Derivs - FX
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GlobalCapital is pleased to reveal all the winners of its 2023 Americas Derivatives Awards
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Senior bankers are turning up in court after storied capital markets careers
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Barclays has hired a senior trader from JP Morgan in New York to replace Naseer Al-Khudairi as head of electronic trading and digital strategy for its markets division.
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GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2021.
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GlobalCapital is delighted to announce the nominees for this year’s Americas Derivatives Awards.
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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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Political uncertainty over the UK’s trade negotiations with the EU and the Bank of England’s flirtation with negative interest rates are creating a conundrum for foreign investors, with the timing of protecting an FX position proving hard to judge.
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GlobalCapital is delighted to announce the winners of its 2020 Global Derivatives Awards.
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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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Traders across asset classes are beginning to position in size as the US presidential election approaches, with an expected tight run-off making it very hard to time the market.
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Derivatives counterparties breathed easy in March when the Basel Committee on Banking Supervision and the International Organisation of Securities Commissions announced a year’s delay in the introduction of initial margin rules. But in Europe — with the deadline already passed — legal confirmation has still not appeared.
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Klaus Löber has been selected by the European Securities and Markets Authority as chair of its CCP supervisory committee. ESMA has also picked two other members; all three will be assessed by the European Parliament.
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The euro/dollar cross-currency basis swap has moved back in favour of euro issuance for the first time in three months, but with a wall of euro supply looming, the favourable level may not be enough to entice issuers away from the dollar market.
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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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Turkey continued to teeter on the brink of a currency crisis this week, as the lira went on another rollercoaster ride and touched a record low.
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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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Falls in the Turkish lira have reignited concerns about a currency crisis this week, with the Central Bank of the Republic of Turkey’s (CBRT) unorthodox exchange rate policy raising questions from investors about the robustness of the country’s respected banking sector. Mariam Meskin and Ross Lancaster report.
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Despite the success of many emerging market sovereigns in issuing bonds in international markets this year, Turkey, typically a leading issuer, has been notable by its absence. And with its foreign exchange reserves running lower, the risks of it not being able to come to market at all could be mounting.
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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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Favourable moves in the cross-currency basis swap and rates markets have created opportunities for European investors to play in the US fixed income markets, said Amundi investors this week.
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GlobalCapital is pleased to announce the winners of this year’s Americas Derivatives Awards. This year’s pitching process was one like no other as the Covid-19 crisis swept throughout the world.
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Interdealer broker TP ICAP has hired Holden Sibley, formerly of Barclays, to lead FX Hub, its FX platform.
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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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Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February. With lenders to the transaction sitting on a paper loss of around 30 points, the collapse of the agreement will prove a boon, but break fees, swap costs and litigation could chip away at the chain’s stretched cash resources.
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Tradition, the interdealer broker, has made three hires to its data business, including two from outside the IDB world, as it seeks to push out the offering.
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Chris Giancarlo was the 13th chairman of the Commodity Futures Trading Commission, the US’s top derivatives regulator, until last year. Before his five years at the helm of the CFTC he enjoyed a successful career on Wall Street, which included a 13-year stint as executive vice-president of GFI Group. Since leaving the commission he has focused on digital asset technology, in particular the development of a digital dollar. GlobalCapital caught up with Giancarlo to discuss regulation during the coronavirus crisis and the future of cryptocurrencies.
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GlobalCapital is delighted to announce the nominees for its 2020 global derivatives awards.
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The US Commodity Futures Trading Commission’s global markets advisory committee, a steering group made up of market participants, has recommended that the regulator provide a further six month grace period for compliance with initial margin requirements.
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After a week of speculation over which central banks would provide Turkey with a currency swap line, its central bank has announced an increase to an existing arrangement.
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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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Turkey has stood out among emerging market countries for its rapid-fire approach to monetary policy, as it attempts to turbo-charge growth amid the coronavirus pandemic. But with sustained downward pressure on the lira, few foreign investors are willing to buy in. The crisis is also causing a hedging conundrum.
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IHS Markit’s announcement this week that it had acquired regulatory technology firm Catena Technologies marked another move towards consolidation in the industry.
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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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The derivatives industry’s 2020 events calendar is even thinner, as the Futures Industry Association has cancelled its annual London event.