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◆ UK rule change cheers covered bonds... ◆ ... as it shelves Taxonomy plans amid wider transition shift ◆ Digital markets: what makes a swap smart
Supporters claim smart derivative contracts remove need for central counterparties
◆ Second phase could be novation of ESM's €74bn existing portfolio ◆ Dealers eye Eurex-LCH CCP basis ◆ Eurex reports 'significant onboarding' from investors ahead of Emir deadline
The winning organisations will be announced at events in both London and New York in September
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It’s been a while since the eurozone’s periphery had any meaningful impact on broader market sentiment. Mario Draghi’s “whatever it takes” pronouncement in 2012 put paid to the regular bouts of volatility emanating from Europe’s beleaguered sovereigns. But on May 15, just over four years since the first Greek bailout, we received a reminder that peripheral CDS spreads still have the capacity to widen. And the movements weren’t insignificant—about a month’s worth of gains was wiped out in an afternoon.
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The move by MSCI to upgrade UAE and Qatar from frontier status to emerging market status is likely to drive greater activity in total return swaps on the specific countries. Liquidity in the country specific TRS market has shown signs of growth prior to the announcement from MSCI on Wednesday, which structurers say will lead to greater accessibility and tighter spreads in UAE and Qatar as it develops further. -
Some swap execution facilities could face closure as they struggle to attract liquidity and trading volumes. Market participants are beginning to question what needs to occur for SEFs to survive in the new and evolving derivatives market structure, report Beth Shah and Daniel O’Leary.
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The International Swaps and Derivatives Association and the Futures Industry Association Europe have published a cleared derivatives execution agreement for principle-to-principle client clearing.
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Global fx dealers are urging the European Commission to adopt one single cut off-period that delineates fx spot contracts from fx forwards and other fx instruments. Fx spot transactions generally settle within two valid banking days and dealers have urged the Commission to define an FX spot contact as an agreement between two parties to exchange one currency for another within the customary timeline of the relevant spot market.
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Sellside firms are seeing increased appetite for structured products with volatility target mechanisms as a way of providing a primary source of income for UK individuals during retirement. The spike in interest comes on the back of Chancellor George Osborne’s 2014 budget that set out greater investment flexibility for individuals at retirement from April 2015.
