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Internal restrictions mean SSAs issue fewer CMS-linked notes
JP Morgan and Dutch pension fund PGGM transacted derivatives margin trade
◆ Chinese bank treasury shift from USTs to dollar callables considered ◆ Some European SSAs face cross-currency limitations ◆ Previous market staple 'almost non-existent'
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As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.
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Société Générale said on Monday that planned "adjustments and optimisations" should lead to a net reduction of around 640 posts in France, as it changes its structured products business and mulls altering securities services too.
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The US Commodity Futures Trading Commission and the Bank of England signed a memorandum of understanding on Tuesday regarding the oversight of derivatives clearing.
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JP Morgan and Capula have executed a Sonia swap against a Gilt future on Tradeweb, in what the trading venue provider says is the first electronic execution of such a trade for institutional investors.
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Permira opted to rescue its debt purchasing portfolio company Lowell from the restructuring that many thought was imminent, with the largest slug of equity support any sponsor has injected in Europe since the coronavirus pandemic began. Covid-19 has crushed cashflows for some debt purchasers, but next year should be a bumper year for NPL buying — for those firms with cash to do so, writes Owen Sanderson.
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The transition from Ibor benchmarks passed a major milestone this week, when LCH joined CME in switching its discounting rate for dollar referencing derivatives from the Fed Funds Rate to Sofr.