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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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Investors typically associate volatility with large price swings, adverse risks and expensive option premiums. Lately, we have seen some notable price movement, but not to the downside, and some expensive option prices, but not as a result of any particular fear.
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Robert Pickel, the former head of the International Swaps and Derivatives Association (Isda), has joined interdealer broker Tradition as non-executive director to the board of TraditionSEF, the swap execution facility it operates in the US.
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Olivier Renault has returned to Citigroup as head of financial institutions solutions EMEA, while former UBS structurer Francesco Dissera has joined StormHarbour.
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Investors are tailoring their options strategies to focus on hedging global macro risks and identifying single stock options in lieu of larger market options baskets.
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The strong dollar is giving banks rising counterparty exposure to export-heavy European companies that they need to hedge in the credit default swap market, pushing spreads for those firms wider, writes Dan Alderson.
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The credit risk European corporates pose is plunging. The Itraxx Europe five year spread is at its lowest level since the end of 2007 and volatility is dropping with it since the announcement of European QE. Meanwhile, investors seem unconcerned about problems in Greece and Ukraine.