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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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A memorandum of understanding from the European Securities and Markets Authority recognising the Hong Kong clearing regime as equivalent to the European regime under European Markets Infrastructure Regulation is not enough to avoid fragmenting the market, according to lawyers, who said ESMA must prioritise the key issue of US clearing house equivalence. -
The International Swaps and Derivatives Association has reshuffled its organisational structure to better respond to cross-border issues. Steven Kennedy, ex-head of strategy, research and communications at ISDA, is now global head of public policy. ISDA has also created a regulatory and legal practice group based in Washington DC in addition to a non-cleared margin implementation initiative.
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BGC Partners has retaliated within hours of CME Group announcing an increased tender offer for GFI Group at $5.60 per share, offering a non-contingent $5.75 per share offer that can increase up to $5.85 should the tender offer be accepted by the extended 29 January 2015 deadline. This price escalation represents the newest development in a nearly eight-month bidding war for the firm.
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Real and fast money investors were seen buying payers spreads with February and March expiries in iTraxx Main, as flows in credit options this week suggested market participants have ruled out a substantial widening of credit default swap index spreads.
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CME Group has increased its two-tier, front end-loaded tender offer for GFI Group to $5.60 per share, matching BGC Partners’ $5.60 per share all-cash offer announced on 14 January. This price escalation represents the newest development in a nearly eight-month bidding war for the firm.
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The Swiss National Bank shocked markets on Thursday when it abandoned its Sfr1.20 floor on the euro and cut the interest rate on sight deposit balances to minus 0.75%. The SNB and some investor portfolios will suffer big losses.
