin Requirements (WGMR), which was formed in 2011 by the Basel Committee on Banking Supervision (BCBS) and the International Organizations of Securities Commissions (IOSCO). For example, US regulators proposed separate margin requirements for high-risk and low-risk financial end users, whereas the WGMR recommended only one.”
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Sizing Up the Impact of Derivatives Regulation on the European Property Sector
June 12, 2014, CRE Finance World

"In the recently published edition of CRE Finance World, Chatham regulatory experts Luke Zubrod and Phong Dinh contributed on the topic of “Sizing Up the Impact of Derivatives Regulation on the European Property Sector” reviewing the state of EMIR enforcement and the emerging requirements facing financial risk management programmes.” Read More


Regulatory Watch: Non-US Swap Dealers Get Temporary Relief
By John Hintze, iTreasurer
June 09, 2014

“The CFTC advised market participants that it believed such trades should be subject to many Dodd-Frank requirements, a position at odds with the understanding of the marketplace at large, said Luke Zubrod, director at Chatham Financial. He added that many saw this as CFTC overreach, and the issue likely played a significant role in banks’ decision to sue the CFTC on its cross-border swap guidance.”
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EY: Mike Bontrager Named EY Entrepreneur Of The Year Award - Regional Finalist
May 1, 2014

"Each year the most successful and innovative entrepreneurs vie for the most prestigious honor in this class — the EY Entrepreneur Of The Year Award. From an outstanding field of nominations, the Entrepreneur Of The Year Award Greater Philadelphia program proudly salutes the 2014 finalists. These entrepreneurs most successfully embody these qualities and spirit.” Read More


REIT.com
Analyst Says REITs’ Capital Structures Appropriately Leveraged
By Allen Kenney
April 29, 2014

Luke Zubrod, director of derivatives regulatory advisory services with Chatham Financial, joined REIT.com for a video interview at REITWise 2014: NAREIT’s Law, Accounting and Finance Conference held in Boca Raton, Fla. View Video


US regional banks prepare for rising rates
By Joe Rennison
April 23, 2014

..."We are seeing a lot more banks hedging, putting on typically pay-fixed interest rate swaps," says David Sweeney, treasury and hedging adviser at Chatham Financial in Pennsylvania. "A lot of banks are choosing forward-starting swaps because they don't expect rates to move up for the next 12, 18 or 24 months, so the discussion we have is how high regional banks are prepared to set that pay-fixed rate on a forward-starting swap compared to where a spot-starting swap rate is now.” Read More

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GSIP launches Redexis Gas refinancing bonds
By Infrastructure Journal
March 24, 2014

...Chatham cited as hedging advisor on Goldman Sachs Infrastructure Partners (GSIP) €2 billion (US$2.75bn) Euro medium-term note programme for its Spanish transmission and distribution operations - Redexis Gas...
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Hedging and Interest Rate Swaps
By Chatham's Bob Newman
March 19, 2014

..."In this session, we're joined by Bob Newman from Chatham Financial. Bob shares the ins-and-outs of interest rate swaps and the process of implementing a hedging strategy at your bank.”
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European Derivatives Reporting Hits Traffic Jam
By Susan Kelly
March 11, 2014

“There remain significant traffic jams with the various elements of the regulatory infrastructure that it’s just going to take time to work out,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial, an advisory and technology solutions provider.
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EMIR Trade Reporting: UTI Matching, FX Derivatives Definitions Still Complicate the Process
DerivSource
March 7, 2014

Looking ahead, industry experts expect that the teething problems and glitches will abate over time. “The expectations are that the trade reporting backlogs will be cleared in the next few months and from there the counterparties and end-users will work through the compliance issues,” says Phong Dinh, senior adviser, Chatham Financial. “One of the issues is harmonisation across Europe and that is harder to do in reality. The FX definition is a concrete example of interpretation and implementation.”
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EMIR hits with last-minute guidance
By Helen Bartholomew
February 15-21, 2013

“The real challenge is that Dodd-Frank applied to a small number of entities and while the top 25 are ready for the EMIR deadline, the European regulation is being felt by another one million-plus entities,” said Luke Zubrod, director of risk management advisory services at Chatham Financial.

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Interest Rate Derivatives in the New Year: How to “Break Ground” on a Hedging Program
By Chatham's Bob Newman
February 17, 2014

..."In this blog post: Chatham Financial's Bob Newman outlines for readers the four steps needed to establish hedging capabilities”
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DTCC users unable to access data after repository is overwhelmed
By Fiona Maxwell
February 14, 2014

..."Advisory firm Chatham Financial, which offers a reporting service to its clients, says it was unable to report in the days running up to the deadline, but things have since been smoother. "We had difficulties getting interest rates through until just prior to the reporting deadline, but it wasn't clear what the issues were. We were able to submit trades yesterday even without fully understanding the problems that had previously prevented us from reporting," says Luke Zubrod, Chatham Financial's director of risk and regulatory advisory for public and private companies on over-the-counter regulations and derivatives regulation.” Read More

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New European Reporting Regs Overwhelm DTCC Data Repository
February 14, 2014

...“Advisory firm Chatham Financial, which offers a reporting service to its clients, says it was unable to report in the days running up to the deadline, but things have since been smoother. “We had difficulties getting interest rates through until just prior to the reporting deadline, but it wasn’t clear what the issues were. We were able to submit trades yesterday even without fully understanding the problems that had previously prevented us from reporting,” says Luke Zubrod, Chatham’s director of risk and regulatory advisory for public and private companies on over-the-counter regulations. Read More


CFO Journal: Companies Unclear on Europe Derivatives Trading Rules
February 12, 2014

...“Companies are being assaulted by a barrage of derivatives regulatory requirements globally and it’s been difficult for them to keep up,” said Luke Zubrod, a director at Chatham Financial. “Often the same staff [that are] working on regulatory compliance are also undertaking a broad array of other treasury responsibilities.” ...
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Regulatory Watch: For EMIR Compliance Many Rivers to Cross
By John Hintze
February 11, 2014

“Even firms that began this process weeks ago are unlikely to be ready by Feb.12,” said Luke Zubrod, a director at Chatham Financial, adding, “Market infrastructure is overwhelmed by this traffic jam, so even folks who have been very diligent may find they won’t be ready.”
Read More

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AFP: Survey: Treasurers Are Confused and Unprepared for EMIR Rule
By Konstantine Kastens
February 7, 2014

"...In a poll of more than 200 corporates by financial risk advisory firm Chatham Financial, 52 percent admitted they were unsure if their organizations were obligated to report under EMIR..."
Read More

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Thomson Reuters Accelus
THE STATE OF REGULATORY REFORM 2014
Derivatives, Volcker Rule Dominate U.S. Market Regulation
January 30, 2014

Chatham's own Luke Zubrod offered commentary within this Thomson Reuters Accelus Special Report on major 2014 regulatory issues. "If regulators take a granular approach to determining whose rules are comparable, the process could be 'painful' for U.S. firms, said Luke Zubrod, a partner at Chatham Financial, a financial risk management advisory firm."
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Project Gemini Mandates Commercial Lenders
EUR 1,094 million in commercial debt fully subscribed
January 30, 2014

Project Gemini is pleased to announce that it has received commitments for EUR 1,094 million in senior secured construction and term debt from 10 international commercial banks and Export Development Canada (EDC) Chatham Financial is providing hedging advisory services for this project.
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Project Gemini Mandates Commercial Lenders
EUR 1,094 million in commercial debt fully subscribed
January 30, 2014

Project Gemini is pleased to announce that it has received commitments for EUR 1,094 million in senior secured construction and term debt from 10 international commercial banks and Export Development Canada (EDC) Chatham Financial is providing hedging advisory services for this project.
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WSJ: Puzzle for CFOs: Fixed or Floating-Rate Debt?
By Chana R. Schoenberger
January 27, 2014

..."There's a pretty split community on this" among senior executives, said Amol Dhargalkar, a managing director at Chatham Financial in Kennett Square, Pa., who advises companies on corporate finance"...
Read More or here: Read Michael Hickens' CIO Journal

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WSJ: Puzzle for CFOs: Fixed or Floating-Rate Debt?
By Chana R. Schoenberger
January 27, 2014

..."There's a pretty split community on this" among senior executives, said Amol Dhargalkar, a managing director at Chatham Financial in Kennett Square, Pa., who advises companies on corporate finance"...
Read More or here: Read Michael Hickens' CIO Journal

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WSJ: Puzzle for CFOs: Fixed or Floating-Rate Debt?
By Chana R. Schoenberger
January 27, 2014

..."There's a pretty split community on this" among senior executives, said Amol Dhargalkar, a managing director at Chatham Financial in Kennett Square, Pa., who advises companies on corporate finance"...
Read More or here: Read Michael Hickens' CIO Journal

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WSJ: Puzzle for CFOs: Fixed or Floating-Rate Debt?
By Chana R. Schoenberger
January 27, 2014

..."There's a pretty split community on this" among senior executives, said Amol Dhargalkar, a managing director at Chatham Financial in Kennett Square, Pa., who advises companies on corporate finance"...
Read More or here: Read Michael Hickens' CIO Journal

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Outsourced trade reporting services ramp up ahead of key deadline
Financial News
January 15, 2014

"Ryan McKee, a senior advisor for Chatham’s regulatory advisory services group, said in a statement: “The new reporting requirements under [the European Market Infrastructure Regulation] can be quite complex, and for many businesses it makes sense to involve an outside expert who has the expertise and bandwidth to help them navigate this process.”
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Regulatory Watch: Foreign Banks Get a Breather on Swap Compliance
By iTreasurer
January 07, 2014
*Registration may be required

CFTC eases up on non-US firms’ cross-border swap rules; have until November 2014 to comply.
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Wanted: More financial risk management
December 2013, AFP Exchange
By Amol Dhargalkar & Jonah Rouizem

CFOs and treasury professionals across corporate America have all felt the increased pressure of market volatility after the financial crisis. This led to a growing awareness of their need for expert insight to adequately manage their own financial risk at senior management and board levels beyond traditional approaches. In this article, Amol Dhargalkar and Jonah Rouizem explore the results of an extensive study conducted by Chatham Financial, “The State of Financial Risk Management Quantitative Benchmark Report” Download Complete Article


USD Regulation: Non-financial end users
By Yiying Luthra
December 17, 2013

In a recent conversation with Luke Zubrod, Director of Risk and Regulatory Advisor at Chatham Financial, Zubrod believes that going into 2014 “the main question for non-financial end users is whether the margin regime apply.”
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Currency Risks: Disturbance in the Water
December 6, 2013
by Vince Ryan

...“Finance departments may become more attuned to currency fluctuations the rest of 2013 and 2014 due to currency devaluations in Latin America and high volatility in emerging-market currencies like the Indian rupee and the Russian ruble,” says Amol Dhargalkar, managing director for corporate advisory at Chatham Financial.
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June 24, 2013
Bankers' Bank, Chatham Financial ink co-op pact
By Hartford Business Journal
"Bankers' Bank Northeast says it signed a deal with Chatham Financial to provide bank clients of the Glastonbury financial clearinghouse with fixed-rate loan swaps and other rate risk-management tools.”

