Americas

After a spike to start the week, three month option-implied volatility on WTI crude oil continued higher, reaching more than 47% annualised on Thursday as futures prices fell to fresh six year lows.

Morgan Stanley has made a number of top-level staffing changes along with the appointment of its new president.

Bank of Nova Scotia issued the third sterling three year floating rate note of the week, paying a slightly wider spread than Nordea and Lloyds. While this led to questions about the depth of the sterling market, bankers said the differential was justified and noted that the final funding outcome was attractive compared to alternative markets.

National Australia Bank packed $3.5bn of funding into a multi-tranche deal on Wednesday, taking advantage of strong demand and a heightened risk appetite among US investors.

2015 set a number of records in the options market as traders flocked to index and volatility-linked products, but equity options volumes dipped due to factors that look likely to persist in 2016.

Get bought or go bust: Is this the year when vulnerable oil & gas companies have to make the choice? So far this year, derivatives traders are pricing contracts for more vulnerability to come.

After three consecutive years of record volumes, in 2015 Latin American bond market momentum was halted by crises in Brazil and plunging commodity prices. Though volatility will continue and issuers and investors often struggle to meet on price, the market looks mature enough for a modest recovery in 2016. Oliver West reports.

Competition between derivatives exchanges is intensifying, giving rise to a rash of product and platform launches in 2015, as well as geographical expansion. But 2016 will be dominated by regulatory deadlines for electronic trading. As Dan Alderson reports, exchanges that best prepare market participants to meet these requirements will be the ones that will win out.

2015 will be remembered as a year when volatility returned to financial markets. With strong technical buffers to the trading range of US and European equity markets going into 2016, short volatility strategies look set to be compelling money earners in the year ahead, writes Andrew Barber.

The US corporate bond market had a fine Tuesday in its first week back from Christmas holidays, printing five deals totalling $8.775bn. However, momentum proved short-lived as volatility brought issuance to a shuddering halt.

The US is top of every European banking chief executive’s to-do list for 2016, as they race to comply with new regulations that will define the future of their international ambitions. Consolidation beckons, writes David Rothnie.

UK banks have wasted no time in plundering a deep dollar market for holding company senior debt this week, while euro investors have been restricted to a variety show of covered bonds.