Derivatives - All Articles

  • Barclays Tips 10 Names On CDX IG

    Strategist at Barclays in New York have identified 10 names with a greater widening-to-tightening ratio in the North American CDX investment grade index than the index itself, for investors looking for a more favorable risk-reward trade-off than the index.

    • 31 Jan 2014
  • “We have been looking for the most efficient methods to implement smart passive strategies. NYSE Liffe futures provide us with our preferred smart passive strategy in one transaction.”

    —Chris Darbyshire, cio of Seven Investment Management, on the move by NYSE Liffe to launch futures on MSCI Factor Indices.

    • 31 Jan 2014
  • One Year Ago

    UBS Securities was in plans to offer onshore total return swaps referencing Chinese A-shares, and separately offer equity-linked structured products via a special purpose vehicle structure, such as a trust or a mutual fund, on the back of a relaxation of propriety trading rules.

    • 31 Jan 2014
  • Naked Sov CDS Ban Could Permanently Damage E.U. Market

    The ban on uncovered sovereign credit default swap trading in Europe could permanently impair E.U.-regulated sovereign CDS markets and cause further market stress when combined with European Central Bank tapering, bank failure and lack of liquidity.

    • 31 Jan 2014
  • Goldman’s Chavez To Receive Outstanding Contribution Award

    R. Martin Chavez, chief information officer for Goldman Sachs in New York, will receive the Outstanding Contribution Award at the Americas Derivatives Awards on April 22. Chavez, who was selected for the award by senior buyside and sellside officials active in the derivatives markets, will be honoured for his contribution to the development of the derivatives market through his role at the International Swaps and Derivatives Association, as well as his success in developing Goldman’s Equities Franchise, among other areas. The full list of award categories and nominees can be accessed at www.derivativesweek.com.

    • 31 Jan 2014
  • EM Names Trigger Vol

    Emerging markets have a habit of triggering volatility compared to their developed market counterparties, as we have seen several times over the last 30 years. The trend was evident towards the end of January with fairly large swings in credit and equity.

    • 31 Jan 2014
  • MTNs: Citi nips ahead of BNPP into first place

    Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

    • 30 Jan 2014
  • All Equity Capital Markets league tables

    Dealogic league tables of ECM transactions, last 12 months rolling.

    • 30 Jan 2014
  • Barclays Senior Credit Salesman Departs

    Barclays has seen a slew of senior officials depart from its investment banking division in Asia Pacific, including Jim Vore, managing director in credit sales in Singapore.

    • 30 Jan 2014
  • Swap Dealers Return To Voice Trading

    Market participants have returned to voice trading of swaps since swap execution facilities went live in the U.S. on Nov. 1, resulting in a drop in volumes on electronic trading platforms.

    • 30 Jan 2014
  • Volatility Exchange-Traded Products Expected In Korea

    The Korea Exchange will encourage asset managers later this year to use volatility futures as underlyings for exchanged-traded products, such as exchange-traded funds or exchange-traded notes.

    • 30 Jan 2014
  • Korea Regulator Plans Erroneous Trading Fines

    South Korea’s Financial Services Commission plans to impose sanctions in the form of fee assessments against parties involved in erroneous trading orders.

    • 30 Jan 2014
  • FCA To Take Proportionate Approach To Enforcing Trade Reporting

    The Financial Conduct Authority will deal with breaches of the trade reporting mandate with a “proportionate response” after the start date for trade repository reporting of Feb. 12.

    • 29 Jan 2014
  • Fast Money, Loan Desks Tap Receivers On Main

    Fast money investors and loan desks have been seen buying short-dated and slightly out-of-the-money iTraxx Main receivers this week, after the index moved in an intraday range of nine basis points and five bps in the last two days.

    • 29 Jan 2014
  • ASIC Accepts BNP Undertaking Over Benchmark Submissions

    The Australian Securities and Investments Commission has accepted an enforceable undertaking from BNP Paribas in relation to potential alleged misconduct involving the country’s benchmark, the Australian Bank Bill Swap Rate.

