Derivs - Clearing and Exchanges
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GlobalCapital is pleased to reveal all the winners of its 2023 Americas Derivatives Awards
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Regulatory constraints, banks' caution can impede lending
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The transition from Ibor benchmarks passed a major milestone this week, when LCH joined CME in switching its discounting rate for dollar referencing derivatives from the Fed Funds Rate to Sofr.
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Citi has appointed Christopher Perkins and Sabrina Wilson as global co-heads of its futures, OTC clearing and FX prime brokerage business, following Jerome Kemp’s retirement from the industry.
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Greater ESG sophistication is coming to the listed derivatives market, with Eurex Exchange announcing on Wednesday that it intends to launch new contracts that apply a new methodology for ESG exposure.
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The ESG derivatives market expanded further this week, as Cboe Global Markets opened trading for its new S&P 500 ESG index options.
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The European Commission on Tuesday gave the derivatives clearing industry a lifeline by granting an 18 month equivalence decision that will allow European firms to keep using UK central counterparties.
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High-frequency traders have fiercely resisted efforts by derivatives exchanges to bring in delaying measures, such as speed bumps, to their venues. But at Eurex, one such passive liquidity programme (PLP) is proving its critics wrong.
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CME Group is making a play for the volatility derivatives market. On Thursday it announced a new futures contract that will reference the Nasdaq 100 volatility index.
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Singapore Exchange (SGX) revealed a new suite of Asian equity derivatives this week, as it gave investors a look at what its strategy after winding down its high profile licensing agreement with MSCI will be.
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Some of the world’s top-tier financial institutions want changes in how central counterparty clearing house (CCP) resolutions are executed.
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The Ukrainian Exchange is reviving its FX futures market, two years after authorities shut down its trading software system.
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Central counterparty clearing houses (CCPs) could face increased attention and greater regulation after coming through the Covid-19 crisis in good shape, Fitch Ratings analysts said this week.
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The European Commission has given the derivatives clearing market some hope, as it signalled on Thursday that it was going to extend its equivalence agreement with the UK.
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Exchange leaders have criticised some of the measures that regulators introduced during the height of the Covid-19 crisis that restricted short selling.
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The European Parliament reached a quicker than expected agreement on central counterparty clearing house recovery and resolution on Tuesday night, settling on a framework for second skin in the game requirements and also pushing open-access rules out for another year.
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Jerome Kemp, global head of futures, clearing and collateral at Citi, and a leading figure in the derivatives clearing market, has retired after 36 years in the industry.
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European Union institutions failed on Friday to reach a deal on a clearing resolution scheme, due to disagreements on whether the second skin in the game should be prefunded or not. The EU Commission is now suggesting a middle way that will be debated on Tuesday evening.
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Members of the European Parliament and representatives of member states hope to clear the last hurdles for an agreement on a draft regulation on recovery and resolution of central counterparty clearing houses (CCPs) by the end of this month.
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Eurex Clearing has cleared its first interest rate swap for a Japanese client as the clearing house pushes its over the counter (OTC) euro swaps business into Asia.
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The European Securities and Markets Authority (ESMA) has given potential leeway to national competent authorities (NCAs) considering the introduction of open access rules next month.
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Eurex Clearing has added inflation swaps to its euro liquidity pool, as the clearing house boosts its interest rate derivatives offering.
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Cboe Global Markets is seeking to tap into the trend for mini and micro futures contracts by relaunching its mini VIX futures.
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CME Group has become the latest exchange to signal a return of open-outcry as it announced the reopening of its Eurodollars options pit.
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Cboe Global Markets has decided to delay its return to open outcry pit trading, amid city closures across Chicago.
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Hong Kong Exchanges and Clearing (HKEX) won a licensing agreement this week to list 37 MSCI equity index futures and options contracts, as the index provider agreed to wind down its partnership with rival Singapore Exchange (SGX).
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Cboe Global Markets will reopen its open-outcry options trading floor at the beginning of June, after more than two months in which the world’s major derivatives exchanges have operated exclusively electronically.
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The Autorité de Marchés Financieres (AMF) has decided not to lengthen a ban on short selling, but some market participants who opposed the action see it returning when extreme volatility next strikes the markets.
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Airbus subsidiary Skytra has picked Nasdaq Clearing as the clearing house for its derivatives trading platform, which will offer airlines the ability to hedge revenue risk. With the industry in crisis, Skytra’s COO says there is more interest in the offering than ever.
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The Bank of International Settlements has indicated that regulators may need to review central counterparty clearing house margin policies after the coronavirus crisis.
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Open access to central counterparty clearing houses may face further delays, it emerged this week, leaving derivatives market participants divided over whether it will actually become part of European regulation.
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John Davidson is CEO of the Options Clearing Corporation, the equity derivatives clearing house. GlobalCapital caught up with him to discuss how clearing has held up in the Covid-19 crisis — during which equity markets endured huge volatility — and how he is planning for the return from lockdown.
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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 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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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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European short sellers were dealt another blow on Wednesday as the Autorité des Marchés Financiers (AMF) decided to extend its ban on short selling.