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MME: Hedging Expert Says Middle-Market Firms Must Look Inward to Navigate Currency Fault Lines
By Jack Sweeney
November 26, 2013

...“We believe that firms must first ask the questions: How much risk do I have, and am I comfortable with that risk? If you’re not comfortable, then the question becomes, How do I get to a place where I am comfortable?" stated Amol Dhargalkar in an Q&A with Middle Market Executive...
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CFTC’s Proposal on Position Limits Won’t Affect Most End Users
By Susan Kelly
November 11, 2013

Luke Zubrod, a director at Chatham Financial, downplayed the importance of the CFTC’s proposal for corporate end users, noting that the limits involve agricultural, metals and energy contracts. “The big areas of interest rates and foreign currencies are untouched by the position limits rules,” Zubrod said.
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CFTC’s Proposal on Position Limits Won’t Affect Most End Users
By Susan Kelly
November 11, 2013

Luke Zubrod, a director at Chatham Financial, downplayed the importance of the CFTC’s proposal for corporate end users, noting that the limits involve agricultural, metals and energy contracts. “The big areas of interest rates and foreign currencies are untouched by the position limits rules,” Zubrod said.
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How Often Do Businesses Hedge Financial Risks?
By Meg Waters
November 11, 2013

“Many of these organizations have experienced a significant increase in financial risks over the past decade, as they’ve extended their operations abroad and as volatility has increased in global financial markets."
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Early volumes trigger SEF revenue estimates
By Mike Kentz
November 2-8, 2013

“One of the main questions in my opinion is whether or not interdealer brokers will try to make their offering more compelling to the buyside,” said Luke Zubrod, an analyst at Chatham Financial.

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FierceCFO: Dearth of derivatives?
By Susan Kelly
October 22, 2013

...Amol Dhargalkar, managing director for risk management services at Chatham, pointed out that companies may be taking other steps to offset financial risks. "In the commodities realm, companies may be using supplier contracts as a means to actually hedge their risk," he said. "That would not be reflected in their financials."...
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FierceCFO: Dearth of derivatives?
By Susan Kelly
October 22, 2013

...Amol Dhargalkar, managing director for risk management services at Chatham, pointed out that companies may be taking other steps to offset financial risks. "In the commodities realm, companies may be using supplier contracts as a means to actually hedge their risk," he said. "That would not be reflected in their financials."...
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Risk Management: Many Companies Choose Not to Hedge Risks
By John Hintze
October 21, 2013

"The study of 1,075 publicly-listed companies arrives five years after the financial crisis and the ensuing record volatility which, as the study notes, greatly elevated risk management in the eyes of companies’ top executives. The Chatham study, “The State of Financial Risk Management,” found that 89 percent of companies analyzed have exposure to interest-rate risk and only 43 percent of those companies manage the risk using derivatives, an unsurprisingly low percentage it attributed to the historically low interest-rate environment in recent years. More surprisingly, 75 percent of companies have exposure to FX risk but only half use derivative to hedge it, while just over half acknowledged exposure to commodity risk but only 43 percent of those managed that risk using financial derivatives. Those risks can be mitigated without using derivatives. For example, a US company could pay its Brazilian employees in dollars and eliminate its exposure to swings in the real’s value; however convincing those employees to accept payment in US dollars is clearly not practical, said Amol Dhargalkar, who heads up Chatham’s risk-management team serving corporates.”
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Risk Management: Many Companies Choose Not to Hedge Risks
By John Hintze
October 21, 2013

"The study of 1,075 publicly-listed companies arrives five years after the financial crisis and the ensuing record volatility which, as the study notes, greatly elevated risk management in the eyes of companies’ top executives. The Chatham study, “The State of Financial Risk Management,” found that 89 percent of companies analyzed have exposure to interest-rate risk and only 43 percent of those companies manage the risk using derivatives, an unsurprisingly low percentage it attributed to the historically low interest-rate environment in recent years. More surprisingly, 75 percent of companies have exposure to FX risk but only half use derivative to hedge it, while just over half acknowledged exposure to commodity risk but only 43 percent of those managed that risk using financial derivatives. Those risks can be mitigated without using derivatives. For example, a US company could pay its Brazilian employees in dollars and eliminate its exposure to swings in the real’s value; however convincing those employees to accept payment in US dollars is clearly not practical, said Amol Dhargalkar, who heads up Chatham’s risk-management team serving corporates.”
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The Morning Ledger: Still a Risk of Early Fed Tapering
By Bryan Keogh
October 18, 2013

...“Half of U.S. non-financial companies don’t hedge.”...
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Only Half of Companies Hedging Currency and Other Risks
October 17, 2013

...“That was surprising, knowing the pressure senior management teams and treasury feel around identifying ways to reduce risk to factors within their control so business can focus on other areas,” Anol Dhargalkar, managing director for corporate advisory at Chatham."
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MAT applications yet to be seen
By Mike Kentz
October 16, 2013

“There is a tension because the platforms want to attract as much liquidity from the traditional liquidity providers, which are Wall Street dealers, as they can, and there is a dynamic and a perception that liquidity providers don’t want products to be considered required transactions on SEFs,” said Jamie McConnel, consultant at Chatham Financial.

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SEFs launch amid controversy
By Mike Kentz
October 7, 2013

“To me, this deadline is more pertinent to the trading platforms themselves than the market participants because the deadline for participants won’t really be until February 2014,” said Luke Zubrod, director in risk and regulatory advisory at Chatham Financial. I think, if anything, it is an opportunity for these companies to test out SEFs for the next 30 days without formally onboarding them.”

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DERIVATIVES: SEF start depletes swaps liquidity
By Mike Kentz
October 2, 2013

“I think November 1 is a little ambitious,” said Luke Zubrod, a consultant at Chatham Financial. “As with most of the regulatory requirements [stemming from Dodd-Frank], the market is really not ready.”
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Swap exchanges launch in threat to Wall Street profits
By Douwe Miedema
October 02, 2013

..."We've been in communication with virtually all of the providers of these platforms," said Jamie McConnel, who works at Chatham Financial, a firm that advises users of swaps about regulation and technology..."
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IFR: Dealers move on from margin lobbying defeat
By Christopher Whittall
September 7-13, 2013

..."We’re concerned that even though non-financial [companies] are exempt from IM, they will still see hedging prices increase as banks pass on the higher costs associating with hedging their trades,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial."
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FASB recognizes OIS rate as hedge accounting benchmark
By Matt Cameron
July 25, 2013

..."It is very much what we wanted to happen," says Clark Maxwell, chief operating officer at interest rate risk advisory firm Chatham Financial in Pennsylvania. "As a result of OIS discounting of swaps becoming market standard, hedge ineffectiveness has become a huge worry for firms that are only able to discount their hedged items using Libor or US Treasury rates."
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Risk Management: Uncertainty Remains for Cross-Border Swap Rules
By John Hintze
July 15, 2013

"Pam Brown, a senior advisor at Chatham Financial, noted that the final language has yet to be published in the Federal Register, but the 'fact sheets' provided by the CFTC suggest the guidelines will be similarly challenging to those laid out in the proposal. 'Despite some changes to the overall framework, complexity remains.'"
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Are Companies Ready for a New Collateral Challenge?
By John Hintze
July 16, 2013

“It complicates matters, but maybe in a different way than one might think,” Mr. Zubrod said. He added that beyond the operational challenges, including measuring the amount of collateral that must be posted or called, the “most relevant question will be which of my counterparties is actually offering the best deal?”
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CFTC cross-border rules slammed as 'rushed'
By Peter Madigan
July 15, 2013

..."I would have preferred to have seen them take a jurisdiction-by-jurisdiction assessment," says Luke Zubrod, a director in the risk and regulatory advisory at risk management consultancy Chatham Financial in Philadelphia.”
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Dodd-Frank and the Future of Derivatives Hedging
By Luke Zubrod
July 1, 2013

“Corporate treasurers have long used derivatives hedging to bring stability and predictability to their financial position. Now the safety net is riddled with holes, thanks to uncertainty about global regulation of cross-border transactions.
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Dodd-Frank and the Future of Derivatives Hedging
By Luke Zubrod
July 1, 2013

“Corporate treasurers have long used derivatives hedging to bring stability and predictability to their financial position. Now the safety net is riddled with holes, thanks to uncertainty about global regulation of cross-border transactions.
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Bankers' Bank, Chatham Financial ink co-op pact
By Hartford Business Journal
June 24, 2013

"Bankers' Bank Northeast says it signed a deal with Chatham Financial to provide bank clients of the Glastonbury financial clearinghouse with fixed-rate loan swaps and other rate risk-management tools.”
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Regulatory Watch: Post-Deadline: Volatility and Clearing Relief
By John Hintze
June 14, 2013

"The CFTC had been working on a way to provide that relief for some time, although it was unclear what form it would take, said Luke Zubrod, director at Chatham Financial, who added most corporates were counting on it arriving and hadn’t prepared their treasury centers for clearing.”
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Property Funds World
CREFC Europe releases interest rate hedging guidelines in European CRE finance transactions
June 06, 2013

"In 2012, CREFC Europe established a working group, the Hedging Working Group, to study and report on interest rate hedging practices used in European CRE finance transactions. The working group was chaired by Mark Battistoni of Chatham Financial and co-chaired by Partha Pal.”
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Small banks search for FCMs as June 10 deadline looms
By Joe Rennison
May 24, 2013

..."Other small banks are struggling to hit the deadline. Chatham Financial, a Pennsylvania-based risk advisory firm, is working with a number of firms that are preparing for the clearing mandate, and Luke Zubrod, the firm’s director of risk and regulatory advisory, says regional banks make up the majority of those that are having trouble.”
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NeuGroup
NeuGroup for European Regional Treasurers Discusses Cash Pooling, Regs and SEPA Prep
By Anne Friberg
May 24, 2013

"We would like to thank all the participants in our European Treasurers’ Peer Group (EUROTPG) meeting last week at Nokia in Geneva for the active discourse. We also appreciate the contribution of Chatham Financial for updating members on key EMIR obligations for corporate end-users of derivatives.”
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Regulatory Watch: CFTC Ekes Out a Win on Swap Rules
By John Hintze
May 17, 2013

"Due to vastly improved technology and data sources over the last decade, the new trading platforms are not likely to provide large transparency gains over what’s currently available, said Luke Zubrod, a director at Chatham Financial.”
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Dealbreaker: Actually Lehman’s Bankruptcy Worked Out Well For A Lot Of People
By Matt Levine
May 14, 2013

"Lehman tacks on interest of almost 14 percent annually on unpaid swap debts, said Phil Weeber, director of risk management at Kennett Square, Pennsylvania-based Chatham Financial, who is advising corporate clients in mediation with the bank’s estate.”
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Dealbreaker: Actually Lehman’s Bankruptcy Worked Out Well For A Lot Of People
By Matt Levine
May 14, 2013

"Lehman tacks on interest of almost 14 percent annually on unpaid swap debts, said Phil Weeber, director of risk management at Kennett Square, Pennsylvania-based Chatham Financial, who is advising corporate clients in mediation with the bank’s estate.”
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Dealbreaker: Actually Lehman’s Bankruptcy Worked Out Well For A Lot Of People
By Matt Levine
May 14, 2013