    • 29 Jan 2014
  • Equity Bigwigs Prep Event Driven Fund

    David Benayoun, a former event driven portfolio manager at HSBC in London, and Marc Ohayon, a former senior equity derivatives flow salesman at Barclays in London, are to launch a global event driven hedge fund.

    • 29 Jan 2014
  • OTC Options Drive Decline In U.S. FX Volume

    Average daily volume in over-the-counter fx instruments in the U.S. in October 2013 totaled USD816 billion, 19% down on April 2013, according to results of a survey released by the Foreign Exchange Committee of the Federal Reserve Bank of New York.

    • 29 Jan 2014
  • OCC Targets S&P 500 Options Clearing For Q2

    The Options Clearing Corp. is to launch S&P500 equity index option clearing in Q2, 2014 following regulatory approval to clear the instrument.

    • 28 Jan 2014
  • Buyside Play Flattening Of 5-10y Curve On Main

    Hedge funds and real money players have been seen selling 10 year protection and buying 5 year protection on the iTraxx Main to play the flattening of the 5-10y curve.

    • 28 Jan 2014
  • European Markets Infrastructure Regulation: The Race To Comply

    With the Feb. 12 trade reporting deadline fast approaching, the race for European Markets Infrastructure Regulation compliance is now well and truly underway. EMIR is one of many new regulations governing derivatives trading across the globe and, like its North American counterpart Dodd-Frank, is the culmination of the post financial crisis movement towards increasing transparency and reducing risk within the market.

    • 28 Jan 2014
  • NYSE Liffe Marks Record In STIR Futures

    NYSE Liffe had a record month in short term interest rate futures in June 2013, with combined volumes for short sterling and Euribor futures exceeding the previous record of January 2013 by almost 10%. The record day for volumes of STIR futures on Euribor came on Jan. 25, 2013, at 3.2 million lots.

    • 28 Jan 2014
  • Barclays Touts Payers Play On Increased EUR Structured Note Issuance

    Barclays strategists are recommending investors sell EUR high-strike payers to position for underperformance in long-dated vol on the back of increased structured note issuance during the current quarter.

    • 28 Jan 2014
  • Euronext Expands Single Stock Futures Ahead of Liffe Split

    Euronext has extended the range of single stock futures it offers on a range of its most liquid listed stocks to 86. The new single stock futures add to its existing range of 12 in Portuguese equity options, index futures and options.

    • 27 Jan 2014
  • NYSE Liffe To Launch MSCI Factor Indices Futures

    NYSE Liffe is to expand its index derivatives business with the launch of MSCI Factor Indices futures.

    • 27 Jan 2014
  • ISDA Starts Transition To Automated Benchmarks

    The International Swaps and Derivatives Association has announced Thomson Reuters will take on the process for moving the USD benchmark rate to an automated, market-based ISDAFIX setting from today, marking the start of a two-phase transition to an automated rate.

    • 27 Jan 2014
  • PRIPs Legislation Reaches “Crucial Juncture”

    The Joint Association Committee on retail structured products has reiterated its position on packaged retail investment products legislation ahead of what market participants are calling a “crucial juncture” in E.U. discussions this week.

    • 27 Jan 2014
  • DB Takes Break From Asia Synthetic ETF Issuance

    Deutsche Asset & Wealth Management has no immediate plans to launch any new synthetic exchange-traded funds in Asia Pacific this year, after a decision last December was made to pursue physical-backed ETFs.

    • 27 Jan 2014
  • Hedge Funds Tap Nikkei Calls Post Yen Rally

    Macro hedge fund investors are buying short-dated upside calls on the Nikkei 225, targeting strikes above 16,000, following a rally in the yen against the U.S. dollar.

