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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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Volatility across asset classes declined to record levels last week, shifting the S&P 500’s term structure, steepening the skew and opening up ratio risk reversal strategies for investors. -
Collateral is being locked up in bottlenecks caused by changes to regulations, central bank policy and risk management techniques, potentially making the take-up of central clearing of over-the-counter derivatives harder.
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Investors should consider volatility swaps should the correlation between euro/sterling and sterling/dollar turn positive, therefore widening the volatility spread between the two currency pairs. Sterling/dollar has recently been skewed to the upside, while euro/sterling has dropped since Bank of England governor Mark Carney threatened to hike interest rates earlier than the market expected; meaning the correlation between the two currency pairs has been strongly negative.
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Maurice Nadjar-Primack, a managing director in emerging markets equity trading at Barclays in London, has left the firm.
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Julien Raffelsbauer, ex-head of high yield, leveraged loans, special situations and distressed debt at BNP Paribas in London is joining HSBC in a senior credit trading role.
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Large insurance companies are buying index options or variance swaps with two-year maturities on the Nikkei 225 and TOPiX against the S&P 500 or Eurostoxx 50 as a relative value trade.