"Lehman tacks on interest of almost 14 percent annually on unpaid swap debts, said Phil Weeber, director of risk management at Kennett Square, Pennsylvania-based Chatham Financial, who is advising corporate clients in mediation with the bank’s estate.”
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Lehman Reaches Beyond Grave to Grab Millions From Nonprofits
By Martin Braun
May 14, 2013

..."Lehman tacks on interest of almost 14 percent annually on unpaid swap debts, said Phil Weeber, director of risk management at Kennett Square, Pennsylvania-based Chatham Financial, who is advising corporate clients in mediation with the bank’s estate. The rate is based on Lehman’s cost of funds, which is the London Interbank Offered Rate plus 13.5 percent..."
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Regulatory Watch: Swap End Users Unprepared as Requirements Loom
May 13, 2013

"Ryan McKee, senior regulatory adviser at Chatham Financial, noted that while corporate end users are exempt from key requirements under both sets of rules, such as clearing, there are still several obligations that require them to take action.”
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The Options Insider
Chatham Financial: 60 percent of Derivatives End-Users Not Prepared for Dodd-Frank
May 10, 2013

"Luke Zubrod, director at Chatham Financial, said in a press release, "Right now, as many firms are working toward complying with their home country regulations, they’re just beginning to scratch the surface of additional regulations stemming from the jurisdictions of their counterparties.”
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Dodd-Frank and Emir Rattle Derivatives Users
May 09, 2012

...“Right now, as many firms are working toward complying with their home country regulations, they’re just beginning to scratch the surface of additional regulations stemming from the jurisdictions of their counterparties,” said Luke Zubrod, director at Chatham Financial. Read More

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Dodd-Frank and Emir Rattle Derivatives Users
May 09, 2012

...“Right now, as many firms are working toward complying with their home country regulations, they’re just beginning to scratch the surface of additional regulations stemming from the jurisdictions of their counterparties,” said Luke Zubrod, director at Chatham Financial. Read More

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60 Percent of Derivatives Users Unprepared for Dodd Frank and EMIR — Study
By Ivy Schmerken
May 8, 2013

“Right now, as many firms are working toward complying with their home country regulations, they’re just beginning to scratch the surface of additional regulations stemming from the jurisdictions of their counterparties,” said Luke Zubrod, director at Chatham Financial in the company’s release “This means additional cost, confusion and uncertainty – the very factors end users enter into derivatives to avoid.”
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Will Companies Be Caught Flat-footed if Rates Rise?
By John Hintze
May 6, 2013

"When [corporate finance executives] talk about interest-rate risk, it’s mainly how it will affect their cost of funds rather than their investment portfolios," [Amol] Dhargalkar [managing director of risk management services at Chatham Financial] said, “At least that’s where CFOs, boards and treasurers are placing their emphasis, and how they’re measuring the risk they truly have.”
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Regulatory Watch: SEC Offers Limited Cross-Border Jurisdiction for Swap Rules
May 2, 2013

"The CFTC proposal would allow foreign rules to apply only if each individual rule were comparable to US rules, said Luke Zubrod, a director at Chatham Financial, and that has raised concerns about duplicative and conflicting rules.”
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Cross-currency flap leaves cloud over IFRS 9
By Lukas Becker
May 1, 2013

"But this could actually reduce the accuracy of the accounting, argues Dan Gentzel, director of hedge accounting advisory services at Chatham Financial in Philadelphia. He gives an example in which a hedge gains $100 in value, and the hypothetical derivative loses $95, meaning there would be $5 of ineffectiveness to record. If a CVA adjustment of minus $10 means the hedge actually only gains $90, no ineffectiveness would be reported.”
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Pressure grows for US to copy EU’s CVA exemption
By Matt Cameron and Tom Newton
April 18, 2013

..."This is a positive development and means US policy-makers have considered the possibility that not providing a CVA safe harbour for end-users might adversely affect US competitiveness." says Luke Zubrod, director of risk and regulatory advisory at Chatham Financial "It has been a dormant discussion so far, but the European exemption has acted as a catalyst. We would have preferred to see an exemption in the US capital rules, but attention to it in legislative form is good news.”
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Firms will be shut out of OTC market at June US clearing deadline
By Joe Rennison
April 11, 2013

..."If your volumes are small and your relationships are not large it will be very difficult to get attention from banks now, particularly the largest ones," says Luke Zubrod, director of risk and regulatory advisory at Chatham Financial "We are seeing the window beginning to close...”
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As Deadline Looms, Few Companies Sign Up to Trade Swaps
By Katy Burne
April 08, 2013

... "The issue is 'companies not realizing the time to comply is now,' said Luke Zubrod, director at Chatham Financial, who is helping companies with the process..."Read More

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REIT.com
Executive Sees Major Differences in REITs' Capital Strategies
By Allen Kenney
April 03, 2013

Luke Zubrod, director of derivatives regulatory advisory services with Chatham Financial, joined REIT.com for a video interview at REITWise 2013: NAREIT’s Law, Accounting and Finance Conference in La Quinta, Calif.
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Institutional Investor
Changes to Swaps Market Have Corporate Users Fuming about Costs and Risks
By Aaron Timms
April 02, 2013

...“But with the clearing timetable settled, the reality looks different. Dealers are subject to margin and collateral requirements, and end users may have to swallow that extra cost, warns” says Luke Zubrod, director at Chatham Financial...
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Will Dodd Frank Alter Corporate Hedging
By Susan Kelly
March 21, 2013

...“While dealers typically collateralize those offsetting transactions, 'they don't tend to over-collateralize their interbank transaction with initial margin,'” says Luke Zubrod, director at Chatham Financial...
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Accounting and Disclosure: IFRS Could Surprise on Fair Value Disclosures
By John Hintze
March 15, 2013

"...According to Daniel Gentzel, director of hedge accounting at Chatham Financial, in accounting for fair value hedges under both standards, CVAs are included in the change in fair value of the derivative but not the fair value of the hedged item. The standards differ, however, in their treatment of CVAs for cash flow hedges.”
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Regulatory Watch: Getting Close to Go Time for Inter-Affiliate Swap Rules
By John Hintze
March 2, 2013

...Financial entities must start clearing swaps by June 10, leaving companies just over three months to prepare their systems to clear “market-facing” trades, if that’s the CFTC’s decision. Luke Zubrod, a director at Chatham Financial, said that his firm’s “interactions with the CFTC” suggest regulators are sympathetic to non-financial companies’ concerns and are considering extending relief, so treasury centers’ market-facing trades would not be subject to clearing.”
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Futurisation worries end-users of OTC energy derivatives
By Alexander Osipovich
February 26, 2013

...“There are number of reasons why the costs of Dodd-Frank will trickle down to end-users, says Luke Zubrod, director of risk and regulatory advisory at Chatham Financial... For one thing, when dealers enter into a bilateral swap with an end-user, they typically try to offset the risk with another trade...”
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Regulatory Watch: IOSCO/Basel Reissues Swap Margin Proposal
By John Hintze
February 25, 2013

...The consultative document introduces a new measure impacting un-exempted corporates, according to Ryan McKee, senior advisor at Chatham Financial, since it requires “universal two-way initial and variation margin for financial entities, meaning both parties to the trade will have to post margin.”
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Basel III and the Impact on Bank Pricing
By Hilary Kabak
February 25, 2013

...Luke Zubrod at Chatham Financial has a more aggressive view of pricing. He predicted that stricter capital requirements, instead of increasing or adding fees, will simply push up transaction prices, so the capital set aside won’t prevent the bank from getting a return...
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Dodd-Frank Compliance Kicks into High Gear
By Anne Friberg
January 16, 2013

...And according to Chatham Financial, the deadlines for getting the necessary legal entity identifiers, aka CICIs, via the Markit website are April 10 for entities executing new trades and May 1 for entities completing the Protocol with pre-existing trades (entities with pre-existing trades but not completing the Protocol need to get their CICIs by October 7)...
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Spotlight on swaps lacks the wattage
By Katy Burne
January 04, 2013

... “The CFTC is allowing many trades to be reported after a delay, in some cases several hours, while it finishes disclosure rules. That gap isn't much of an improvement over trade data already available - for a fee - through services like Bloomberg or brokers.” said Luke Zubrod, director at Chatham Financial, an adviser of customers in the swaps market.Read More

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FASB to consider adding OIS rate as hedge accounting benchmark
By Peter Madigan
December 18, 2012

...“The bottom line is that FASB needs to step in, says Clark Maxwell, managing director for accounting services at Chatham Financial in Pennsylvania. "This is an issue in the US that should be looked at now. It is narrow in scope,”...
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Banks flinch as derivatives head back to the future
By Douwe Miedema
December 10, 2012

..."It is possible, if not even probable, that the futures world will make steady progress against making their products more and more customizable," said Luke Zubrod at Chatham Financial, a consultancy firm...
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Banks flinch as derivatives head back to the future
By Douwe Miedema
December 10, 2012

..."It is possible, if not even probable, that the futures world will make steady progress against making their products more and more customizable," said Luke Zubrod at Chatham Financial, a consultancy firm...
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Banks flinch as derivatives head back to the future
By Douwe Miedema
December 10, 2012

..."It is possible, if not even probable, that the futures world will make steady progress against making their products more and more customizable," said Luke Zubrod at Chatham Financial, a consultancy firm...
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Banks flinch as derivatives head back to the future
By Douwe Miedema
December 10, 2012

..."It is possible, if not even probable, that the futures world will make steady progress against making their products more and more customizable," said Luke Zubrod at Chatham Financial, a consultancy firm...
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Banks flinch as derivatives head back to the future
By Douwe Miedema
December 10, 2012

..."It is possible, if not even probable, that the futures world will make steady progress against making their products more and more customizable," said Luke Zubrod at Chatham Financial, a consultancy firm...
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RPI change to impact PF
By Project Finance International Issue 494 - Nov. 28 2012
November 22, 2012

...Rob Dornton-Duff at Chatham Financial said some market participants believed a full conversion to the CPI methodology was being priced in. “We assume under this scenario there will be some reduction in inflation breakeven swap rates, and at the other extreme of no change to the methodology break-evens will fall,” he said...
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Exemption of FX Swaps, Forwards Leaves Unresolved Issues
By John Hintze
November 20, 2012

...“Market participants need to assume that the current state of affairs will likely remain,” says Luke Zubrod, director at Chatham Financial...
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Exchanges Try to Lure Swap Users to Futures
By John Hintze
October 29, 2012

...“Initial margin is probably the single reason why people look at swap futures and say, ‘This is potentially exciting,’ because the initial margin associated with clearing is higher than futures,” says Luke Zubrod, director at Chatham Financial...
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Treasury Technology Marches Forward
By Richard Gamble
October 24, 2012

...Joe Siu, director of financial risk management for Chatham Financial in Kennett Square, Pa., says the goals of treasury technology have changed. “The innovations now are more about how functionality is delivered instead of what is delivered”...
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Chatham Releases FX Risk Platform
By James Rundle
October 16, 2012

...“Advisory firm Chatham Financial has released a suite of cloud-based products aimed at managing foreign exchange (FX) risk. Read More


FX Risk Management Goes High-Tech
By Steve Marlin
October 12, 2012

...“One of the things about FX risk management that is unique to FX as an asset class is that because FX has a line item on the income statement that specifically calls out a component of FX risk [the FX Re-Measurement line item], companies tend to focus only on this line item when considering their FX risk,” said Jose Sabastro, product director, told Markets Media. Read More

