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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
Internal restrictions mean SSAs issue fewer CMS-linked notes
JP Morgan and Dutch pension fund PGGM transacted derivatives margin trade
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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.
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Substantially high volumes of speculative contracts on the Chicago Board Options Exchange Volatility Index and a downsizing of short-term risk positions, predominantly by hedge funds, is displaying increased levels of risk aversion in the equity derivatives market. This comes on the back of volatility stemming from oil and currency markets which has spilled into equity options pricing, according to strategists at Société Générale.
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One of the simplest and most familiar options strategies has struggled in recent years, but in the near-term may be one of the best since the financial crisis.
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Graham Sadler, chief financial officer at BGC Partners in London is retiring and will depart the interdealer broker once a successor is found.