Latest Learning Curves

  • Learning Curve: An index — the cure for Sonia calculation headaches

    As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.

    • 09 May 2019
  • Learning Curve: lessons for SFTR from EMIR

    Nearly six years ago to the day the European Commission adopted the technical standards for the European Market Infrastructure Regulation (EMIR) that, among other things, mandated the reporting of derivatives contracts to trade repositories.

    • 20 Dec 2018
  • Learning Curve: ICE Swap Rate is a model for benchmark reform

    The breakdown of trust in ISDAfix following allegations of collusion and manipulation in 2012 led to a complete overhaul of the benchmark. A recent report by the Financial Conduct Authority proves that the hard work is paying off, reaffirming the potential for the model to be applied to other benchmarks.

    • 06 Dec 2018
  • Learning Curve: an introduction to inline warrants

    Inline warrants are growing in popularity as a means of generating returns when volatility is low.

    • 07 Nov 2018
  • Learning Curve: new data is changing markets for good

    ​New regulations have uncovered heaps of data that markets are struggling to handle. But as participants discover issues exist they did not realise existed, the data revolution will result in safer and more efficient markets for all.

    • 30 Aug 2018
  • Learning Curve: the growing need to normalise trade data

    As banks struggle with tracking brokerage costs, they need to work out ways to properly manage cost transparency by normalising their trade data.

    • 07 Jun 2018
  • Learning Curve: ISDA Common Domain Model

    Proponents of the ISDA Common Domain Model say that if properly implemented, it could generate major cost savings for financial institutions. But what is it, what prompted its creation and how could it work with distributed ledger technology?

    • 24 May 2018
  • Learning Curve: CCP switching post-Brexit

    Not a day goes by without some analyst, regulator or senior exchange executive weighing in on where the clearing of euro swaps should reside post-Brexit.

    • 16 Apr 2018
  • Learning Curve: equity repo deserves focus

    Equity repo, a way to lend shares to the market, is a key parameter in equity derivatives trading but is yet to be fully considered and monetised. Given the opportunities that exist in the space, market participants would do well to change tack.

    • 28 Feb 2018
  • Learning Curve: The promise and perils of deal-contingent hedging

    Deal-contingent hedging can be a great way to hedge risks associated with mergers and acquisitions, but a number of pitfalls can flummox first time users of these specialist derivatives.

    • 20 Feb 2018
  • Learning Curve: The merits of equally weighted portfolios

    While market capitalisation weighted indices and portfolios have been incredibly popular in recent years, data show that their equally weighted brethren can have an edge with lower concentration risk and better performance.

    • 12 Feb 2018
  • Learning curve: Measuring up to make futures algos useful

    To make trading algorithms useful for derivatives execution, measurement of their effectiveness must be carefully tailored to each user, writes Yuriy Shterk, head of derivatives product management at Fidessa.

    • 17 Jun 2015
  • Industry must build resilient risk systems

    Risk management is, by nature, evolutionary, but the 2008 financial crisis marked an inflection point that changed the paradigm for the industry. It ushered in an era of greater regulatory scrutiny, with risk management emerging as a leading priority for financial firms and policy makers, who pledged to establish new rules that would enhance market stability and mitigate the likelihood of another financial meltdown.

    • 20 May 2015
  • A plan of action is needed to complete the G20 transparency mandate

    Progress on global derivatives reform is at a critical juncture. The goal of enhanced transparency, identified by the G20 following the 2008 crisis as crucial to the supervision of the financial system, remains only partly addressed because of a number of practical and legal barriers that limit data sharing across jurisdictions. As a result, the cross-border identification of systemic risk remains challenging for macroprudential authorities.

    • 31 Mar 2015
  • From EMIR to eternity: the challenges for derivatives in 2015 and beyond

    2014 continued to be an active year for financial regulation in the EU, with a push to finalise much of the outstanding primary legislation on the regulatory reform agenda and to move towards implementation of regulation already in place. The derivatives market will be particularly affected by the new regulatory landscape and the market will face many new challenges into 2015 and beyond, which we consider further below.

    • 14 Jan 2015

Learning Curves archive

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 227,365.29 1021 8.28%
2 Citi 211,404.92 882 7.70%
3 Bank of America Merrill Lynch 176,375.36 735 6.42%
4 Barclays 164,503.56 674 5.99%
5 HSBC 136,422.24 745 4.97%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,431.07 110 7.86%
2 Credit Agricole CIB 25,676.63 105 7.36%
3 JPMorgan 21,834.93 53 6.26%
4 Bank of America Merrill Lynch 21,382.31 54 6.13%
5 SG Corporate & Investment Banking 16,639.52 78 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 7,483.79 37 9.65%
2 JPMorgan 7,363.27 46 9.50%
3 Goldman Sachs 6,842.44 35 8.83%
4 Citi 5,763.97 41 7.44%
5 UBS 4,691.07 23 6.05%