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FX Risk Management Goes High-Tech
By Steve Marlin
October 12, 2012

...“One of the things about FX risk management that is unique to FX as an asset class is that because FX has a line item on the income statement that specifically calls out a component of FX risk [the FX Re-Measurement line item], companies tend to focus only on this line item when considering their FX risk,” said Jose Sabastro, product director, told Markets Media. Read More

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FX Risk Management Goes High-Tech
By Steve Marlin
October 12, 2012

...“One of the things about FX risk management that is unique to FX as an asset class is that because FX has a line item on the income statement that specifically calls out a component of FX risk [the FX Re-Measurement line item], companies tend to focus only on this line item when considering their FX risk,” said Jose Sabastro, product director, told Markets Media. Read More

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FX Risk Management Goes High-Tech
By Steve Marlin
October 12, 2012

...“One of the things about FX risk management that is unique to FX as an asset class is that because FX has a line item on the income statement that specifically calls out a component of FX risk [the FX Re-Measurement line item], companies tend to focus only on this line item when considering their FX risk,” said Jose Sabastro, product director, told Markets Media. Read More

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FX Risk Management Goes High-Tech
By Steve Marlin
October 12, 2012

...“One of the things about FX risk management that is unique to FX as an asset class is that because FX has a line item on the income statement that specifically calls out a component of FX risk [the FX Re-Measurement line item], companies tend to focus only on this line item when considering their FX risk,” said Jose Sabastro, product director, told Markets Media. Read More

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Chatham Financial launches cloud-based FX risk management portfolio
By M2 Banking & Credit News
October 10, 2012

...“USA-based financial risk management advisory and technology solutions firm Chatham Financial said it has launched ChathamDirect for FX risk management, a cloud-based portfolio of applications designed to give corporations the ability to manage foreign currency exchange risk from strategy through reporting.”...
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Chatham Financial launches cloud-based FX risk management portfolio
By M2 Banking & Credit News
October 10, 2012

...“USA-based financial risk management advisory and technology solutions firm Chatham Financial said it has launched ChathamDirect for FX risk management, a cloud-based portfolio of applications designed to give corporations the ability to manage foreign currency exchange risk from strategy through reporting.”...
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Chatham Financial Unveils ChathamDirect for FX Risk Management
By By David Delony
October 10, 2012

..."ChathamDirect is the only multi-tenant SaaS financial risk management solution developed by independent, market-leading expert consultants," Jose Sabastro, product director, risk management technologies, for Chatham, said. "Our technology is designed, used and supported by Chatham practitioners who perform more than $1 billion worth of transactions daily."...
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Chatham Financial Unveils ChathamDirect for FX Risk Management
By By David Delony
October 10, 2012

..."ChathamDirect is the only multi-tenant SaaS financial risk management solution developed by independent, market-leading expert consultants," Jose Sabastro, product director, risk management technologies, for Chatham, said. "Our technology is designed, used and supported by Chatham practitioners who perform more than $1 billion worth of transactions daily."...
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Chatham's Jason Hoffnagle speaking at Real Estate Investment World - Asia 2012
Powered by Real Estate Investment World
Oct 10, 2012

...Watch the video to find out more about currency hedging for property investors, as presented by Jason Hoffnagle, Managing Director, Chatham Financial Pte Ltd....Watch Video


Chatham Financial to Launch FX Risk-Management Tool
By Anusha Shrivastava
Octomber 5, 2012

"Chatham Financial, a risk-management advisory and technology-solutions firm, is launching a new service that is geared to help companies manage foreign-exchange risk.

The application, ChathamDirect, helps gather and analyze data, hedge currencies, administer cash flow and integrate with trade-execution systems to streamline trading. It will be available to clients starting next week.

The Kennett Square, Pa., firm is launching the product to address "common issues and challenges" companies face in managing foreign-exchange risk, said Amol Dhargalkar, managing director for risk management for corporates at Chatham Financial.

"There were some strategic issues, like how to get hedge accounting or how changes in billing currencies affect business or how treasurers should talk about the benefits of an exposure," Mr. Dhargalkar said.


Chatham Financial to Launch FX Risk-Management Tool
By Anusha Shrivastava
Octomber 5, 2012

"Chatham Financial, a risk-management advisory and technology-solutions firm, is launching a new service that is geared to help companies manage foreign-exchange risk.

The application, ChathamDirect, helps gather and analyze data, hedge currencies, administer cash flow and integrate with trade-execution systems to streamline trading. It will be available to clients starting next week.

The Kennett Square, Pa., firm is launching the product to address "common issues and challenges" companies face in managing foreign-exchange risk, said Amol Dhargalkar, managing director for risk management for corporates at Chatham Financial.

"There were some strategic issues, like how to get hedge accounting or how changes in billing currencies affect business or how treasurers should talk about the benefits of an exposure," Mr. Dhargalkar said.


Chatham Financial to Launch FX Risk-Management Tool
By Anusha Shrivastava
Octomber 5, 2012

"Chatham Financial, a risk-management advisory and technology-solutions firm, is launching a new service that is geared to help companies manage foreign-exchange risk.

The application, ChathamDirect, helps gather and analyze data, hedge currencies, administer cash flow and integrate with trade-execution systems to streamline trading. It will be available to clients starting next week.

The Kennett Square, Pa., firm is launching the product to address "common issues and challenges" companies face in managing foreign-exchange risk, said Amol Dhargalkar, managing director for risk management for corporates at Chatham Financial.

"There were some strategic issues, like how to get hedge accounting or how changes in billing currencies affect business or how treasurers should talk about the benefits of an exposure," Mr. Dhargalkar said.


Swaps - Function and Dysfunction
By Rob Dornton-Duff for Project Finance International European Report
September 22, 2012

...Chatham's Rob Dornton-Duff looks at how the project sector's use of derivatives has fared through the cycle so far, and asks whether LIBOR is likely to be the optimal model for bank debt and derivatives going forward...
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Mexican consortium successfully sells toll road bonds
By Infrastructure Journal
September 20, 2012

...Chatham cited as advisor on interest rate hedging on a USD 1.16 billion, peso-denominated notes to pay for the FARAC I toll road...
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Access denied: Hundreds of firms could be unable to use CCPs
By Joe Rennison
September 06, 2012

...“The commentary of Chatham's Luke Zubrod points out that banks’ minimum thresholds will lock out an estimated 15 percent of Chatham’s clients, many of whom are PE funds. Luke gives a good dose of support for these firms, noting that “they don’t seem to be accommodated in the current clearing model” and that minimum thresholds “seem to be on the assumption there will be ongoing volume, which is why you have minimum monthly targets.”...
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Public Television and the New Swap Dealer Definition
By Sam Peterson
August 1, 2012

...Chatham's Sam Peterson examines statements made regarding Wall Street and the derivatives industry by Will Lyman of PBS' Frontline...
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Chatham's Mark Audigier on Dukascopy TV's Swiss Financial Television
Powered by Dukascopy Bank
July 27, 2012

...Mark Audigier discusses the impact regulation and other issues will have for those in the microfinance and currency risk arena in Europe...
Watch Video


Chatham's Mark Audigier on Dukascopy TV's Swiss Financial Television
Powered by Dukascopy Bank
July 27, 2012

...Mark Audigier discusses the impact regulation and other issues will have for those in the microfinance and currency risk arena in Europe...
Watch Video


Swaps Regulation Still Fuzzy After CFTC Vote
By Vipal Monga
July 11, 2012

...“In many ways, a lot of nonfinancial firms will be very pleased with the rules,” said Sam Peterson, a senior adviser at Chatham Financial, a firm that advises on derivatives transactions. “The CFTC indicated today that they intend to be pretty flexible.”...
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Swaps Regulation Still Fuzzy After CFTC Vote
By Vipal Monga
July 11, 2012

...“In many ways, a lot of nonfinancial firms will be very pleased with the rules,” said Sam Peterson, a senior adviser at Chatham Financial, a firm that advises on derivatives transactions. “The CFTC indicated today that they intend to be pretty flexible.”...
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Top 5 Things The Cloud Is Not
By Peder Ulander
June 22, 2012

..."While it’s important to know what the cloud is, it’s just as important to separate the wheat from the chaff, and for IT to understand what cloud is not.” Chatham Financial cited as successfully running clouds in their organizations, special shout out to Tim Savery for making this article mention possible...
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Harnessing Data More Effectively
By Dick Gamble
June 18, 2012

...That’s not surprising, says Joe Siu, director of financial risk management at Chatham Financial in Kennett Square, Pa. “Intelligent reports can be complex, especially those used for risk management,” he explains. “They often require correlation analysis and Monte Carlo simulations. They are not easy to design and produce. The top banks can do it for their own financial risks, but these robust analytics are just starting to spread to corporations.”...
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Fed Capital Rules Hit All Banks
By John Hintze
June 11, 2012

...“Of the $2.1 trillion in losses financial institutions worldwide suffered during the credit crisis, only 3.6% stemmed from derivatives, and more than half of that was from AIG’s mortgage-related credit default swaps,” Luke Zubrod, a director at Chatham Financial, says, adding that most losses came from loans.
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Fed Capital Rules Hit All Banks
By John Hintze
June 11, 2012

...“Of the $2.1 trillion in losses financial institutions worldwide suffered during the credit crisis, only 3.6% stemmed from derivatives, and more than half of that was from AIG’s mortgage-related credit default swaps,” Luke Zubrod, a director at Chatham Financial, says, adding that most losses came from loans.
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Putting the De Minimis Threshold in Context
DerivSource
By Pam Brown
May 21, 2012

The CFTC and SEC passed a final rule defining the type of institutions that have to register as 'swap dealers'. Pam Brown, senior advisor at Chatham Financial, explains the 'de minimis' threshold of $8 billion and why this figure captures the right amount of swap dealing activity without burdening some of the smaller market participants.
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Putting the De Minimis Threshold in Context
DerivSource
By Pam Brown
May 21, 2012

The CFTC and SEC passed a final rule defining the type of institutions that have to register as 'swap dealers'. Pam Brown, senior advisor at Chatham Financial, explains the 'de minimis' threshold of $8 billion and why this figure captures the right amount of swap dealing activity without burdening some of the smaller market participants.
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Higher Swaps Costs Still Likely: Regulators clear up some uncertainty, but more rules yet to come
By John Hintze
April 20, 2012

...A counterparty’s exposure is typically a small fraction of the swap’s notional, or face, value and that should mean only the very largest swap end users have to register as MSPs. Luke Zubrod, director of Chatham Financial’s regulatory advisory service...
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Higher Swaps Costs Still Likely: Regulators clear up some uncertainty, but more rules yet to come
By John Hintze
April 20, 2012

...A counterparty’s exposure is typically a small fraction of the swap’s notional, or face, value and that should mean only the very largest swap end users have to register as MSPs. Luke Zubrod, director of Chatham Financial’s regulatory advisory service...
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Corporate Concerns Linger Over Swaps Costs
By Vipal Monga
April 19, 2012

...“This suggests that hedging for non-financial companies will get expensive,” said Luke Zubrod of Chatham Financial, which is advising the Coalition for Derivatives End-Users. “It could force people to weigh the trade-offs.”...
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Corporate Concerns Linger Over Swaps Costs
By Vipal Monga
April 19, 2012

