Top stories
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JP Morgan to cough up $65m over IsdaFix attempted manipulation
The Commodity Futures Trading Commission on Monday settled with JP Morgan for $65m over charges that its traders had attempted to manipulate the dollar IsdaFix swap rate benchmark between 2007 and 2012.
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Clearers work on blockchain margin call solution
Four companies involved in clearing on Tuesday said they had completed a proof of concept using distributed ledger technology that they say will make margin calls for derivatives more efficient.
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BoE paper: leverage ratio disincentivises client clearing
The Bank of England has released a new working paper on the impact of the leverage ratio for derivatives, arguing that the ratio had a “disincentivising effect” on client clearing for the period evaluated, confirming the views of many industry participants.
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Equity strategists hold steady as ECB signals end of QE
Equity derivatives strategists are keeping their cool and see no need to switch strategies after the European Central Bank on Thursday held rates and declared December as the month quantitative easing would end.
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SGX Nifty derivatives granted stay of execution
Singapore Exchange (SGX) has been allowed temporarily to continue listing its Nifty derivatives as it fights a legal battle with he National Stock Exchange of India (NSE) over replacement products.
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Political turmoil and monetary policy divide US and Europe
In the political sphere, Europe and North America appear to be travelling in separate directions since the election of Donald Trump as US president in November 2016, as was evident at the recent G7 talks.
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Eurex rewards active banks in IRS clearing
As Brexit uncertainty kicks in, the clearing arm of German derivatives bourse Eurex has rewarded ten market participants, including HSBC and Barclays, for actively clearing interest rate swaps.
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EU lawmakers to negotiate pension fund clearing exemption
European member states and the EU Parliament will soon begin difficult talks to decide the length of an additional clearing exemption for pension funds.
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TruePTS signs JP Morgan, Citadel amid uncertain post-trade future
TruePTS, a derivatives post-trade company set up by trueEX, is gearing up to face off against derivatives processing utility MarkitSERV as it launches its offering for buy-side firms.
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SEF interest rate derivative volumes up 22.3% in May
Interest rate derivative volumes in swap execution facilities (SEFs) were up 22.3% in May compared to the same month last year, according to new data from the Futures Industry Association.
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FCA warns banks on offering crypto services
The UK Financial Conduct Authority (FCA) on Monday made public its worries about cryptocurrency crime, advising banks on how they could properly scrutinise clients involved in the nascent sector.
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HKEX board reappoints CEO
The board of directors of Hong Kong Exchanges and Clearing has renewed the contract of chief executive Charles Li for three years.
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SGX director resurfaces at TMX Group
Pete Osborne, a former director at Singapore Exchange (SGX), has resurfaced at Canadian exchange operator TMX Group in London as head of European equity trading sales.
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Chinese T-bond futures ready for comeback, says Li
Hong Kong Exchanges and Clearing (HKEX) is planning to formally re-launch a futures contract for Chinese treasury bonds (T-bond), after piloting the product last year, Charles Li, chief executive of the bourse, told the HKEX’s RMB Fixed Income and Currency Conference on Tuesday.
Latest awards
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GlobalCapital Americas Derivatives Awards 2018: the winners
GlobalCapital is pleased to announce the winners for this year’s Americas Derivatives Awards. The results were announced at a gala dinner at the Metropolitan Club in New York on Thursday. The awards honour the firms and innovations that have pushed the derivatives market forward over the last 12 months.
Comment
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Byte Me: a market untethered?
When bitcoin futures were launched in December last year, there was excitement, fear and outrage all at once. Critics, including the Futures Industry Association, piled pressure on to US derivatives regulator the Commodities and Futures Trading Commission, demanding better safeguards for such products. Cheerleaders may see the asset class as a great way to earn big in markets dogged by low yields but the doubters, of which Byte Me is one, may yet be proven right.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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Kommuninvest USD2.5bn 2.75% Oct 20
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AFL EUR500m 1.125% Jun 28
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ESM EUR1.5bn 0.75% Mar 27 tap
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Cades EUR1bn 0.125% Oct 23
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CPPIB Capital CAD1.5bn 3% Jun 28 green bond
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KfW EUR5bn 0.125% Jun 23
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Île-de-France EUR500m 1.375% Jun 33 green and sustainability bond
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Svenska Handelsbanken GBP500m 1.625% Jun 22
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Vivat EUR300m 7% PNC7 RT1
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Schneider EUR750m 1.375% 9 year
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BASF GBP250m 1.375% 4 year
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KfW USD4bn 2.75% Jul 20
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Rentenbank EUR1.75bn 0.05% Jun 23
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Basque Region EUR500m 1.45% Apr 28 sustainable bond
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Land Berlin EUR1bn 1.3% Jun 33
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 186,867.44 | 727 | 7.96% |
| 2 | JPMorgan | 179,438.72 | 796 | 7.64% |
| 3 | Bank of America Merrill Lynch | 171,981.94 | 568 | 7.33% |
| 4 | Barclays | 149,114.94 | 517 | 6.35% |
| 5 | HSBC | 131,579.74 | 600 | 5.60% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 28,912.55 | 42 | 8.28% |
| 2 | BNP Paribas | 23,481.31 | 80 | 6.72% |
| 3 | Citi | 19,694.20 | 52 | 5.64% |
| 4 | SG Corporate & Investment Banking | 18,198.32 | 63 | 5.21% |
| 5 | Credit Agricole CIB | 18,085.88 | 74 | 5.18% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 8,528.32 | 38 | 9.20% |
| 2 | JPMorgan | 8,142.46 | 34 | 8.79% |
| 3 | Citi | 7,179.38 | 39 | 7.75% |
| 4 | UBS | 5,926.29 | 19 | 6.40% |
| 5 | Deutsche Bank | 4,787.10 | 31 | 5.17% |
