Top story
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Hot under the collar: banks make big calls in strategic equity
A surge in shareholder activism is providing banks with a lucrative new source of revenue, but they have to tread carefully or risk losing treasured corporate relationships, writes David Rothnie.
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Brexit depressing UK derivatives markets, survey suggests
A new survey has suggested that Brexit uncertainty is weighing on activity in the UK derivatives market, sapping revenue growth prospects and raising costs.
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Eurex equity derivatives thrive, EnLight to be rolled out in May
Eurex, the futures and options exchange, has pointed to low volatility and the upward trend for global share prices in its latest update on the derivatives market.
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Icap hires Ernst and Ernst as it pushes into weather derivatives
ICAP Energy has appointed Nicholas Ernst and Eric Ernst to spearhead a drive into the weather derivatives market.
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Credit Suisse adds to IG sales and trading line-up
Credit Suisse has made a number of hires from other banks in investment grade trading for its London office, according to an internal memo seen by GlobalCapital.
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Ex-Instinet Finzi joins blockchainer
TrueDigital, a New York company that uses blockchain-based technologies to offer margined deliverable swaps on bitcoin, has hired Michel Finzi, a former managing director and SVP at Instinet, as its chief commercial officer. It has also hired two ex-Citigroup bankers as salespeople.
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Automating settlements could save $3bn, DTCC claims
A new report from the Depository Trust & Clearing Corp claims recent technology advances could help reduce trade failures for institutions.
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CME launches tool to guide hedge funds on market flows and pricing of financing
CME Group has unveiled a new tool to inform clients such as hedge funds about financing rates for trades and how market players' positioning is changing.
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Investors’ bid for bitcoin futures cools
Data from the US Commodity Futures Trading Commission suggests that institutional investors' positioning in bitcoin futures swung away from bullishness last week.
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Green, chairman of IG Group, to leave as pressures on spread betting sector mount
Andy Green, chairman of IG Group, the online derivatives trading provider, is to stand down later this year.
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Tired of posting collateral? Take a holiday, say banks to US corporates
Some big, highly rated US companies have in the last few months begun to negotiate 'holidays' from their credit support annexes - the arrangements with banks that protect both sides when they engage in derivatives transactions.
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ISDA adds German, Singaporean and Japanese experts to board
The International Swaps and Derivatives Association has appointed three new directors to its board, from Eurex, DBS Bank and Nomura.
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EU derivs chief hopes US 'will catch up on deference'
A senior European Commission official has defended the EU's record on regulation since the financial crisis, amid complaints that global derivatives markets have become fragmented.
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ISDA partners with Digital Asset for blockchain lingo
The International Swaps and Derivatives Association has partnered with Digital Asset, the enterprise blockchain company, to develop an open source reference code library.
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D Börse buys analytics firm Axioma for $850m
Deutsche Börse plans to buy Axioma, an analytics company in the US, and combine it with its index businesses Stoxx and Dax, establishing a new separate company worth around €3.5bn.
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Close-out netting ‘cannot be underestimated’ for Asian derivs
A new survey from the International Swaps and Derivatives Association suggests derivatives trading will grow in Asia, but that uncertainty over close-out netting could stand in the way of the market’s development.
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Torstone buys Percentile for risk management on the cloud
Torstone Technology, a post-trade securities and derivatives processing technology provider, has agreed to acquire Percentile, a risk and compliance technology provider.
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SocGen to cut in trading
Société Générale is looking at cutting around 1,600 jobs across the group, while also closing its over-the-counter (OTC) commodities business and proprietary trading firm.
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Deutsche joins CDSClear after Morgan last year
Deutsche Bank has become the first German bank to offer client clearing through CDSClear, the Paris-based clearing house of LCH.
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SGX packages Nikkei total return swaps as futures
Singapore Exchange is launching Asia’s first total return futures (TRF), enabling investors to replicate the characteristics of standard Nikkei 225 Index over-the-counter total return swaps.
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Nationwide switches balance sheet to Sonia, readies first RMBS on new benchmark
Nationwide announced the first distributed Sonia-linked RMBS on Monday, a milestone for the securitization market, which has lagged behind public sector and covered bond markets in switching to the post-Libor benchmark. The UK building society also switched the basis of its whole balance sheet to the new benchmark at the start of its new financial year on Friday.
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Barclays buys into market simulation fintech that boosts algo trading
Data modelling firm Simudyne, which uses an innovative approach to simulating market scenarios, has said its technology will help banks execute trades, as different asset classes grapple with algorithmic trading and risk predictions. The company has closed a new round of fundraising led by Barclays.
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People moves in brief: April 5, 2019
SG hires UK global markets head — Former financials bankers look to create bond platform — Credit Suisse hires for securitization sales
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ESMA designs new CCP stress tests with concentration focus
The European Securities and Markets Authority has launched a fresh round of stress tests for EU central counterparty clearing houses. It will include a new component to measure the cost of liquidating concentrated positions. ESMA said UK CCPs would be excluded from the exercise in the event of a no-deal Brexit.
Latest awards
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GlobalCapital Americas Derivatives Awards 2019: the nominees
GlobalCapital is pleased to announce the nominees for its 2019 Americas Derivatives awards.
Comment
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SEC should use Musk to transition to new age
The US Securities and Exchange Commission should take the opportunity of errant tweeting from Tesla boss Elon Musk to figure out how it transitions to a more modern way of regulating market communication.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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La Banque Postale EUR750m 1.375% Apr 29 green
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Wells Fargo EUR1bn 0.5% Apr 24
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SFIL USD1.25bn 2.625% Apr 22
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KfW USD3bn 2.375% Mar 21
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IsDB USD1.5bn 2.843% Apr 24 sukuk
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Toronto-Dominion Bank EUR1.5bn 0.375% Apr 24
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BNG EUR600m 0.875% Oct 35
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Manitoba USD1bn 2.60% Apr 24
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L-Bank USD1.5bn 2.375% Apr 21
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IADB AUD500m 1.95% Apr 24 EYE bond
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AfDB NOK500m 1.5% Apr 22 social bond, SEK1.25bn 0.375% Apr 24 green bond
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GTLK USD500m 6.125% Apr 25
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KfW EUR1bn 0.875% Jul 39
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Basque EUR600m 1.125 % Apr 29 sustainability bond
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Yorkshire Building Society GBP275m 3% Apr 25 non-preferred
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 132,387.73 | 545 | 8.30% |
| 2 | Citi | 123,981.47 | 487 | 7.78% |
| 3 | Bank of America Merrill Lynch | 105,093.26 | 413 | 6.59% |
| 4 | Barclays | 99,545.40 | 383 | 6.24% |
| 5 | HSBC | 81,053.20 | 424 | 5.08% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 11,525.35 | 30 | 7.25% |
| 2 | BNP Paribas | 8,422.96 | 46 | 5.30% |
| 3 | UniCredit | 8,389.55 | 43 | 5.28% |
| 4 | Deutsche Bank | 8,298.69 | 30 | 5.22% |
| 5 | Commerzbank Group | 7,837.68 | 40 | 4.93% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 4,425.28 | 19 | 11.23% |
| 2 | Goldman Sachs | 4,006.06 | 15 | 10.16% |
| 3 | Citi | 3,527.84 | 22 | 8.95% |
| 4 | JPMorgan | 2,809.08 | 19 | 7.13% |
| 5 | UBS | 2,241.39 | 12 | 5.69% |