...“This suggests that hedging for non-financial companies will get expensive,” said Luke Zubrod of Chatham Financial, which is advising the Coalition for Derivatives End-Users. “It could force people to weigh the trade-offs.”...
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Smaller Companies Getting a Pass From Tougher Swaps Regulation
By Jesse Hamilton and Steven Sloan
April 18, 2012

...“Some of the people that fell in those gray areas, many of them were worried they might get caught up in the swap dealer definition,” said Luke Zubrod, a director at Chatham Financial Corp., which advises companies that use derivatives to reduce risk.
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CFTC Raises Swap Dealer Threshold
By Steve Marlin
April 18, 2012

...“This is by far the most significant rule that market participants had been anticipating,” Luke Zubrod, director of the derivatives regulatory advisory service at Chatham financial, told Markets Media. Read More

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MICROCAPITAL BRIEF: Chatham Financial, Manager of Interest-rate, Currency Risk, Combines Operations with Subsidiary, Cygma
By Amira Berrada
March 19, 2012

...Chatham Financial, a US-based interest-rate and currency risk advisory company, plans to merge operations with its subsidiary, Cygma Corporation...
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Holding Margin Rules at Bay: Final outcome on protecting corporate end users still pending
By John Hintze
March 1, 2012

...Chatham Financial has worked closely with regulators and end users on the issue, and Luke Zubrod, director of the firm’s derivatives regulatory advisory service, says a decision from U.S. regulators isn’t likely until at least June....
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A New Tool in the Hedge Shed
By Chana R. Schoenberger
February 27, 2012

.."So now they don't have to put in place separate hedges" to protect against shifting exchange rates, as they would if they converted the euros from sales into dollars, says Amol Dhargalkar, who advises companies on hedging at Chatham Financial, based in Kennett Square, Pa....
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House Bill Exempts Nonfinancial Companies from Derivative "Margin" Requirements
by Stephen Barlas
January 2012

... Luke Zubrod, director of Chatham Financial’s derivatives regulatory advisory service, explains that the House Bill releases non-financial users from the margin requirement ... "We think this bill will be especially helpful to nonfinancial end users who are accustomed to pledging physical assets to secure their derivatives trades." ...Read More

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Users Seek Clarity on Clearing
by Kevin Dugan
December 12, 2011

...on Page 3 - 4 of the Derivatives Week publication, Luke Zubrod, director of Chatham Financial’s derivatives regulatory advisory service, explains that users, like regional banks, are looking for more clarity from regulators on the kinds of technology, documentation and margin requirements they need to follow when dealing with non-financial institutions.”...
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Higher Bank Fees Due to Regs at Hand
By John Hintze
November 30, 2011

...Luke Zubrod, director of Chatham Financial’s derivatives regulatory advisory service, focuses on the rising banking costs that corporate treasuries face as the regulatory requirements from Basel III and the Dodd-Frank Act begin to take form. Luke goes on to demonstrate that these issues are quite tangible for end users who themselves are exempted from clearing and margin, stating that if uncleared trades become prohibitively expensive, “it would effectively undo the margin exemption.”...
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What's Your Exit Strategy and Cost Comparison Case Study
By Chatham Financial's Taylor Liska
November/December 2011
...There are many factors to consider when entering into a fixed-rate commercial real estate loan; what’s often forgotten is how to get out. Negotiating a solid exit strategy should be a critical aspect of all fixed-rate loan originations... Chatham's Taylor Liska outlines the importance of planning your loan exit and the difference between yield maintenance or defeasance... Read More Part 1 Read More Part 2


Finance Turns Overtly Cautious
By John Hintze
August 10, 2011

...Amol Dhargalkar, director of risk management advisory at Chatham Financial, says prior to Standard & Poor’s downgrade of U.S. long-term debt last week, there was concern that a government default would hike rates, prompting some companies to put on interest-rate hedges...
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Commercial Investment RE
Debt Valuation: Questions Auditors Ask
By Rick Kjellberg
July 12, 2011

...Debt valuation is affected not only by fluctuating market rates, but also by the methods used to perform the valuations. While the volatile rate environment of the financial crisis has dissipated, the heightened scrutiny auditors now apply to the methods companies use to determine these values has not...
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New Accounting Rule Would Favor Hedgers
By Ron Fink
July 6, 2011

...Others take a far more sanguine view of IASB’s proposed rule. “Their fear is overblown,” Clark Maxwell, managing director of accounting services for Chatham Financial, said in reference to the critics’ complaints...
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Will the 'Cure' for Systemic Risk Kill the Economy?
By Chatham Financial's Luke Zubrod
June 20, 2011

...What cancer research can teach us about how to reform the derivatives market…If margin rules are excessive or apply to firms that pose no risk to financial stability, they will blunt economic growth and job creation without proportional benefit...
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Derivatives Rule Delay Leaves Questions Unanswered
By Vipal Monga
June 15, 2011

...It’s being met with a temporary sigh of relief,” said Craig Pflumm, a senior advisor at Chatham Financial, which advises clients on derivatives reform. “It gives market participants more legal certainty. Still, he noted that the CFTC had a long debate at its meeting on Tuesday over whether the new Dec. 31, 2011 implementation date gives the commission enough time to write new rules...
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End User Regulatory Update: The Current State of Derivatives Regulation in the EU and U.S.
DerivSource
By Joe Siu
June 13, 2011

...As regulatory reform evolves on both sides of the Atlantic, end users still face the possibility of new rules negatively impacting their ability to use derivatives to hedge commercial risks. Chatham Financial's Joe Siu offers a timely update on the specific risks end users face under Dodd-Frank and EMIR...
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Regulation: June 2011
Financial Executive International
By Stephen Barlas
June 13, 2011

...according to Luke Zubrod, director of Derivatives Regulatory Advisory service for Chatham Financial, FX swaps and forwards constitute less than 10 percent of the hedging done by most major U.S. companies. Interest rate swaps account for perhaps 80 percent of commercial hedging, with commodities somewhere near FX swaps in terms of percentages...
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Finance Executives Await Clarity on Derivatives
By Vipal Monga
June 7, 2011

...The rule still remains open to interpretation, according to Luke Zubrod, who heads the derivatives regulatory advisory service of Chatham Financial. And while the rule is technically meant to go into effect on July 16, the CFTC’s interpretation of the language probably won’t come until later, he said....
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Regulatory Delay Stokes Unease Over Dodd-Frank
By Deborah Solomon and Victoria McGrane
June 7, 2011

..This exemption appears to end July 16, said Sam Peterson, a senior adviser at Chatham Financial, a Philadelphia consulting firm...
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The Morning Ledger: Waiting for Bernanke
By Darren McDermott
June 7, 2011

...CFTC head Gary Gensler made it a point to reassure corporate treasurers during the annual meeting of the National Association of Corporate Treasurers last week that regulators would provide legal certainty, said Luke Zubrod, who heads the derivatives regulatory advisory service of Chatham Financial...
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The Morning Ledger: Waiting for Bernanke
By Darren McDermott
June 7, 2011

...CFTC head Gary Gensler made it a point to reassure corporate treasurers during the annual meeting of the National Association of Corporate Treasurers last week that regulators would provide legal certainty, said Luke Zubrod, who heads the derivatives regulatory advisory service of Chatham Financial...
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Hedging Inflation and Other Risks: Complications loom as standard setters take different approaches
By John Hintze
June 1, 2011

...Clark Maxwell, director of accounting policy and global accounting services at Chatham Financial, says FASB’s and IASB’s existing hedge accounting standards have differences but fundamentally are on the same page...
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Chatham's Luke Zubrod on Bloomberg TV's Fast Forward with Lisa Murphy
Fast Forward with Lisa Murphy
May 19, 2011

...Luke Zubrod discusses the impact of the overhaul of U.S. regulation on derivatives on Bloomberg's Fast Forward with Lisa Murphy...
Watch Video


European Real-Estate Companies Seek Immunity From Crackdown on Derivatives
By Tom Bill
May 11, 2011

...Under the proposals, a payment could be demanded if rates move in the opposite way than the swap anticipates. The figure may reach 65 billion euros ($93 billion) in Europe, adviser Chatham Financial Europe Ltd. said in a report in November...
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Derivative Exemptions Fail to Soothe Users
By Vipal Monga
May 2, 2011

...Most end users trade with banks, so the more relevant of the two rules is the prudential regulators’ rule,” said Luke Zubrod, head of the derivatives regulatory group at Chatham Financial, an advisory firm that works with the Coalition for Derivatives End-Users, which was formed to lobby Congress and regulators against the changes mandated by Dodd-Frank...
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Weak Dollar Positive for Some Earnings Results
By Chana R. Schoenberger
April 26, 2011

...as the dollar continues to decline, it spotlights currency volatility for companies that don't have a program in place to hedge their currency risks. Such a policy can help mitigate negative currency effects by using forward contracts and options to guarantee the exchange rates that companies will receive when they convert money, said Amol Dhargalkar, who advises companies on currency strategy at Chatham Financial. "More than anything else, [the weaker dollar] is causing firms that have not been hedging to think more broadly about how they should be hedging or not," Dhargalkar said...
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Swaps Plan Asks More of End Users
By John Hintze
April 19, 2011

...Luke Zubrod, a director at Chatham Financial, notes that today bank counterparties may simply refuse additional trades with a company if it exceeds thresholds. “In the new world, the banks would have to draw hard line in the sand and shift that risk back to customer by asking for more collateral,” Zubrod says...
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Risk Rule Riles Main Street
By Victoria McGrane
April 13, 2011

“...Luke Zubrod, a director with Chatham Financial, a consulting firm advising the end-user coalition, said banks and their customers today can agree to dispense with providing collateral. If the rule is approved as written, a wide range of companies could find themselves subject to the new requirements...
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Latest Margin Proposal Riles End Users
By John Hintze
April 13, 2011

“...by giving bank counterparties the authorization to determine the thresholds, banking regulators clearly recognized that corporate end users pose far less of a systemic risk than financial institutions. However, corporate users still have concerns, says Luke Zubrod, director at Chatham Financial...
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US Groups Win Partial Victory On Derivatives
By Tom Braithwaite
April 12, 2011

“...Sam Peterson, an analyst at Chatham Financial, said regulators were going against the intent of Congress by stating that they could impose margin requirements on non-financial companies. “We disagree with that,” he said. “The ideal would be that we have a clear iron-clad exemption...
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Swap Market Crackdown Seeks To Spare Businesses
By Christopher Doering and Dave Clarke
April 12, 2011

“...Joe Siu, a senior adviser for Chatham Financial, said the differences between the CFTC's and the bank regulators' proposals are more nuanced than they might appear. "At the end of the day, they may have the same effect," Siu said of the two plans. "I wouldn't blow it out of proportion...
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Swaps Margin Votes Near
By John Hintze
April 11, 2011

“...The requirements, however, are expected to be limited to circumstances in which the corporate customer’s net mark-to-market derivatives exposure exceeds specified thresholds. “This is where the only silver lining shows up,” says Luke Zubrod, director at Chatham Financial. “So even though the [banking] regulators believe they are required to impose margin, given the legislative text, their proposal will attempt to reflect that end users don’t contribute meaningfully to systemic risk...
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For FX Hedging, Companies Turn To Locally Denominated Debt
By Chana R. Schoenberger
Dow Jones Newswire
March 31, 2011

