Derivs - Credit
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If U.S. regulators set the bar for over-the-counter derivative block trades high enough and allow swap execution facilities to create segregated venues for block trades, the dealer-to-dealer market could continue unimpeded.
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Chief compliance officers of swap dealers and major swap participants are facing a range of new responsibilities under reforms sparked by the Dodd-Frank Act.
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The composition and new structure of the IG 15 CDX index could wean dealers and end-users off IG 9, which has remained the most liquid since it began trading in 2007.
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Zero coupon bonds linked to equity tranches of credit default swap indices have surged in popularity.
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The coming Hong Kong central clearinghouse is aiming to include local banks, according to Sundeep Bhandari, chair of the Treasury Markets Association over-the-counter derivatives clearing feasibility taskforce.
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The next three years may see liquidity dry up for credit default swaps, especially for names not in the top 500 most often traded.
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Demand to sell protection on equity tranches of the iTraxx Main has picked up in recent weeks as hedge fund investors look at ways to generate returns, while avoiding market risk.
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Ian Claisse, global head of credit trading at Landesbank Baden-Württemberg in London, has left the firm.
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Next week the International Swaps and Derivatives Association will submit an implementation plan for resolving conflicts over margin calls to regulators including the U.S. Board of Governors of the Federal Reserve, the U.K.’s Financial Services Authority and Germany’s Federal Financial Supervisory Authority.
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HSBC has hired Markit Group senior executive Niall Cameron as its new global head of credit trading to replace Ken O’Brien, who left the firm in August.
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Eric Litvack, coo of global equity flow at Société Générale, told delegates that he is concerned by differences in legislative proposals in Europe and the U.S., particularly regarding reporting requirements and swap execution facilities