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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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Sharon Bowles, chair of the European Parliament’s influential Economic and Monetary Affairs Committee, told Derivatives Week that E.U. politicians will propose a 25% cap on bank ownership stakes in clearing houses, rather than a complete ban.
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The sovereign credit default swaps market exhibited the now ubiquitous volatility this week, with the Markit SovX Western Europe index reaching a wide level of 152bp on May 25. But the news flow surrounding eurozone sovereigns was unusually light, and spread direction was instead determined largely by fresh geopolitical turmoil, the plummeting euro and the fragile European banking system.
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Correlation across asset classes has rocketed as disparate markets react to sovereign debt problems. The move has some arguing derivative book hedges are going to need to be radically re-hedged somehow. But there is also a camp that sees the spike as short-term background noise that can be ignored.
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Foreign banks in China are scoping setting up licensed subsidiaries, as opposed to branch offices, because they think regulators are going to let those subsidiaries get more active in onshore trading.
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Hedge funds have been rushing to buy one-week put options on the euro against the U.S. dollar over the last few days to mitigate losses arising from a slew of three to six-month one touch options expiring Monday that traders expect to finish out-of-the-money.
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Corporate hedgers and hedge funds with bearish views continued buying risk reversals for downside protection on the euro/U.S. dollar this week, despite intraday increases in spot and decreasing volatility on the pair.