“...Although their corporate bonds have seen spectacular growth, it's still not always possible to issue large amounts of debt there, because "capital markets are not nearly as developed as the U.S. and Europe," said Amol Dhargalkar, who heads the corporate hedging advisory team at Chatham Financial...
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For FX Hedging, Companies Turn To Locally Denominated Debt
By Chana R. Schoenberger
Dow Jones Newswire
March 31, 2011

“...Although their corporate bonds have seen spectacular growth, it's still not always possible to issue large amounts of debt there, because "capital markets are not nearly as developed as the U.S. and Europe," said Amol Dhargalkar, who heads the corporate hedging advisory team at Chatham Financial...
Read More


Contingency Funding Plans: Satisfying Regulators Continues To Be Key Challenge
Financial Managers Update
March 8, 2011

"Among the liquidity-contingency challenges that institutions face, two major items stand out, says Dave Sweeney, managing director, Chatham Financial Corp., Kennett Square, Pa....
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Contingency Funding Plans: Satisfying Regulators Continues To Be Key Challenge
Financial Managers Update
March 8, 2011

"Among the liquidity-contingency challenges that institutions face, two major items stand out, says Dave Sweeney, managing director, Chatham Financial Corp., Kennett Square, Pa....
Read More


Contingency Funding Plans: Satisfying Regulators Continues To Be Key Challenge
Financial Managers Update
March 8, 2011

"Among the liquidity-contingency challenges that institutions face, two major items stand out, says Dave Sweeney, managing director, Chatham Financial Corp., Kennett Square, Pa....
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Budget Cuts Threaten to Bleed OTC Swaps Reform Dry
By Justin Grant
February 18, 2011

“...should the Republicans - who nearly unanimously opposed passage of Dodd-Frank - manage to tighten the nation's purse strings, regulators can maneuver around their constrained budgets by leaning on the National Futures Association, argues Sam Peterson, a senior adviser at Chatham Financial...
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Budget Cuts Threaten to Bleed OTC Swaps Reform Dry
By Justin Grant
February 18, 2011

“...should the Republicans - who nearly unanimously opposed passage of Dodd-Frank - manage to tighten the nation's purse strings, regulators can maneuver around their constrained budgets by leaning on the National Futures Association, argues Sam Peterson, a senior adviser at Chatham Financial...
Read More


Study: Derivatives Regulations Could Cost Billions In Investment, Jobs
By Vicki Needham
February 14, 2011

“...the survey was conducted using an online survey tool by the U.S. Chamber of Commerce, Business Roundtable, Chatham Financial, and the National Association of Corporate Treasurers...
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Corporate Lobbying Groups Attack Unintended Consequences Of Dodd-Frank Act
By Katy Burne
February 14, 2011

“...the Coalition for Derivatives End-Users worked with the U.S. Chamber of Commerce's Center for Capital Market Competitiveness, consultancy Chatham Financial...
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Corporate Lobbying Groups Attack Unintended Consequences Of Dodd-Frank Act
By Katy Burne
February 14, 2011

“...the Coalition for Derivatives End-Users worked with the U.S. Chamber of Commerce's Center for Capital Market Competitiveness, consultancy Chatham Financial...
Read More


Increased Volatility Boosts Importance of Effectively Managing Risks
By Karen Kroll
January 18, 2011

“...the changing nature of many firms’ business models means they’re taking on additional risk, says Amol Dhargalker, director of corporate advisory services with Chatham Financial...
Read More


Increased Volatility Boosts Importance of Effectively Managing Risks
By Karen Kroll
January 18, 2011

“...the changing nature of many firms’ business models means they’re taking on additional risk, says Amol Dhargalker, director of corporate advisory services with Chatham Financial...
Read More


Companies Exempt From Derivatives Rules May Yet Get Hit
By Ben Protess
December 29, 2010

“The exemption is fairly meaningless if regulators have the authority to impose margin,” said Sam Peterson, a senior adviser to Chatham Financial, a Pennsylvania-based consulting firm for end users...
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Derivatives Trading Brought Into Public View
By Aline van Duyn
December 16, 2010

"If end-users are subject to margin requirements, they face the unwelcome decision of whether to tie up cash in a margin account and mitigate risk, or to not mitigate risk and have the liquidity available,” says Luke Zubrod, of Chatham Financial...
Read More


CFTC Eases Swaps Concerns
John Hintze
December 13, 2010

"Sam Peterson, a senior adviser in Chatham Financial’s regulatory advisory services group, says most of his firm’s customers will not exceed those thresholds...
Read More


CFTC, SEC Release Details Of Joint Rulemaking On Swap Market Definitions
By Katy Burne
December 7, 2010

"The approach for potential future exposure was largely based on an existing model developed by a Bank for International Settlements' Basel committee on bank capital regulations based in Europe, according to Chatham Financial analysts...
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CFTC, SEC Release Details Of Joint Rulemaking On Swap Market Definitions
By Katy Burne
December 7, 2010

"The approach for potential future exposure was largely based on an existing model developed by a Bank for International Settlements' Basel committee on bank capital regulations based in Europe, according to Chatham Financial analysts...
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Dodd-Frank Spawns Cottage Industry
By Ronald D. Orol
December 7, 2010

“There are going to be a lot of new intermediaries in this space and a lot of firms seeking to help companies adapt to the new mandates, even if they are not directly subject to the new Dodd-Frank rules,” said Luke Zubrod, director of derivatives regulatory advisory services, at Philadelphia-based Chatham Financial...
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Dodd-Frank Spawns Cottage Industry
By Ronald D. Orol
December 7, 2010

“There are going to be a lot of new intermediaries in this space and a lot of firms seeking to help companies adapt to the new mandates, even if they are not directly subject to the new Dodd-Frank rules,” said Luke Zubrod, director of derivatives regulatory advisory services, at Philadelphia-based Chatham Financial...
Read More


CFTC To Propose Key Swap Definitions; SEC To Vote Fri
By Sarah N. Lynch
December 1, 2010

"We are still hopeful to see clarity that an end-user wouldn't be deemed a swap dealer simply as a result of how it structures its hedging activities," said Sam Peterson, a senior advisor for Chatham Financial, an interest-rate and currency-hedging advisory firm...
Read More


EU Regulation Could Cause €65bn of Collateral Damage on the Property Sector
By Property Magazine International
November 24, 2010

“This is the main conclusion of a Chatham Financial study commissioned by the European property sector to assess the impact of the European Commission's proposed Regulation on OTC derivatives...
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Property companies warn of capital drain
By Nikki Tait in Brussels
November 23, 2010

“A study, yet to be published, by consultants at Chatham Financial estimates that, in that case, the loss of working capital in the property sector could be as much as €64.9bn, with substantial knock-on effects for development projects and jobs...
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Singapore Looks To Lure U.S. Corporate Treasuries
By Mike Kentz
November 12, 2010

“The legislation is somewhat ambiguous with respect to the power of U.S. regulators to impose margin requirements on end-users in non-clearable trades, according to Luke Zubrod, director at hedging advisor Chatham Financial...
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Singapore Looks To Lure U.S. Corporate Treasuries
By Mike Kentz
November 12, 2010

“The legislation is somewhat ambiguous with respect to the power of U.S. regulators to impose margin requirements on end-users in non-clearable trades, according to Luke Zubrod, director at hedging advisor Chatham Financial...
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Corporate End Users in Jeopardy
By John Hintze
November 1, 2010

“Sam Peterson, a senior adviser in Chatham Financial’s regulatory advisory services group, says Chatham analyzed the impact of requiring a bank dealer to post 2.5% initial margin and full-variation margin on a 10-year, $100 million notional interest-rate swap...
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Corporate End Users in Jeopardy
By John Hintze
November 1, 2010

“Sam Peterson, a senior adviser in Chatham Financial’s regulatory advisory services group, says Chatham analyzed the impact of requiring a bank dealer to post 2.5% initial margin and full-variation margin on a 10-year, $100 million notional interest-rate swap...
Read More


Backdoor Margins Ahead?
By John Hintze
November 1, 2010

“For corporate end users that haven’t been posting collateral, they’re probably not cut out from an operations perspective to post or receive the collateral,” says Sam Peterson, a senior adviser in Chatham Financial’s regulatory services group. “So they must either hire someone to do it for them or use an outsourced collateral management system...
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Swaps to be hit by new derivative rules
By Mike Philips
October 29, 2010

"This could mean the property industry having to put up tens of billions of euros of additional collateral,” said Bartek Ostrowski, director at derivatives adviser Chatham Financial...
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Mark-to-market mayhem
By WebCPA
October 25, 2010

"...Chatham Financial has greatly expanded its valuation platform for financial instruments. It now values over 20,000 debt and derivative transactions on a real-time, daily, monthly and quarterly basis, with technology designed to comply with all the appropriate accounting standards...
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Minimum Thresholds for Swaps Urged
By Katie Burne
September 29, 2010

"On Sept. 15, the European Commission said its rules would consider the "systemic relevance and the sum of net positions and exposures" when determining the threshold for clearing. Also in Europe, large non-financial companies will not be subject to a major swap participant type definition for their hedges, according to Luke Zubrod at Chatham Financial... …
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C-SPAN Video of Chatham Founder Leading OTC Derivatives Reform Panel
By C-SPAN
September 21, 2010

Following Gary Gensler's remarks, Chatham Financial founder Michael Bontrager lead a group of panelists who spoke about the potential impact the new rules would have on the over the counter (OTC) derivatives markets, with a special focus on the implications for end-users of derivatives that access OTC derivatives to hedge commercial risks associated with their businesses…
Watch Video Now


Chamber Of Commerce End Users Huddle Over Derivatives Reform
By Katy Burne
August 18, 2010

"The MSP definition is not industry-specific and could apply to any company in any industry whose degree of hedging activity is roughly deemed systemically significant," explained Luke Zubrod, regulatory advisory services director at swaps consultancy Chatham Financial. "The hope would be that it doesn't affect too many industrial companies, but it could, depending on where the SEC and CFTC set thresholds around substantial positions…
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There's a Derivative in Your Cereal
By Sam Peterson
July 29, 2010

"Over-the-counter (OTC) derivatives are perhaps the most feared and despised of all financial creations, even more than sub-prime mortgages. After all, Warren Buffet famously referred to them as "financial weapons of mass destruction." Though few know it, Americans' everyday lives are touched by the hidden hand of OTC derivatives…
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Risk Consultancy Launches Derivatives Regulation Advisory
By Katy Burne
July 20, 2010

"There was a need for expertise on a highly technical subject matter and not a lot of desire to gain that expertise from the banks," said Zubrod, a director at Chatham. "The [new unit] translates a Washington-focused exercise into one specifically focused on the business community... 
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Dodd-Frank bill is no Glass-Steagall
By Tom Braithwaite, Francesco Guerrera and Aline van Duyn
June 28, 2010

"There is something for everyone to be focused on - no one [in financial -markets] can say: it does not apply to me," said Luke Zubrod, director at Chatham Financial, an advisory firm... 
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Firms That Hedge Face Prospect of New Costs
By Scott Patterson
June 26, 2010