    • 27 Jan 2014
  • People Databank

    The majority of market moves occurred in Asia Pacific, with Goldman Sachs’ macro trading chief departing the firm to launch his own macro hedge fund. In the U.S., RBC Capital Markets hired a senior structurer from Amundi Alternative Investments, while in London, Insight Investment hired a new head of asset solutions.

    • 24 Jan 2014
  • “They don’t want to disturb a market’s liquidity, but they also don’t want to get gamed by people who don’t want to trade on a [swap execution facility].”

    --James Cawley, ceo of Javelin Capital Markets in New York, in defence of the U.S. Commodity Futures Trading Commission decision to certify some interest rate swaps made available to trade on the swap execution facility.

    • 24 Jan 2014
  • Funds Drive Eurostoxx Div Option Pickup

    Hedge funds have been increasingly opting for options on Eurostoxx dividends with mid-term maturities as risk premium contraction in equities has reduced expected returns from long only, delta one strategies. Typical option structures have included call spread/ratios, call spread collars and put collars, according to traders and strategists.

    • 24 Jan 2014
  • Reg, Ultimate Forward Rate Curve Drives Interest In LDI

    Regulatory concerns and increased complexity in institutional investor portfolios relating to the use of an ultimate forward rate curve is driving increased appetite for liability driven investments, according to ING Investment International.

    • 24 Jan 2014
  • Chinese PMI Hits Credit Markets

    The credit markets experienced a torrid end to the week after Chinese PMI data raised concerns about a potential hard landing for the world’s second-biggest economy.

    • 24 Jan 2014
  • Chinese New Year Drives Asia Equity Mart Slowdown

    Equity investors in Asia have been sitting on the sidelines this week as the market slows down ahead of Chinese New Year and the upcoming meeting of the U.S. Federal Reserve, according to traders and strategists.

    • 24 Jan 2014
  • Moody’s Methodology For De-Linking Swap Counterparty Credit Risk

    To describe its most recent approach to de-linking the credit risk of a swap provider (a Provider) from structured transactions, on Nov. 12, 2013, Moody’s Investors Service published Approach to Assessing Swap Counterparties in Structured Finance Cash Flow Transactions.

    • 23 Jan 2014
  • Hedge Funds Tap Main May, June Option Expiries

    Hedge funds are extending the expiries on credit options in the iTraxx Main out to June, the first time significant flow has occurred in such longer-dated maturities this year. The flow comes as investors seek to profit from the roll of the index on March 19 and hedge for events later in the year.

    • 23 Jan 2014
  • Oz Could Relax Reporting Requirements For International Firms

    The Australian Securities and Investments Commission is considering waiving specific trade reporting requirements for international firms active in the over-the-counter derivatives market, and is currently in discussions with market participants over the issue.

    • 23 Jan 2014
  • Obstacles Seen To Korea’s Structured Product Push

    Officials in Seoul are skeptical moves by the country’s financial regulator to open the market to greater product diversity will boost dwindling derivatives volumes.

    • 23 Jan 2014
  • Baehr Joins Credit Suisse In Investor Solutions

    Andrew Baehr, the former head of U.S. structured sales at BNP Paribas in New York, has joined Credit Suisse in a senior role in the firm’s equity derivatives investor solutions team, also in New York.

    • 22 Jan 2014
  • Amundi Profits On Basis, Relative Value Trades

    Amundi Asset Management has separately profited from a single name basis trade on Finmeccanica, the Italy-based aerospace and defense company, as well as a relative value trade that positioned long risk Intesa Sanpaolo and short risk Mediobanca.

    • 22 Jan 2014
  • Trust Vehicle Structured Product Issuance At Risk Post-Volcker

    The issuance of structured products through a trust vehicle could be challenging for firms following the formal adoption of the Volcker Rule last month, according to lawyers.

    • 22 Jan 2014
  • Global Sov CDS Tightens 9.5% In Q4 2013

    Global sovereign credit default swap spreads tightened 9.5% in the fourth quarter of last year while stocks continued to rally, according to a report published by S&P Capital IQ on Wednesday.

