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◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
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Concerns about the Chinese economy have flattened the 1s/10s swap curve over the past month. Despite last week's injections of funds by the People's Bank of China (PBoC), foreigners have been paying in short CNY swaps to bet on a reoccurrence of last May's tax-related funding squeeze, writes Deirdre Yueng of Total Derivatives. -
Barclays has been fined £26,033,500 for failings in systems and controls surrounding the London Gold Fixing from June 7, 2004—March 21, 2013. A former trader at the firm, Daniel James Plunkett, has been fined £95,600 by the FCA and banned from performing any function in relation to regulated activity after the regulator found he exploited the weakness in the firm’s controls to influence the benchmark on June 28, 2012, so to boost his trading book at the expense of one if its clients.
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Stronger than expected PMI data has prompted some paying interest at the front end of the CNY swap curve. However, 1s/5s swaps are currently too flat and may attract curve steepeners. Separately, Nomura has recommended paying the front end of the CNH CCS curve, writes Deirdre Yeung of Total Derivatives.
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US options exchanges and the Options Clearing Corp. have agreed to adopt a number of pre- and post-trade risk controls, including a kill switch that cancels existing orders or blocks new orders.
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The fx carry trade is providing significant returns for market participants year-to-date due to risk assets being broadly supported by the global macro environment and fx volatilities continuing to remain at extreme lows.
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The European Securities and Markets Authority has floated a number of options in determining reasonable commercial basis within MiFID II, including having data suppliers’ price lists subject to full transparency and imposing specific high-level limits whereby market data services, as a proportion of total revenues, would not exceed a certain percentage.
