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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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Clearing houses must implement recovery plans and avoid resolution, or they risk destabilising financial systems, according to guidance by the Bank for International Settlements and the International Organization of Securities Commissions.
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Dealers are facing increasing costs when providing clearing services to pension funds amid the regulatory push to move trades to clearing houses. The lack of netting provisions for pension funds means capital charges for dealers are high, with the result that leading banks are questioning the viability of the business without a rise in clearing prices.
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Institutional investors have been buying VIX call options with October expiries to express a bullish and long volatility view, following a slew of VIX calls that were sold when the market was down Tuesday.
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The global macro picture remains a concern, but credit investors will turn their attentions to micro factors over the next few weeks as earnings season gains momentum. -
Hedge funds and real money players have continued to buy credit volatility this week by buying payer structures in iTraxx Crossover and Main, while also buying receivers, mostly on Main.
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Access to clearing houses for the buyside may increasingly become limited as some clearing members, known as futures commissions merchants in the US, are struggling to turn a profit on their clearing offerings. This has resulted in some firms exiting such business entirely, and limiting the FCM’s with which buysiders can clear with.
