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CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
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Sponsors and originators of securitizations will not be allowed to hedge against the 5% retained slice under the latest guidelines for article 122a of the capital requirements directive II. Banks issuing deals will have to be fully exposed to the risk of retaining the 5% of their transactions, more commonly referred to as “skin in the game,” according to last week’s Committee of European Banking Supervisors consultation paper on the issue.
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U.S. Bancorp was prepping its first investment-grade trading desk covering bonds and credit default swaps, becoming one of the first banks aside from the major dealers to begin trading the instruments after the collapse of Lehman Brothers. [Since then, several other firms outside of the major dealers have started trading CDS, including Banco Santander, which began trading CDS in Europe from its London office at the beginning of 2010 (DW, 9/15), and interdealer broker Phoenix Partners, which began trading the instruments in October (DW, 10/15).]
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--Jay Baris, a partner at Kramer Levin in New York and chairman of the American Bar Association's Task Force on Investment Company Use of Derivatives and Leverage, defends the associations proposals setting out new leverage limits for registered funds.
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Market turmoil in May, with the VIX spiking from below 16 to above 45 in less than one month, has brought back fresh memories of the 2008 financial crisis and renewed predictions of a double dip recession.
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Lutfey Siddiqi, a former-Barclays Capital managing director and founding head of its Asia-Pacific head of corporate risk advisory business, is reportedly set to head up corporate fixed income currencies and commodities sales for Asia at UBS.
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Asset managers have been piling into exotic conditional variance swaps on fx as a way to hedge equity portfolios from a possible double-dip recession. The swaps allow investors to take a view on the volatility of a currency pair at a pre-determined spot range, and, unlike variance swaps, include additional features such as an activation strike and a cap on returns.