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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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Financial market benchmarks such as LIBOR and EURIBOR were being closely investigated following the benchmark scandal, with Commodity Futures Trading Commission Chairman Gary Gensler saying they should be more closely aligned to real observable transactions. Gensler told a European Parliament public hearing that collusion and manipulation would be less likely if index benchmarks more closely tracked real transactions. [The International Swaps and Derivatives Association recently outlined plans to rival EURIBOR and LIBOR with a renovated ISDAfix, aiming to roll out new methodology for the way it calculates the benchmark for interest rate swaps in Q1 2014. ISDA is working on a process where rates are sourced directly from regulated electronic trading venues known as multi-lateral trading facilities, where market-makers stream actionable prices for cleared swaps].
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--Scott O’Malia, Commissioner at the U.S. Commodity Futures Trading Commission, on the need for an extended deadline to the swap execution facility rules compliance date.
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As Q4 approaches, people moves in the market tend to slowdown. However, this week was an exception with numerous hires and departures in all regions.
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Enhancing counterparty credit risk management practices is a key focus for banks. This is in response to changes in accounting rules and new prudential and market regulations, which have tightened substantially following the financial crisis.
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Larry Tabb has carved a unique spot as an objective observer of the derivatives market over the last 10 years. His firm’s research is seen as having the pulse of buy- and sellsiders—he also has the ear of regulators as evinced by his role in the Commodity Futures Trading Commission effort to define high-frequency trading. In an extensive interview with DW, he forecasts a vastly different OTC landscape emerging over the next five-seven years. The regulatory changes will see less bespoke flow and deals concentrated in fewer hands. He also foresees teething issues as swap execution facilities get off the ground, for example through a dash to get as many products as possible made available to trade.
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Interoperability of global clearing models is not only undesirable but could kill product innovation, said Phupinder Gill, ceo of CME Group, at the 34th Bürgenstock annual global derivatives markets conference in Geneva.