Editorial - Time to sort reality from the hype

03 Jul 2008

A few months ago Goldman Sachs famously predicted that the price of a barrel of oil was going to hit $200. There were cries of horror from US consumers and similar sounds of panic around the world.
And just last month Gazprom chief Alexey Miller forecast oil would hit $250 a barrel by 2010.

Same story. Same cries of horror from the US (and assorted...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.