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Japanese firm plucks banker from UBS
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
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Market officials will meet at a Financial Stability Board workshop next month to discuss the possibility of creating a global trade repository that will collate data from other regional repositories. The so-called “repository of repositories” will be pursued to solve fragmentation issues so that global financial regulators can access information being collected by TRs in other jurisdictions.
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Japanese end users have started using the overnight indexed swap compound as an alternative to Libor as a discount rate benchmark to price over-the-counter and exchange-traded derivatives. According to a panellist at the International Swaps and Derivatives Association’s 2013 Annual Japan Conference at the Ritz Carlton in Tokyo today, the use of OIS, however, is seen as stopgap until a credible long-term solution is found.
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Japan should sign memorandums of understanding with U.S. and European financial regulators in a bid to facilitate the sharing of information regarding important financial institutions, such as central counterparties, swap dealers and trade repositories.
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Crédit Agricole will hand over its equity derivatives portfolio to BNP Paribas to wind down the positions. The deal takes effect Jan. 2014 and follows an April announcement by CA of plans to close the business as part of a EUR250 million cost-cutting strategy.
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Trade compression, a normalization of premiums for credit default swaps and lower levels of speculation and proprietary trading have led to a declining trend in gross market value of credit default swaps since 2008, according to Anshuman Jaswal, a senior analyst at Celent in New York.
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Yuri Lin, head of North East Asia fixed income sales at ANZ in Hong Kong, is moving to Natixis in a new role.