    • 22 Jan 2014
  • Goldman Trading Chief To Depart, Plans Hong Kong Macro Fund

    Leland Lim, co-head of Asia Pacific macro trading at Goldman Sachs, will leave the firm next week, with plans to launch a global macro fund in Hong Kong later this year.

    • 22 Jan 2014
  • Macquarie Loses Seoul Chief

    Ross Gregory, Korea head at Macquarie Securities in Seoul, has left the firm.

    • 22 Jan 2014
  • RBC Hires Equity Structurer

    RBC Capital Markets has hired Jonathan Russo, the former head of equity and fund derivatives structuring, Americas, at Calyon in New York, in a similar role, also in New York.

    • 21 Jan 2014
  • ISDA: SEF Rules Driving Cross-Border Breakdown

    A survey by the International Swaps and Derivatives Association has found that cross-border trading relationships have broken down since the Commodity Futures Trading Commission’s swap execution facility mandate came into force on Oct. 2, 2013.

    • 21 Jan 2014
  • Javelin CEO Challenges O’Malia MAT Takedown

    James Cawley, ceo of Javelin Capital Markets in New York, has hit back at comments by Scott O’Malia, commissioner at the Commodity Futures Trading Commission in Washington, that the CFTC acted carelessly by certifying some interest rate swaps made available to trade on Javelin SEF last week (DW, 20/01).

    • 21 Jan 2014
  • The Science Of Hedging—More Than A Correlation

    Correlation is probably the single most used statistic (aside from standard deviation as a volatility measure) in the financial industry. From thematic hedging to portfolio management, we often seek the most correlated underlying/instrument to play a particular macro theme or hedge against a portfolio.

    • 21 Jan 2014
  • Asia’s CCPs Could Miss Out On Clearing Surge

    Newly created domestic central counterparties in Asia may largely lose out to international CCPs following the introduction of mandatory clearing this year.

    • 21 Jan 2014
  • DBS Eyes Renminbi Equity-Linked Structures

    DBS Bank in Hong Kong is looking to market equity-linked notes denominated in renminbi that reference an equity underlying in Hong Kong. The issuance is based on the view that there will likely be a relaxation in RMB convertibility, which will spur demand for such structures.

    • 21 Jan 2014
  • Insight Hires LDI Bigwig

    Insight Investment has appointed Tarik Ben-Saud, the ex-head of liability-driven investment and client strategy at BlackRock, as head of asset solutions.

    • 20 Jan 2014
  • Hedge Funds, Real Money Sell Payer Spreads On Main

    Hedge funds and real money accounts are selling ladders and payer spreads on iTraxx Main and Crossover to take advantage of the steep volatility smile on the indices, with the view that current tight spreads can only be sustained until April, according to Cedric Lespiau, head of credit index and options at Société Générale in London.

    • 20 Jan 2014
  • O’Malia Shows Concern Over Javelin MAT Approval

    The Commodity Futures Trading Commission has set a dangerous precedent by approving a made available to trade submission for interest rate swaps from swap execution facility Javelin, according to Scott O’Malia, CFTC commissioner.

    • 20 Jan 2014
  • AUD/USD Reverse Knock Outs Eyed

    Investors should look at entering reverse knock out options referencing the Australian dollar, U.S. dollar cross with a strike at 0.82 and buying a three-month put with a strike at 0.87.

    • 20 Jan 2014
  • StanChart Adds Fx Chief To Client Services Team

    Standard Chartered has hired Daren Hill, a former director and coo in fx prime brokerage at Citigroup in London.

    • 20 Jan 2014
  • UBS Hires Singapore Credit Trader

    UBS has hired Evan Li, a former associate at PIMCO in Singapore, as an Asia G3 credit trader.

