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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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The rapid deployment of swap execution facilities has left many sellsiders uneasy that gaping holes in security, in addition to major technological flaws in the market’s infrastructure, will only be realised in times of market stress. Daniel O’Leary reports on the concerns of sellsiders surrounding SEFs and why the fixed income market should look to the equity market for potential technology and liquidity challenges going forward.
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Developing a swap execution facility is an arduous task, requiring significant capital, time, technology and market expertise to attract sizeable liquidity. For some, attracting that liquidity has been a missing component. Daniel O’Leary reports on the challenges facing SEFs and whether consolidation will occur during the next 12 months.
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Market participants in the new market structure featuring swap execution facilities anticipate fewer SEF platforms and more defined regional pools of liquidity. In a roundtable hosted by GlobalCapital, senior officials from the buyside, sellside and the SEFs discussed the issues including package trades, buyside access and the latest developments being pursued by platforms across credit, FX and interest rates.
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Identified as the US solution to SEF equivalence in Europe, ‘qualified’ multilateral trading facilities have so far failed to materialise. Now that liquidity has fragmented and regulatory negotiations have reached an impasse, Hazel Sheffield looks at what impact the MTF dialogue will have on forthcoming cross-border regulatory initiatives.
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As acting director for financial markets at the European Commission, Patrick Pearson has always called for substituted compliance to be applied on a transaction-by-transaction basis. Now the CFTC has stepped back from recognising European multilateral trading facilities as equivalent to US swap execution facilities, Hazel Sheffield asks about the state of the debate and its implications for cross-border harmonisation going forward.
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Hedge funds and other asset managers are showing increased interest in hedging their investments in banks’ contingent convertible bonds with equity put options, writes Hazel Sheffield.
