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Derivatives - All Articles
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Volatility climbs up to 15% as S&P 500 loses its footing
Volatility on the S&P 500 has surged to its highest point since last August as the US blue-chip index briefly halted its climb upwards this week.
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CFTC whacks $47m fine on UBS, HSBC, Deutsche
The US Commodity Futures Trading Commission (CTFC) brought in a $46.6m haul on Monday after filing and settling spoofing charges against UBS, HSBC and Deutsche Bank.
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Lords urge UK government to 'resist' CCP relocation
A report published by the UK House of Lords on Saturday encouraged the government to “resist” new European Commission measures to relocate systemically important clearing houses in London to EU member states.
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GlobalCapital Americas Derivatives Awards 2018: the nominees
GlobalCapital is pleased to announce the nominees for this year’s Americas Derivatives Awards.
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Rates worries drive record Eurodollar interest on CME
The Chicago Mercantile Exchange Group on Wednesday said that it had seen record open interest for Eurodollar futures, at 14.5m contracts, partially attributing the move to hedging for potential Fed rate hikes.
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CDS market’s euro optimism has caveats
It’s that time of year again, when plutocrats and power brokers meet in Davos for the World Economic Forum.
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EU member states put CCP resolution file in waiting mode
European Union member states in the process of thrashing out legislation on central counterparty clearing house (CCP) resolution procedures have put their negotiations on ice, as the project is contingent on a separate file that is still unresolved.
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FIA and ISDA: let national regulators do their jobs
Two influential derivatives trade bodies have questioned elements of a European Commission proposal that would centralise supervisory powers with pan-European securities watchdog ESMA, arguing that national supervisors have a “strong knowledge of local markets” and that the move seemed “premature”.
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HSBC hires credit trader
Former Citi credit trader James Duffy will be joining HSBC in London to trade financials single name credit default swaps.
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ISDA appoints MetLife derivs expert
Jason Manske, the chief hedging officer and head of global derivatives and liquid markets at insurance giant MetLife, has joined the International Swaps and Derivatives Association's board of directors.
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Options surge as futures falter in new data
Options volumes were up 11% in exchanges around the world last year, while futures were down 6.6%, according to new data unveiled by the Futures Industry Association.
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US regulators toughen cryptocurrency stance
The Securities and Exchange Commission and the Commodity Futures Trading Commission have hardened their stances on cryptocurrency markets, amid wider market concerns about initial coin offerings and the launch of bitcoin futures.
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Survey shines light on 3.29m index tally
The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.
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TAIFEX caters to SMEs with new FX futures
Taiwan Futures Exchange (TAIFEX) on Monday released two new foreign exchange futures to cater to small and medium-sized enterprises, as the exchange pivots towards FX derivatives.
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SEC slaps down crypto ETFs, for now
The US Securities and Exchange Commission on Thursday slapped down the possibility of new cryptocurrency exchange traded funds until “significant outstanding questions” were answered with regards to investor protections.
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How Trump broke the repo market
Banks tried to prevent a repeat of 2016 year-end collateral market chaos but trading choked on huge spreads again. And this time, it was for a reason unexpected: Trump.
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ESMA ponders crypto CFD ban, consults on complex retail derivs
The European Securities and Markets Authority on Thursday kept up the pressure on providers of complex retail derivatives products by announcing a short consultation on crack-down measures, including a potential ban on cryptocurrency contracts for difference.
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Ex-Barclays FX head indicted for front-running
Barclays’s former New York head of FX trading, Robert Bogucki, was charged this week with allegedly “front-running” a £6bn options trade to be executed by technology company Hewlett-Packard in 2011.
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Carillion loan was hedged in HSBC CLO
HSBC hedged part of its lending to Carillion in a synthetic CLO, Metrix 2015-1, with the latter company’s liquidation announcement on Monday triggering a credit event in the portfolio.
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Planning for the fall: what a cryptocrash would look like
Bitcoin has, since its creation, been a wild ride. Volatility is part of its charm — after all, where else do you get more than 1,500% growth in a year? But if, or when, it crashes for good, how would it play out?
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BNPP likes Europe, but US keeps winning
As global stock markets soar into 2018, BNP Paribas is finding value in eurozone companies' stocks, which look relatively cheap compared with the US.
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Derivatives Service Bureau still missing venues
The cost split of using the Derivatives Service Bureau has finally been released but some trading venues are still absent from its fee structure.
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Nomura rejigs fixed income in a global way
Nomura has promoted several of its senior fixed income traders, giving out global responsibilities to seven individuals.
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SGX ready to give no quarter
In the latest Clawback, columnist Philippe Espinasse puts the Singapore Exchange's proposal on quarterly reporting by companies under the microscope.
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Strategists cautiously bullish on US and European equities
Equity derivatives strategists are bullish on equities in the short term as European business confidence is high and US markets bask in the afterglow of tax reform passed by President Donald Trump. But questions remain over how long the US equity bull run can continue, with some experts encouraging more cautious long positions this year.
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Year of TLAC opens novel questions for CDS market
In our last article of 2017 we noted that it was widely billed as the year of political risk. Perhaps those in the fixed income world will call 2018 the year of TLAC (total loss absorbing capacity).
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ESMA voices concern over trade repository fees
The European Securities and Markets Authority (ESMA) has gone public with its concerns over the fees that trade repositories charge their clients and made recommendations for change.
