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CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
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For anyone who works outside the rarefied world of financial markets, Markit might sound like something an errant tomcat gets up to. But after listing his company for $1.5bn on Nasdaq in June just eleven years after founding it in his garden, CEO Lance Uggla is unlikely to be suffering much angst about his choice of name.
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The European Commission is discussing its rules on anti-procyclicality — measures to prevent the build up of margin required in times of stress — with the Commodity Futures Trading Commission in an effort to grant equivalence to US clearing houses. However, the US must look to reciprocate by acting with deference to other country’s regimes, according to Patrick Pearson, head of financial markets infrastructure at the EC.
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Buyside firms are concerned that some swap execution facilities (SEFs) may make certain derivatives instruments made-available-to-trade (MAT), which competing SEFs or clearing houses will not have the ability to support, therefore negatively impacting the portfolios that they manage.
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With unanswered questions still cluttering the track of the Thru Train or Stock Connect, many are hoping regulators will use the launch delay to clarify the implementation of capital gains taxes on China-A shares. In order for the northbound track to truly take off, China regulators should clear uncertainty from the tracks and remove the tax altogether. -
Investors with large exposures to US interest rates are looking at new futures on the Chicago Board Options Exchange Futures Exchange 10 year US Treasury note volatility index, which will give them the means to manage interest rate volatility risk now that the US government has wound up its quantitative easing programme. From November 13, the so called VXTYN futures will allow investors to hedge pure interest rate volatility risk based on US government debt in a single product for the first time.
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The growth scare of October has given way to a relatively sanguine outlook for equities into the year’s end, based on the cost of tail risk around the world. While option premiums remain high in some markets, investors have quickly reduced their demand for short-term protection in U.S. and Chinese stocks and in Treasuries.