    • 20 Jan 2014
  • “CNY denominated renminbi bond baskets are demanded by investors who are seeking an alternative to low yielding Western currencies [EUR, CHF, USD] and want to benefit from an interesting yield. Besides, CNY has the potential to become a leading global trading and investment currency which is also a goal of China’s government.”

    —Eric Blattmann, head of public distribution for financial products at Bank Vontobel in Zurich, on the driver for increased issuance of structured products linked to renminbi bonds over the next 12 months.

    • 17 Jan 2014
  • ICE Benchmark Administration Approved To Oversee LIBOR

    The Financial Conduct Authority has formally authorized ICE Benchmark Administration, part of the IntercontinentalExchange Group, to take over administration of LIBOR from Feb. 1, 2014.

    • 17 Jan 2014
  • WM Morrison CDS Widen

    U.K. supermarket chain WM Morrison was a notable underperformer this week amid reports that it could restructure its property portfolio–to the detriment of credit investors.

    • 17 Jan 2014
  • ASX Eyes April Start For Client Clearing

    The Australian Securities Exchange plans to introduce client clearing to its over-the-counter derivative central counterparty in April, and will be working to expand its product offering throughout the year.

    • 17 Jan 2014
  • SocGen Tips Short Wendel CDS

    Strategists at Société Générale are recommending investors sell five-year credit default swaps on Wendel, the French investment company, noting that CDS on the name are trading too wide in relation to other BB+ rated credits and the likelihood it will be upgraded to investment grade status as early as first quarter 2014.

    • 16 Jan 2014
  • Risk Hedging Jeopardized Under MiFID II, Lawyer Says

    Hedging corporate balance sheet risks may be a struggle under the Markets in Financial Instruments Directive agreed by E.U. member states and the European Parliament on Tuesday, which introduces a market structure framework to close loopholes and ensure most trading takes place on regulated platforms.

    • 16 Jan 2014
  • Citi Plots Asia Structured Sales Push

    Citigroup is planning to expand its structured product sales coverage in Asia Pacific as retail and institutional investors increasingly look to enhance their equities exposure.

    • 16 Jan 2014
  • Asset Managers Move Out Of Nikkei Divs

    Some of the largest global asset managers are looking at unwinding positions on Nikkei dividends entered into early in 2013 and could subsequently sell out-the-money 105 calls.

    • 16 Jan 2014
  • Investors Seen Playing AUD/USD Carry Trades

    Some investors based in Asia are playing short-dated carry trades on the Australian dollar, U.S. dollar cross that benefit should the pair remain range bound.

    • 16 Jan 2014
  • Market Abuse Proposals Draw Industry Fire

    Market participants have rallied against market abuse regulatory proposals arguing the measures on so-called cleansing insider information could force deals to price without the benefit of soundings, which help sellers gauge the pricing, size and structure of a deal by talking to investors prior its announcement.

    • 15 Jan 2014
  • GBP/USD Risk Reversals Touted On Expected Sterling Weakness

    Société Générale is recommending investors buy risk reversals on GBP/USD on likely sterling weakness over the next three months. The firm expects the Bank of England to lower the U.K. unemployment rate threshold of its forward guidance in next month’s inflation report, which would drive a reversal in GBP/USD spot.

    • 15 Jan 2014
  • Shanghai Clears First Yuan IRS

    The Shanghai Clearing House has cleared its first renminbi interest rate swap, a deal between Industrial and Commercial Bank of China and the Shanghai Pudong Development Bank.

    • 15 Jan 2014
  • ISDA, NAFMII Meet, Talk Cooperation

    The International Swaps and Derivatives Association and China’s National Association of Financial Market Institutional Investors have talked about cooperating on areas of interest. It’s a detente following a period of frosty relations.

    • 15 Jan 2014
  • CBOE Readies Short-Term VIX Launch; Scopes 23-Hour Trading

    The Chicago Board Options Exchange is aiming to launch short-term VIX futures in February and short-term VIX options the following month.

