Derivs - FX

A sizeable euro/U.S. dollar put with a reverse knock-out was triggered today in the face of euro spot sales against the U.S. dollar.

Issuers in Australia are growing their structured products desks to tap changing investor appetite for fixed-income products.

A EUR/USD put with a reverse knock-out is expected to come under pressure to be triggered over the next day and that has some players selling euro spot against the Australian dollar, euro/Canadian dollar and euro/U.S. dollar.

David Curtis, the former head of fx at Credit Suisse for the Asia-Pacific, has formed Northbridge Asset Management, a Sydney, Australia-based hedge fund, and plans to launch the Northbridge Park FX Macro Fund by October.

The Australian dollar could soon be fully convertible with yuan following meetings this week between the two countries, a development that will spur fx option and deliverable forward trades for hedging purposes, according to lawyers and traders.

The U.S. Commodity Futures Trading Commission and Securities and Exchange Commission have today finalized definitions of a swap, a securities-based swap, a securities-based agreement and a mixed swap.

Stuart Oakley, managing director and head of emerging markets fx trading Asia at the Royal Bank of Scotland in Singapore, is set to Nomura join in a new role.

Nomura has hired Jérémie Tobelem as head of emerging market fx options for Europe, Middle East and Africa, based in London.

Areski Iberrakene, the former global head of equity derivatives at Dresdner Kleinwort, is in the early stages of preparing to launch a hedge fund in London, called Areski Capital.

The Basel Committee on Banking Supervision and the International Organization of Securities Commission published a consultative paper today endorsing initial margin thresholds for non-centrally-cleared over-the-counter derivatives. In response to the paper, the U.S. Commodities Futures Trading Commission has opened the public comment period for margin requirement for uncleared swaps.

Volumes in floored floater structured products in Switzerland have dropped further over recent months, with investors turning to alternative fixed income products, such as credit-linked notes.

HSBC has been at the forefront of both developed and emerging fx market over the last year, particularly through driving the development and growth of the offshore renminbi market. It was behind the first CNH spot transaction and the first CNH option as well as getting more esoteric with the first structured note linked to CNH. These were the key factors in the firm landing the 2012 FX Derivatives House Of The Year award from the editors of Derivatives Week/Derivatives Intelligence.