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JP Morgan and Dutch pension fund PGGM transacted derivatives margin trade
◆ Chinese bank treasury shift from USTs to dollar callables considered ◆ Some European SSAs face cross-currency limitations ◆ Previous market staple 'almost non-existent'
Bank intermediaries eye resurgence in profitable trades
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Investors are buying volatility on the dollar against the Swiss franc by shorting straddles on the euro versus the dollar. -
Structured products such as iTraxx tranches are set to make a comeback as credit yields shrink ever further, driving investors to look for alternatives, according to strategists at Société Générale.
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The International Swaps and Derivatives Association is proposing a Standard Initial Margin Model process for multi-asset swap transactions to reduce initial margin and to promote transparency via risk-based modelling for market participants.
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UBS has won a High Court fight with the hedge fund which formerly backed its structured products business, with the judge agreeing that deep cuts in UBS’s fixed income division did not breach the terms of the agreement.
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Asset managers in Europe are herding banks into providing ever longer clearing commitments. The decision by banks such as the Royal Bank of Scotland and BNY Mellon to shut down their clearing operations before the European clearing mandate kicks in has spooked some derivatives trading firms, who now want assurances that they’re jumping into bed with a dealer who will stick around. But delays to the clearing mandate make it only more likely more banks will withdraw from clearing, writes Hazel Sheffield.
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This week we saw the first signs of contagion, albeit tentative, from the impasse in Greece. Spain, where the anti-austerity Podemos party is leading the opinion polls, saw its CDS spreads widen 11bp to 94bp (2003 ISDA definitions), while Italy was 13bp wider at 113bp.
