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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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Clearing houses should avoid resolution at all costs, according to a recovery framework published by the International Swaps and Derivatives Association on Monday, which said that even when prefunded resources such as member contributions have been exhausted, recovery of a clearing house is always preferable to closure.
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Recent cash injections by the People's Bank of China (PBoC) have supported lower fixings and light receiving in short-dated CNY swaps. With the 1s/5s NDIRS slope still inverted, there is potential for this week's US Federal Reserve meeting to accelerate a corrective move, writes Deirdre Yeung of Total Derivatives.
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European credit default swap indices tightened yesterday on news that the European Central Bank would buy €60bn worth of bonds a month until September 2016 or later, with the iTraxx Main closing 3bp tighter at 54.7bp and the Crossover also tightening approximately 3bp to 303.1bp.
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Hedge funds and asset managers are increasingly turning to short term options and short dated derivatives products as ways of maximising liquidity in an increasingly illiquid market, according to TABB Group.
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The controversial topic of skin in the game for clearing should focus largely on the contributions that each clearing member must make and not that of the central counterparty, said CME Group, firing back at those who say it is not contributing enough in its US business.
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Sharon Bowen, from the Commodity Futures Trading Commission, issued a statement on January 22 arguing that the retail FX market was the least regulated part of the derivatives industry, following the shock move on January 15 by the Swiss National Bank to abandon the Sfr1.20 euro/Swiss franc exchange rate peg. However, lawyers argue that retail FX is one of the most heavily regulated sectors, which may in fact be increasing risk.