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◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
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An increasing number of asset managers are turning to fx as a cheaper, more liquid way to hedge cross-asset portfolios. They are prepared to accept some mismatch between the risk profile of their portfolio and their fx hedge, but are ultimately looking for hedging instruments which provide a payoff in times of risk aversion. The term risk aversion can be measured, and therefore traded, in one of the following three ways: carry unwind, increase in correlation and an increase in fx volatility.
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David Bailey, who manages the FSA's over-the-counter derivatives and post trade policy, is heavily involved in discussions with E.U. lawmakers and regulators over plans to regulate the European derivatives market and is in close contact with international regulators through the OTC Derivatives Regulators' Forum. He spoke to Managing Editor Rob McGlinchey.
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David Bailey, manager of over-the-counter derivatives and post trade policy at the U.K. Financial Services Authority in London, told Derivatives Week the regulator still sees a role for non-clearable OTC derivatives, particularly for bespoke hedging and bringing new derivatives to market.
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Société Générale has hired Steve Munday, a senior credit trader at Nomura, as a director in high-yield credit trading based in London.
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A draft bill circulated by the New York Assembly insurance committee that would have banned naked credit default swaps (DW, 3/22) will have to be scrapped since the U.S. Dodd-Frank Act expressly prohibits states from regulating swaps as insurance.
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The National Association of Financial Market Institutional Investors is likely to overhaul its China Inter-bank Market Financial Derivative Transactions Master Agreement.