Proposed Equity Definitions Call For Trader Education

  • 30 Sep 2002
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Lawyers are warning that traders will have to be educated in the intricacies of the proposed equity derivatives definitions as depending on which clauses they choose the price could differ and the firm could be left unhedged. The proposed International Swaps and Derivatives Association's 2002 definitions are expected to replace the 1996 definitions later this year and are far more precise than their predecessor, meaning that there is less room for confusion but more room for trader error.

"One hopes that institutions are starting to roll out information," said Karl Rogers, director and head of legal counsel for trading and derivatives at Dresdner Kleinwort Wasserstein. In addition, there is potential that pricing for each trade could be affected depending on which elections are made for corporate finance events, such as mergers, or tender offers.

The education process can start immediately as the definitions are almost complete. Richard Metcalf, co-head of ISDA's European office in London, said the equity derivatives definitions committee, which last met Sept. 20, has dealt with all the substantive issues and expects to have another draft ready in the next few weeks.

  • 30 Sep 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%