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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
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New contracts cannot yet be traded in US
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  • Garry Jones, former head of global derivatives for NYSE Euronext and ceo of NYSE LIFFE, is joining the Hong Kong Exchange Group as chief executive of the London Metal Exchange.
  • Singaporean exporters are buying 12-month U.S. dollar, Singapore dollar participatory or target redemption forwards with a 1.30 strike to hedge against weakening of the SGD.
  • Credit Suisse is recommending receiving two-year repurchase agreement interest rate swaps on the Chinese reminbi, to position for improvement in liquidity conditions.
  • THEAM, the EUR44 billion (USD58.8 billion) asset management division of BNP Paribas, plans to buy a three-month call spread next month on the U.S. dollar against the Swiss franc to express a bullish dollar position.
  • Tullett Prebon has filed an application to the U.S. Commodity Futures Trading Commission to become a swap execution facility under Dodd-Frank, three weeks after the final SEF rules became effective.
  • The Foreign Account Tax Compliance Act generally imposes a 30% withholding tax on (i) withholdable payments (generally, U.S. source interest and dividends and gross proceeds from a disposition of equity and debt instruments issued by U.S. persons); (ii) foreign passthru payments (a term yet to be defined), if such payments are made to a foreign financial institution that fails to provide certain information about its account holders to the Internal Revenue Service; and (iii) certain payments made by an FFI to an account holder that fails to establish whether it is a U.S. person (or whether it is a non-U.S. entity owned by U.S. persons).