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FCA reaches for the unregulated through trade bodies
From February, the UK Financial Conduct Authority (FCA) might be able to ban or impose fines on anyone doing business in unregulated markets if they break codes of best practice — codes that might have been written almost anywhere or by anyone.
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Bulgarian stock ETF comes to Deutsche Boerse through Expat
Expat Asset Management has joined German exchange group Deutsche Boerse as a new exchange traded fund issuer, debuting with an ETF that provides exposure to Bulgarian stocks.
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US senators add to warnings on EC's CCP plans
Two US senators have scolded the European Commission's efforts to unilaterally change agreed rules for the oversight of foreign clearing houses in the wake of Brexit, backing the toughening position of Commodity Futures Trading Commission chairman Christopher Giancarlo.
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ISDA preps French, Irish master agreements
Chief executive of the International Swaps and Derivatives Association (ISDA) Scott O’Malia on Monday said that the trade body was preparing French and Irish law governed ISDA master agreements to be “ready for all eventualities” in the wake of Brexit.
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ICBC Standard Bank appoints new COO
ICBC Standard Bank has appointed Gary Simpson, a former HSBC banker, as chief operating officer of global markets, a newly created role.
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TOPIX futures hitting CME in February
Chicago Mercantile Exchange Group (CME) and Japan Exchange Group (JPX) on Monday announced that Yen-denominated Tokyo Stock Price Index (TOPIX) futures would launch on CME’s Globex platform on February 5.
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FCA fines former RBS trader £250,000
A former interest rate derivatives trader at Royal Bank of Scotland, Neil Danziger, was fined £250,000 by the Financial Conduct Authority on Monday for allegedly trying to manipulate Libor.
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ESMA: CCPs should disclose their margin models
The European Securities and Markets Authority (ESMA) on Monday issued a consultation on draft guidelines that would oblige central counterparties (CCPs) to disclose “parameters and information” on the way they calculate margin requirements for trades.
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CFTC opens the floor for virtual currency discussion
With all the excitement around bitcoin and its introduction into established futures markets at the end of 2017, it is perhaps not surprising that the US Commodity Futures Trading Commission’s first public order of business in 2018 has addressed those markets.
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UBS trader fights Libor ban in High Court
Arif Hussein, a former rates trader involved in the Libor rigging scandal at UBS, faced the Upper Tribunal this week to argue against his ban from working in the City, saying he had just been following orders. Following the UK’s introduction of the Senior Managers Regime in 2016, any similar scandal would play out very differently today.
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Prophecies of ISIN-geddon yet to materialise under MiFID II
After much heated debate, the Derivatives Service Bureau (DSB), which generates international securities identification numbers for some over the counter derivatives, seems to have successfully navigated the first week of the Markets in Financial Instruments Directive’s second coming.
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IHS Markit appoints new CEO and board members
IHS Markit on Wednesday announced that Lord Browne of Madingley and Nicoletta Giadrossi have joined as board directors of the company, while its president and COO Lance Uggla became CEO on January 1.
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Derivatives: Deal-contingent hedgers set sights on infrastructure
Deal-contingent products — flexible derivatives for hedging the FX risk of cross-border acquisitions — are moving from the private equity industry to other markets. Infrastructure is considered a prime fit for the tool. But tricky accounting standards and incoming regulation could complicate the instruments’ roll-out to new users, writes Ross Lancaster.
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Derivatives: Asset managers catch on to risk premia strategies
With yields compressed and equity volatility at a historically low level, hunting for consistent returns has been a challenge for asset managers and institutional investors alike. But as Costas Mourselas reports, the meteoric rise of risk premia strategy, a type of passive investing, promises to at least partially alleviate those woes.
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Theme for 2018: Survival of the fittest as MiFID II burdens derivatives players
Five years after being pushed on to trading venues in the US by the Dodd-Frank Act, over-the-counter derivatives players are beating a similar path in Europe, under the Markets in Financial Instruments Directive II. Most people think MiFID II has been a worse experience, and will make it harder for small players. But efficiency gains may follow. Ross Lancaster reports.
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Theme for 2018: Debt and derivatives players set out on long road away from Libor
It is six months since Andrew Bailey, head of the UK financial regulator, set the clock ticking on a transition from the London interbank offered rate to an alternative. But if credible replacements are to be ready by his 2021 deadline, there is still a mountain of work to do. Ross Lancaster explores the risks of phasing out the old benchmark and asks if it could yet survive.
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UniCredit hires sales head from Créd Ag
UniCredit has hired a senior Crédit Agricole banker as head of markets sales.
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LSE trumpets open access as Eurex, ICE step away
The London Stock Exchange this week reaffirmed its commitment to open access under the second Markets in Financial Instruments Directive, as major European exchanges and clearing houses (CCPs) were granted exemptions from the requirement until July 3 2020.
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LCH and Euronext finalise awaited share-swap
LCH Group and pan-European exchange Euronext have revealed their completion of a share swap, in which the exchange took a 2.3% stake in LCH Group in return for an 11.1% stake in France-based clearing house LCH SA.
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ICE bags Virtu Bondpoint trading platform for $400m
Intercontinental Exchange on Tuesday announced that it had completed its acquisition of fixed income trading platform BondPoint from specialist liquidity provider Virtu Financial for $400m.
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Disruptive technology ETF comes to CBOE
Exchange-traded fund provider ALPS has joined CBOE Global Markets as a new issuer, bringing a new technology-focused ETF to the table last Friday.
