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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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The introduction of T+2 has marked another milestone in the effort to reduce systemic risk for firms trading European securities. But what about other asset classes, such as derivatives? The inconvenient truth is that the world of derivatives, which some view as a much riskier investment choice, lags a long way behind equities in terms of operational efficiency. Here Steve Grob, Director of Group Strategy at Fidessa, looks at the reasons why and suggests how derivatives market practitioners can not only learn from their equity counterparts, but leapfrog ahead of them.
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The derivatives industry should adopt open industry standards such as the FIX protocol to lower risk and improve transparency, according to Steve Grob, director of group strategy at Fidessa in London.
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The dust is still settling from the results of the Asset Quality Review and bank stress tests, but it seems clear that the catharsis European officials hoped for has not materialised. The AQR, in particular, was worthwhile and bank balance sheets are more transparent. But it doesn’t follow that Europe’s banks will now embark on a lending spree. Lack of demand remains the underlying problem, which could present a challenge for Monte dei Paschi di Siena. Meanwhile, deflation looms — a scenario, incidentally, that the stress tests didn’t consider. -
A review of the fixed income, currency and commodity markets in the UK is likely to spark further debate surrounding the way in which regulators define derivatives instruments. The Fair and Effective Markets Review launched by the Bank of England on Monday invites market participants to help judge the regulatory changes that have been made to the industry in the UK, in order to assess whether these are adequate to ensure safer markets and better trading practices in the future.
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Phil Cramp, ex-head of credit for Europe, Middle East and Africa at ICAP in London, is set to join BGC Partners as head of credit, repo and European government bonds in London from December 1.
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Market participants have relentlessly been selling risk-reversals and volatility on the dollar against the yen, as the spot rate on the pair has largely remained range-bound over recent days.