    • 14 Jan 2014
  • Hedge Funds Tap Equity, Credit Hybrids

    European and U.S. hedge funds with a bullish view on Europe are going long the Eurostoxx 50 and short the iTraxx Main.

    • 14 Jan 2014
  • Cross Border RMB Derivatives Pegged For Shanghai Zone

    Chinese authorities intend to allow the use of cross border renminbi derivatives for hedging purposes by financial institutions operating in the Shanghai free trade zone, according to market officials.

    • 14 Jan 2014
  • ISDA Preparing Updated Memo On China Netting Rules

    The International Swaps and Derivatives Association has appointed external counsel to produce a memorandum updating its clients on China’s close out netting rules.

    • 14 Jan 2014
  • StanChart Readies Distribution Platform For New Custom Indices

    Standard Chartered is looking to launch a distribution platform within two months for a number of tradable custom indices, which will reference varied asset classes including equity, credit and high yield.

    • 14 Jan 2014
  • Vontobel To Ramp Up Renminbi-Linked Structures

    Bank Vontobel expects to increase issuance of structured products linked to renminbi bonds in 2014 as investors look for an alternative and higher yield compared to developed currencies.

    • 13 Jan 2014
  • HSBC Hires Loeb For Equity Role

    HSBC has hired Regis Loeb, the ex-head of European index trading at Bank of America Merrill Lynch in London, for a similar role, also in London.

    • 13 Jan 2014
  • Swiss Listed Structured Products Issuance Climbs

    The number of structured products listed on the SIX Structured Products Exchange in Switzerland increased 5.57% in 2013 compared to 2012, according to the latest quarterly report from the Swiss Structured Products Association.

    • 13 Jan 2014
  • FOA’s Belchambers To Step Down

    Anthony Belchambers, ceo of the Futures and Options Association, is to step down from his role at the listed derivatives trade body.

    • 13 Jan 2014
  • People Databank

    The year started with a senior departure in the interest rates market. Glenn Hadden, global head of interest rates at Morgan Stanley in New York, left the firm. He was replaced by Jakob Horder and Mitch Nadel, who become co-heads of global rates. Meanwhile, in Asia Pacific, Antonio Cailao, a former director and head of investment grade credit trading at Barclays in Singapore, has joined ING.

    • 10 Jan 2014
  • “This is simply a strategic move by the commission to try to duck blame.”

    --Scott O’Malia, commissioner of the U.S. Commodity Futures Trading Commission, after the regulator approved a request for comment on Jan.3, 2014 on the applicability of regulations on the U.S. activity of non-U.S. swap dealers when entering into swaps with non-U.S. persons

    • 10 Jan 2014
  • Ex-RBS Equity Trader Joins U.K. Broker

    Laurence Verghese, a former senior equity single stock option trader at the Royal Bank of Scotland in London, has joined London-based interdealer broker Forte Securities.

    • 10 Jan 2014
  • India’s CCIL To Issue Legal Identifier Numbers

    The Clearing Corporation of India, which operates the country’s nascent over-the-counter central counterparty, will issue globally compatible legal entity identifier numbers to entities which are party to a financial transaction.

    • 10 Jan 2014
  • Macro Funds Tap Upside Calls In Nikkei Dip

    Macro hedge funds are using the recent decline in the Nikkei 225 as a buying opportunity, executing short-dated February, March or April upside calls with strikes ranging from 16,000-to-17,000.

    • 10 Jan 2014
  • CFFEx, SSE Prep Index, Stock Options

    The China Financial Futures Exchange plans to launch options on the CSI300 index and index futures, while the Shanghai Stock Exchange is planning options on at least four initial single stocks and two exchange traded funds; SSE50 ETF and SSE180 ETF.

    • 10 Jan 2014
  • Peripheral Eurozone Debt Makes Positive Start To 2014

    Peripheral eurozone debt has made a strong start to 2014 and the positive momentum continued with Portugal tapping the capital markets for funds.