"The biggest concern in the end-user community is to not have to divert working capital from their businesses," said Sam Peterson, senior adviser at Chatham Financial, which advises companies on interest-rate and currency hedging practices…
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US Derivatives Desks Set To Go Back To The Future
By Renée Schultes
June 21, 2010
*Registration required

Luke Zubrod, a director at interest rate and currency risk management adviser Chatham Financial, said that although some of the entities still exist, many were not used much any more. “Those that are still used as counterparties to commercial transactions appear to be primarily focused on options, rather than taking on credit risk for transactions like interest rate swaps,” he said… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Who Will Pay For Derivatives Reform?
By Lauren Tara LaCapra
May 19, 2010

With all the doomsday predictions of how derivatives reform will impact the financial industry, it's worth asking how much the measure currently being debated in Congress will cost. The short answer: "It's difficult to say," according to Luke Zubrod, a consultant with Chatham Financial who works with derivatives end-users… Read More


Exemption Sought to OTC Derivatives Rules
By Hal Weitzman
May 12, 2010
*Registration required

David Hall of Chatham Financial, the interest rate and foreign-exchange risk management advisers, said: "If you don't get the exemption, you're going to be forced to abide by all the most stringent clearing margin and trading provisions… Read More


Reform Bill Would Hinder Small Companies from Hedging Risk
By Daniel Indiviglio
May 9, 2010

David Hall has recognized this problem in the legislation for end-users of derivatives. He's the chief operating officer of Chatham Financial, the largest independent interest rate and foreign exchange risk management advisory. Hall says: "The general concept is right in the Senate bill in that it tries to catch the systemically risky players… Read More


Summary Of Amendments In Senate Financial Stability Act
Financial Executives International
May 7, 2010

Chatham Financial has put together a list of important issues that still must be addressed in the derivatives title of this bill. These changes are related to tying collateral charges to risk of loss, protecting end-users adequately in the bill’s definitions, ensuring there is sufficient grandfathering to prevent credit events due to a retroactive law and not requiring banks to spin-off their swaps desks, which would require hedging transactions to occur in a limited, non-competitive and risky environment amongst a few investment banks… Read More


OTC Derivatives Lessons
By Richard Gamble
May 1, 2010

The first task was bringing treasury pros together with lawmaking pros to help policymakers differentiate hedgers from speculators, reports Luke Zubrod, director of the U.S. public real estate advisory practice at Chatham Financial in Kennett Square, Pa. Chatham was invited to explain to congressional staffers how corporations used derivatives to hedge and what would happen if these tools were taken away… Read More


What does the White House know?
Op Ed by Richard Raeburn and Luke Zubrod
April 26, 2010

European policy makers have joined those in the UK in asserting that manufacturers, energy producers and hospitals should not be subject to the same derivatives regulatory regime as large financial institutions. At the same time, the Obama administration has said that it would “fight hard to oppose” provisions that clearly differentiate such companies – known as “end users” – from the likes of AIG and Goldman Sachs. So this begs the question: “What does Europe know about derivatives reform that the White House doesn’t?” … Read More

*Registration required


Managing Risks in a Volatile Landscape
CFO Summit XX Spring 2010
April 26, 2010

Interest rate, foreign exchange and commodity price fluctuations can disrupt company profits and cost structures, Michael Bontrager, Founder and CEO at Chatham Financial highlights. A solution provider at the marcus evans CFO Summit XX Spring 2010, Bontrager comments on the risk management strategies that could make or break an organization… Read More


Tough Swaps Bill Faces First Test at Senate Panel
Roberta Rampton
April 21, 2010

"If banks are forced to get rid of their swaps businesses, then there may be no one for end users to do their swaps with," said Hall, chief operating officer of Chatham Financial, an interest rate and currency risk management advisor… Read More


Republican Opposition to Finance Bill Softens
Tom Braithwaite
April 21, 2010

David Hall, chief operating officer of Chatham Financial, which advises industrial companies on risk management, said the bill gave a clearer exemption to corporate end-users from new restrictions than previous texts… Read More


The New Dodd Bill: Same as the Old?
Karen Kroll
March 29, 2010

On March 15, Senator Christopher Dodd, (D.-Conn.) presented an updated version of Restoring American Financial Stability… Read More


Industry Working to Build Infrastructure to Enable Central Clearing of OTC Derivatives
Ivy Schmerken
March 25, 2010

In the war to rid the financial markets of the sort of unchecked risk that brought the global economy to its knees… Read More


Gregg, Reed Still Have Time For Amendment
Eleni Himaras
March 23, 2010


Gregg, Reed Still Have Time For Amendment
Eleni Himaras
March 23, 2010


Dodd Broadens Major Swap Player Definition
Eleni Himaras
March 17, 2010


Dodd Broadens Major Swap Player Definition
Eleni Himaras
March 17, 2010


Chatham Proposal on OTC Reform
Karen Kroll
March 10th, 2010

The saga involving the proposed regulation of over-the-counter derivatives, as covered in this post. Read More

Chatham Financial Expands Services for Financial Institutions with New FX and International Payments Practice

January 30, 2017 (Kennett Square, PA, USA) – Chatham Financial, a global leader in debt and derivatives solutions, has unveiled a new suite of FX and International Payments (FXIP) services within its Financial Institutions practice. Designed to assist community and regional financial institutions (FIs) in assessing needs, minimizing costs, and optimizing processes, the new FXIP services are the latest offering in Chatham Financial’s...
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Volatility in Foreign Currency Leaving More Exposed Than Ever, Chatham Financial Study Finds

As fewer companies hedge top financial risks and volatility increases, more companies are exposed to risk

November 1, 2016 (Kennett Square, PA, USA) – According to a recent study from Chatham Financial, many businesses fail to fully protect themselves against the most significant financial risks they face. Chatham Financial’s Read More


Chatham Financial Bolsters Financial Institutions Practice with Enhanced Capabilities and Key Hires

April 5, 2016 (Kennett Square, PA, USA) – Chatham Financial, the industry leader in debt and derivatives solutions, has significantly strengthened its Financial Institutions Group by expanding its business development and balance sheet strategies capabilities. To help oversee the expansion within these two areas, Matthew Tevis and Todd Cuppia have recently joined the firm, assuming respectively the roles of managing director of business development...
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Chatham Financial Launches New Hedging Diagnostics Toolkit for Community and Mid-Size Banks

Real-time, web-based market assessment tool for lending is the first of its kind

February 16, 2015 (Kennett Square, PA, USA) – Chatham Financial, an independent full-service advisory and technology solutions provider, today unveiled its proprietary Hedging Diagnostic Toolkit. The Toolkit is a new suite of products designed to help small and mid-size banks make more informed decisions...
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Chatham Financial’s Debt Valuation Practice Focuses on Open-Ended Funds

John Kjelstrom Joins as Practice Leader

November 9, 2015 (Kennett Square, PA, USA) – Chatham Financial, the industry leader in debt and derivatives solutions for commercial real estate investors, announced John Kjelstrom has joined Chatham as the Debt Valuation Practice Leader. This addition signifies continued commitment to Chatham’s debt valuation services, which currently values over $250 billion in debt....
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Chatham Financial Offers Enhanced Defeasance Solutions

With an unprecedented number of CMBS loans maturing in less than two years, new online defeasance calculator provides commercial real estate owners a high level of functionality in initial evaluation of defeasance options

July 7, 2015 (Kennett Square, PA, USA) – Chatham Financial, an independent full-service advisory and technology solutions provider, has unveiled an enhanced suite of defeasance services to correspond with a...
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Chatham Financial CEO Michael Bontrager Wins Ernst & Young Entrepreneur Of The Year® 2015 Award for Greater Philadelphia Region

June 16, 2015 (Kennett Square, PA, USA) – Michael Bontrager, Chairman & CEO of Chatham Financial, was recently honored by Ernst & Young (EY) as a recipient of its Entrepreneur Of The Year® 2015 Award in the Greater Philadelphia region. Mr. Bontrager won the award for the Services category, which features companies that provide a wide variety of value added services to their clients. Read More


EY Announces Winners for the EY Entrepreneur Of The Year® 2015 Greater Philadelphia Award

2015 EOY Regional Award Winner Logo

June 11, 2015 (Philadelphia, PA, USA) – EY is pleased to announce the winners of the EY Entrepreneur Of The Year Award in the Greater Philadelphia Region. This group...
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Gyroscope Capital and Chatham Financial Enter into Agreement to Offer Concentrated Stock Hedging Strategies to Banking Institution’s Retail Clients

December 3, 2014 (Kennett Square, PA, and Naples, FL, USA) – Chatham Financial, an independent risk management advisory and technology solutions provider, and Read More


Stifel and Chatham Financial Enter Into Agreement to Assist Banking Institutions’ Management of Interest Rate Risk

September 4, 2014 (Kennett Square, PA, and St. Louis, MO, USA) – Chatham Financial, an independent risk management advisory and technology solutions provider, and Stifel, a full-service brokerage and investment banking firm, have entered into an agreement that will offer Stifel’s financial institution clients (“FIs”) direct access to state-of-the-art...
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Chatham Financial Expands Regulatory Services Ahead of Major EMIR and AIFMD Deadlines

Enhanced Technology and Consulting Capabilities Assist in Navigation of New Risk Management, Valuation, and Reporting Obligations for Fund Managers

July 16, 2014 (Kennett Square, PA, USA) – Chatham Financial, an independent full-service advisory and technology solutions provider, today announced new capabilities within its consulting practice and flagship ChathamDirect Software-as-a-Service (SaaS) platform to help fund managers navigate several...
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We’re GROWING … Announcing Chatham Financial on the ground presence and new capabilities in ANZ

March 18, 2014 (Sydney, Australia) – Chatham Financial, an independent full-service advisory and technology solutions provider, today announced a new office in Sydney Australia.

With the continued growth of our APAC business we are expanding our footprint with the opening of our latest office now operating in Sydney, Australia. As demand for our services continues to grow and more companies...
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Chatham Financial Launches EMIR Reporting Solutions as New Requirements Begin to Take Effect

New Range of Services Offer Resources Necessary to Navigate New Regulations That Apply to all E.U. Entities Beginning in February

January 13, 2014 (Kennett Square, PA, USA) – Chatham Financial, an independent full-service advisory and technology solutions provider, today announced a new suite of products and services to assist companies with reporting requirements under new European Market Infrastructure Regulation (EMIR)...
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New Study from Chatham Financial Uncovers Key Financial Risk Management Challenges

Study Reveals That Many Companies Have Major Gaps in Their Hedging Practices Exposing Them to Increased Risk

October 16, 2013 (Kennett Square, PA, USA) – According to a recent study from Chatham Financial that analyzes the financial risk management practices of 1,075 publicly listed corporations in the U.S., more than 75 percent of mid- to-large-sized companies have exposure to foreign currency risk, yet just...
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Chatham Financial Survey Highlights Impact of Regulatory Uncertainty on Derivatives End-Users

Survey Shows Need for Greater Clarity Surrounding Compliance Requirements for Cross-Border Transactions

May 8, 2013 (Kennett Square, PA, USA) – According to a recent survey from Chatham Financial, the majority of derivatives end-users facing compliance requirements from Dodd-Frank and EMIR are underprepared to meet key obligations for one or both sets of rules. Among a sampling of more than 150 companies, 60 percent of respondents...
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Chatham Financial to Host Global Webinar on Dodd-Frank and EMIR Compliance Obligations for Derivatives End Users

EACT and NACT to Partner in Discussion on Cross-Border Transaction Requirements

April 22, 2013 (London, England) – On Tuesday, April 23, 2013 at 3 p.m. GMT (10 a.m. ET) Chatham Financial will host a webinar discussing the new regulations governing the use of OTC derivatives in the United States and...
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No Decision is Still a Decision: Interest Rates Won’t Be Zero Forever

Chatham Financial Managing Director to Lead Session on Interest Rate Risk at AFP Annual Conference

Chatham Financial, an independent financial risk management advisory and technology solutions firm, today announced that Amol Dhargalkar, managing director for Chatham’s corporate risk management practice, will be leading a risk management session at the Association of Financial Professionals Annual Conference in Miami, Florida.

