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GC Asia
Derivatives - All Articles
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Open access faces new threat as doc shows new delay rationale
Open access, the much fought over and delayed section of the second Markets in Financial Instruments Directive (MiFID II), is facing further pushback, according to a European Council document seen by GlobalCapital.
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Cboe and FTSE Russell extend options agreement by 10 years
Cboe Global Markets and FTSE Russell have extended an agreement that will give the derivatives exchange exclusive rights to create options on the latter’s indices.
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Structured equity products blow up at SG
Société Générale’s equities division posted a 99% year-on-year drop in revenues for the first quarter on Thursday, contributing to an overall loss in both the wholesale division and for the bank overall.
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Quintenz prepares for CFTC departure
Brian Quintenz, one of the Republican commissioners on the US Commodity Futures Trading Commission, has announced that he will not seek another term at the regulator.
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WTI under renewed pressure as index jettisons June futures
Extreme selling pressure moved swiftly from the May to the June West Texas Intermediate (WTI) crude oil futures this week as index-tracking investors abandoned the front-month contracts to get ahead of oversupply concerns.
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ETF futures dump renews spectre of negative WTI
The possibility of oil prices returning to negative territory snapped back into focus on Monday, as the USO ETF, which holds a large proportion of West Texas Intermediate front month futures, decided to roll its positions this week.
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Fitch warns on Sofr, flagging coronavirus risk for CME and LCH
The Covid-19 coronavirus is complicating the Libor transition and could even damage the risk profile of CME Group and LCH, Fitch Ratings has warned.
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Levfin losses and deriv hedges weigh on Credit Suisse
Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.
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Breaking with Tradition: Marcus leaves firm
One of the co-heads of the London Group of Tradition, the interdealer broker that is one of the largest in the over-the-counter derivatives market, is leaving the firm.
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Oil havoc threatens industry’s access to capital
The oil industry’s ability to raise money in capital markets is coming under severe strain, as the coronavirus pandemic is forcing all analysts to tear up their assumptions and bringing unprecedented volatility in prices.
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Derivs calendar loses another event as FIA pulls IDX
The derivatives industry’s 2020 events calendar is even thinner, as the Futures Industry Association has cancelled its annual London event.
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Eyes on ETFs after WTI oil plummets through negative barrier
The shock WTI oil price drop this week sent market participants looking to exchange-traded fund (ETF) holding futures that reference the US benchmark, which have to roll their contracts next month.
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Turkish swap line ambitions met with scepticism
Market participants have dismissed the viability of Turkey extending its swap line arrangements with the US Federal Reserve this week to enhance the country's access to dollars. They also noted that little has happened to change their bearish outlook on the sovereign.
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UBS makes Mahony corp DCM head
UBS has made Paul Mahony head of corporate debt capital markets and derivatives for Europe, the Middle East and Africa, following on from Barry Donlon’s appointment as head of DCM for the region.
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Shorters' ire continues as France extends ban
European short sellers were dealt another blow on Wednesday as the Autorité des Marchés Financiers (AMF) decided to extend its ban on short selling.
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Hedge funds eye entry into market making business
More hedge funds are looking into entering the market making industry, following in the footsteps of Citadel Securities.
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Bond issuance spree boosts US bank results
US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.
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Libor push-back unlikely for now, but corporates will seek clarity
The coronavirus pandemic has put some major market regulation on ice, but not the Ibor transition, the most far-reaching financial reform still on market participants’ to-do lists.
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Flickers of trading in SRT market as credit funds seek cash
Synthetic risk transfer deals from Deutsche Bank, Santander and Standard Chartered have been seen changing hands, as certain credit funds look to free up cash by selling assets that have drastically outperformed equity and junior debt in leveraged loan CLOs. Risk transfer deals are often bilateral and privately negotiated, with little or no public reporting, and usually held to maturity by the specialist funds that buy them.
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Loss provisions blow out at US banks
US banks ramped up reserves for credit losses, expanded credit lines and enjoyed bumper trading and debt underwriting volumes in the first quarter, according to results released on Tuesday and Wednesday.
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Covid crisis pushes Brussels to delay finance agenda
Reviews of key areas of legislation such as MiFID II, bank capital requirements and Solvency II have been pushed into the future, as the European Commission puts green and digital regulation first.
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NatWest Markets pushes ahead with job cuts
Royal Bank of Scotland is pushing ahead with job cuts in its investment banking division, bucking a trend by big banks to delay restructuring plans and cost-cutting during the coronavirus crisis.
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LCH clears record numbers across asset classes
LCH has come through the extreme volatility of February and March to clear record levels of derivatives across its interest rate, FX and credit derivatives arms.
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DRW selects OpenGamma for margin tech
Prop trading firm DRW has selected OpenGamma, the regulatory technology provider, to manage derivatives margin in its treasury.
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Sofr derivatives boom as virus creates volatility
Trading in CME Group’s Sofr derivatives hit record levels during March, as the exchanges and clearing group enjoyed soaring demand for its futures and cleared swaps.
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Industry’s quick win on IM raises questions
The derivatives industry had a surprisingly quick win late on Friday when the Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) authorised a one-year extension to the final phases of initial margin (IM) regulation.
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Ex-TriO sales head joins former boss at CloudMargin
David White, formerly a sales head at CME-owned TriOptima, has joined his former boss Stuart Connolly at CloudMargin, the collateral management technology provider.
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Calm in cross-currency after Fed soothes dollar trauma
The US Federal Reserve’s unprecedented injections of dollar liquidity calmed conditions after a chaotic month in the cross-currency swap market’s short-end, but traders are looking at its effects on the primary bond markets as the next test.
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Rare bullish companies still buying own stock
As the coronavirus eats into the global economy, most companies are putting their share buy-back programmes on hold — but there are exceptions. ContourGlobal, which generates power in emerging markets, has launched a new buy-back programme, while Philips is using an unusual derivative technique to adapt its plan to crisis conditions.
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IG Group launches prime brokerage unit
IG Group, best known for its online index trading and contract for difference franchise, has launched a prime brokerage service targeting smaller institutions such as start-up hedge funds and family offices.
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Fed’s repo pump another tool in the war for dollars
The US Federal Reserve’s Tuesday action to set up a repo market with other central banks has provided further ammunition in the fight for global dollar liquidity.
