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Japanese firm plucks banker from UBS
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
The derivatives market gathered in London on Thursday night to celebrate its leading players
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Wild swings in the euro/dollar basis swap, and an unreliable interest rate swap complicated bond execution in the SSA market this week. While some liquidity has returned in rates, cross currency swaps are still behaving very strangely. -
IHS Markit is continuing with the Friday rolls for its popular CDX and iTraxx indices, despite the extreme volatility affecting credit markets as Covid-19 and low oil prices spread uncertainty.
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Exchanges around the world have closed their open outcry pits as the threat of Covid-19 has shunted trading over to electronic formats.
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The synthetic risk transfer market, where specialist hedge funds write protection on up to €100bn of notional risk per year from banks, is grappling with the impact of the coronavirus on SME and corporate credit. The illiquid bilateral transactions barely trade, but have increasingly been financed through the repo market, giving banks and funds a challenge as they fight over where the positions should be marked.
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Prominent short sellers have criticised European financial regulators’ clampdown on short selling as being counterproductive. Meanwhile, US hedge fund Bridgewater Associates has been unwinding its multibillion short positions in European stocks, after price falls across indices on the continent in recent days.
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The US Commodity Futures Trading Commission gave market participants adapting to working from home some relief late on Tuesday, with sweeping no-action relief on voice recording requirements. The UK’s Financial Conduct Authority hasn’t gone so far, but has offered firms some flexibility.