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Chatham Financial Unveils Financial Risk Management Technology

Cloud-Based Application, ChathamDirect, Now Available for Corporations

Chatham Financial, an independent financial risk management advisory and technology solutions firm, today unveiled ChathamDirect for FX risk management, a cloud-based portfolio of applications that gives corporations the ability to manage foreign currency risk from strategy through reporting.

ChathamDirect is a Software-as-a-Service (SaaS) application providing straight-through processing of financial risk management activities with a suite of modules...
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Chatham Financial Expands Emerging and Frontier Market Advisory by Combining with Cygma

Chatham announced that it has combined its operations with its subsidiary, Cygma, to bolster its dedicated risk management advisory services in emerging and frontier markets. Chatham launched Cygma in 2008 with a mandate to deliver services tailored to meet the needs of the microfinance industry. The restructuring reinforces Chatham’s position as the leading independent provider of interest rate and currency risk management advisory services and...
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Chatham Financial Expands Infrastructure & Project Finance Advisory Business

London, UK – February 1, 2012 — Chatham Financial, the largest global independent interest rate and foreign exchange risk management advisory firm, has appointed Rob Dornton-Duff to lead its risk management and financial advisory business in the infrastructure and project finance sector.

Whilst funding and capital constraints continue to impact conventional bank funding markets, and new funding solutions slowly evolve, the sector faces considerable challenges and opportunities. Combined...
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Chatham Financial Publishes Guides to Aid Derivatives End Users in Navigating a New Regulatory Reality

Kennett Square, PA, USA – December 6, 2011 — Chatham Financial, the largest independent interest rate and foreign exchange risk management advisor, today released a series of guides for the benefit of derivatives end users across a number of distinct industries. These publications provide actionable, industry-specific intelligence to firms poised to be affected by upcoming derivatives regulations as mandated by the Dodd–Frank Act. Read More


Chatham Financial Expands Its Reach in Europe

Chatham Partners With Bocconi University Professor Cesare Conti to Meet Growing Risk Management Needs of Italian Market

London, July 6, 2011— Chatham Financial, the largest independent interest rate and foreign exchange risk management advisory company, is strengthening its expertise and ability to serve the risk management needs of the Italian market through a strategic relationship with Bocconi University Professor Cesare Conti.

As the demands...
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Chatham Financial to Testify Before U.S. House Subcommittee on Derivatives End-User Issues

Derivatives expert will discuss the need for legislation that promotes certainty for Main Street businesses at today’s Capital Markets Subcommittee hearing

Kennett Square, Pa., March 16, 2011 — Chatham Financial today announced that Luke Zubrod, director of the firm’s Derivatives Regulatory Advisory Service, will testify before the U.S. House of Representatives’ Capital Markets Subcommittee in a hearing to...
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Chatham Financial Delivers a $5.8 Million Dollar Cash Gain for Defeasance Client

First-in-class value-sharing program marks $75 million in defeasance client returns

Kennett Square, Pa., Feb. 2, 2011 — Chatham Financial, a globally recognized leader in defeasance, interest rate risk and currency risk management, capital advisory, accounting and valuations, has announced the payment of $5.8 million to a defeasance client as part of Chatham’s defeasance value-sharing program.

“Chatham is extremely pleased to deliver such...
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Chatham Financial Delivers a $5.8 Million Dollar Cash Gain for Defeasance Client

First-in-class value-sharing program marks $75 million in defeasance client returns

Kennett Square, Pa., Feb. 2, 2011 — Chatham Financial, a globally recognized leader in defeasance, interest rate risk and currency risk management, capital advisory, accounting and valuations, has announced the payment of $5.8 million to a defeasance client as part of Chatham’s defeasance value-sharing program.

“Chatham is extremely pleased to deliver such...
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Chatham Financial Delivers a $5.8 Million Dollar Cash Gain for Defeasance Client

First-in-class value-sharing program marks $75 million in defeasance client returns

Kennett Square, Pa., Feb. 2, 2011 — Chatham Financial, a globally recognized leader in defeasance, interest rate risk and currency risk management, capital advisory, accounting and valuations, has announced the payment of $5.8 million to a defeasance client as part of Chatham’s defeasance value-sharing program.

“Chatham is extremely pleased to deliver such...
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Chatham Financial Delivers a $5.8 Million Dollar Cash Gain for Defeasance Client

First-in-class value-sharing program marks $75 million in defeasance client returns

Kennett Square, Pa., Feb. 2, 2011 — Chatham Financial, a globally recognized leader in defeasance, interest rate risk and currency risk management, capital advisory, accounting and valuations, has announced the payment of $5.8 million to a defeasance client as part of Chatham’s defeasance value-sharing program.

“Chatham is extremely pleased to deliver such...
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Chatham Financial Delivers a $5.8 Million Dollar Cash Gain for Defeasance Client

First-in-class value-sharing program marks $75 million in defeasance client returns

Kennett Square, Pa., Feb. 2, 2011 — Chatham Financial, a globally recognized leader in defeasance, interest rate risk and currency risk management, capital advisory, accounting and valuations, has announced the payment of $5.8 million to a defeasance client as part of Chatham’s defeasance value-sharing program.

“Chatham is extremely pleased to deliver such...
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Chatham Financial Issues Best Practice Analysis of Credit Valuation Adjustment (CVA) Methodologies

Kennett Square, Pa., Sept. 29, 2010 — Chatham Financial, who in December 2007 became the first third-party provider to develop and bring to market a potential future exposure model for calculating Credit Value Adjustments (CVAs) on derivatives, today issues its newest whitepaper on how to best consider CVAs as required under ASC Topic 820 (formerly FAS 157).

The whitepaper provides a thorough analysis of the five identified...
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Chatham Financial Launches Integrated Valuation Platform

Kennett Square, Pa., Sept. 7, 2010 — Chatham Financial, a globally recognized leader in interest rate risk, currency risk, debt advisory, accounting and valuations, today announced the expansion of its comprehensive valuation platform to provide the broader business community access to its sophisticated technology and robust methodology applied to financial instruments across the entire balance sheet.

The enhanced solution integrates the valuation of financial instruments across derivatives, debt and assets,...
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Chatham Financial Launches Integrated Valuation Platform

Kennett Square, Pa., Sept. 7, 2010 — Chatham Financial, a globally recognized leader in interest rate risk, currency risk, debt advisory, accounting and valuations, today announced the expansion of its comprehensive valuation platform to provide the broader business community access to its sophisticated technology and robust methodology applied to financial instruments across the entire balance sheet.

The enhanced solution integrates the valuation of financial instruments across derivatives, debt and assets,...
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Chatham Financial Launches Derivatives Regulatory Advisory to Help Market Participants Navigate New Landscape

Kennett Square, Pa., July 20, 2010 — Chatham Financial, the largest independent interest rate and foreign exchange risk management advisor, today announced the launch of its new derivatives regulatory advisory service, designed to help businesses understand, evaluate and implement the new derivatives regulatory requirements established under the Dodd-Frank bill expected to be signed into law this week.

“Our deep derivatives market expertise and...
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Chatham Financial Completes the Defeasance of $76.91 Million Portfolio of CMBS Debt for Primus Capital

Kennett Square, Pa., June 21, 2010 — Chatham Financial announced today that it advised Primus Capital in the defeasance of $76.9 million in debt secured by twelve properties held in two CMBS securitizations. The defeasance of the loans, which are scheduled to mature in 2018, facilitated the sale of the 12 movie theater properties.

Chatham Financial managed the defeasance process from start to finish, coordinating...
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Chatham Financial Launches Groundbreaking Enhancements to Credit Valuation Adjustment Calculator for ASC 820 (formerly FAS 157) Derivative Valuations

Kennett Square, Pa., January 27, 2010 — Chatham Financial today announced that it has launched an enhanced version of its credit valuation adjustment (CVA) calculator to support continued demand for hedge advisory services and its creditadjusted fair values for derivatives, the fifth set of major advancements since Chatham introduced this solution tool to end users.

Chatham Financial is the largest...
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Chatham Financial Announces Strategic Alliance with Intuit Real Estate Solutions

Kennett Square, Pa., September 23, 2009 — Chatham Financial, the largest independent interest rate and foreign exchange risk management advisor, announced today a strategic alliance with Intuit Real Estate Solutions (IRES). IRES, a division of Intuit Inc., (Nasdaq: INTU) provides real estate portfolio management and accounting software solutions to the global real estate industry.

Chatham has an alliance with IRES to connect Chatham’s FMS debt...
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Chatham Financial Advises on $1.275 Billion Bank of America Tower Financing

Kennett Square, Pa., July 7, 2009 –- Chatham Financial announced today that it has assisted The Durst Organization and Bank of America, joint venture partners in The Bank of America Tower at One Bryant Park in closing the largest single asset first mortgage since the fall of 2007.

The $1.275 billion permanent financing of Bank of America Tower, a 2.4 million square foot, 54-story LEED Platinum certified office...
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Chatham Financial Comments on Proposed OTC Derivatives Regulation

Yesterday, Chatham Financial, a global hedge consulting firm based in Pennsylvania, sent a letter to U.S. policymakers regarding the proposed regulation of the over-thecounter (OTC) derivatives market. In the letter, Chatham’s President and CEO, Mike Bontrager, first expresses support for the objectives that U.S. Treasury Secretary Geithner outlined in his May 13th letter to Senate Majority Leader Harry Reid, specifically noting the need for safeguards to...
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Chatham Financial Completes the Speedy Defeasance of $185 Million of CMBS Debt for Education Realty Trust, Inc.

Kennett Square, Pa., January 7, 2009 — Chatham Financial announced today that it has advised Education Realty Trust, Inc. in the defeasance of $185 million in loans which were secured by ten properties. The defeasance of these loans played an important role in Education Realty’s refinancing of debt that was due to mature in 2009. Chatham Financial managed the defeasance process from start...
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Chatham Financial Meets a Growing Need for GAAP Filers Seeking to Comply with New Mark to Market FAS 157 Derivative Valuations

Chatham Financial, the largest independent interest rate and foreign exchange advisory firm, is a leading provider for FAS 133 and FAS 157 services. In the last year alone, Chatham has seen a marked (almost 50%) increase in its client base for valuation services, driven by the complexities of implementing FAS 157. FAS 157 compliant valuations are in high demand for companies seeking...
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