Derivs - FX

Société Générale is advising investors to buy three-month 25 delta butterflies on the euro against sterling and sell two-year 25 delta butterflies on the same pair.

The European Securities and Markets Authority has declined to adopt straight-through-processing for its final regulatory technical standards for over-the-counter derivatives, central counterparties and trade repositories.

The Royal Bank of Scotland is set to reduce the size and footprint of its investor products and equity derivatives unit globally in an effort to take out significant costs from the business, according to officials. As part of the move, led by Peter Nielsen, ceo of markets, the investor products and equity derivatives unit will be integrated with the firm’s non-linear trading business.

RBC Investor Services has launched a global middle and back-office platform for listed and over-the-counter derivatives.

Structured product dealers in Asia Pacific are redeeming legacy transactions across asset classes on their call dates. The moves wind down deals with high funding costs and allows banks potentially to issue simpler lower cost notes, according to structurers in Hong Kong and Tokyo.

The International Swaps and Derivatives Association has called on Canadian regulators to make clear which trades, entities, transactions and markets are covered in the latest over-the-counter central counterparty clearing consultation from the Canadian Securities Administrators.

Andy DePhillips, director in fx sales at Credit Suisse in New York, has left the firm.

Funds have been buying downside puts on the U.S. dollar against the Indian rupee.

P.K. Sinha, director in fx and emerging market sales at BNP Paribas in New York, has left the firm.

Credit Suisse is set to launch a capital protected structured product that gives investors exposure to appreciation of a mostly Asian currency basket against the U.S. dollar.

Securities firms in Japan are switching their preference for fx structured products to ones that reference the South African rand in order to pick up higher yields on their investments, according to structurers.

The European Securities and Markets Authority is in the final stage of finalizing its draft regulatory technical standards for the European Market Infrastructure Regulation and will approve them at a board meeting next week, according to Rodrigo Buenaventura, head of markets division at ESMA.