    • 09 Jan 2014
  • Options, Cash Drive Spike In Eurostoxx Banks

    Calls and call spreads on the Eurostoxx Banks, as well as a significant move by investors to replace options with equity exposure, are driving a break higher in the index.

    • 09 Jan 2014
  • Standard Life Launches Short Duration Credit Fund

    Standard Life Investments has launched a short duration credit fund that uses derivatives to reduce the duration inherent in the corporate bonds it holds. The fund is derived from the conversion of the firm’s Standard Life Investments’ Select Income Fund which took place Jan. 8.

    • 09 Jan 2014
  • KOSPI Call Spreads Eyed On Growth Expectations

    Investors should look at buying March 2014 or June 2014 call spreads on the KOSPI2 with strikes between 105-and-115% of spot in a bid to benefit from global growth recovery in 2014, or potential central bank intervention in the Korean won.

    • 09 Jan 2014
  • Ex-Deutsche Trader Joins StormHarbour

    Sammy Mohammad, an ex-managing director at the institutional client group at Deutsche Bank in London, has joined StormHarbour in senior sales and trading in London.

    • 08 Jan 2014
  • E.U. Eyes Limits To Bank Derivs Trading

    European banks may be required to limit their derivatives products to centrally cleared interest rate, fx and credit derivatives to non-financial clients under new legislation on proprietary trading being considered by the European Commission.

    • 08 Jan 2014
  • Fast Money Players Buy Back Credit Payers

    Fast money investors are selling at-the-money credit options and buying back out-of-the-money payers that were sold before the Christmas lull to hedge long cash positions.

    • 08 Jan 2014
  • Document Relaxation Could Boost China Cross Currency Swap Volumes

    Recent relaxation to documentation requirements by China’s State Administration of Foreign Exchange could boost the mainland's cross currency swap market.

    • 08 Jan 2014
  • Taiwan Corps. Buy CNH Target Forwards

    Taiwan corporates, mostly import and export firms, are taking a larger share of the yearly U.S. dollar, renminbi hedging market, accounting for about 10-to-20% of the overall volume.

    • 08 Jan 2014
  • BNP Floats Long PLN/HUF, EUR/HUF Double-No-Touch Play

    Investors should consider buying Polish zlotny/Hungarian forint, while also entering into a two-month double-no-touch on the euro/HUF, according to Bartosz Pawlowski, global head of emerging market strategy at BNP Paribas in London.

    • 07 Jan 2014
  • Assenagon Taps Equity Model To Value Contingent Converts

    Assenagon Asset Management is using an equity derivatives model to assess the fair value of contingent convertible bonds—known as CoCos—and subsequently identify investment opportunities.

    • 07 Jan 2014
  • Cantor Hires Credit Bigwig

    Franz Bucher, an ex-senior director at Raiffeisen Bank International, has joined Cantor Fitzgerald as a managing director in London as part of the firm’s fixed income expansion in Europe.

    • 07 Jan 2014
  • Structures On Mutual Funds To Surge In Europe

    Structured products linked to mutual funds are set to increase in popularity next year as European investors look to alternative equity or multi-asset underlyings as a way of generating performance over standard equity indices.

    • 07 Jan 2014
  • South Korea Proposes Change To Hedging Account Practices

    A proposed amendment to South Korea’s Commercial Act Enforcement Decree will allow firms to set off unrealized gains arising from hedging derivatives against the unrealized losses of the underlying transactions.

    • 07 Jan 2014
  • HK Credit-Focused Hedge Fund To Launch

    Ark One, a credit-focused hedge fund in Hong Kong, is set to launch later this month.

    • 07 Jan 2014
  • MS Loses Equity Trader In Hong Kong

    Nael Tassabehji, an index derivatives trader at Morgan Stanley in Hong Kong, has left the firm.

    • 07 Jan 2014