Derivs - Interest Rate

HSBC and MUFG have executed the first ever AUS/USD cross currency basis swap using SwapAgent, LCH’s non-cleared derivatives service.

The Financial Stability Board (FSB) has called on the International Swaps and Derivatives Association (ISDA) to include a pre-cessation trigger as standard language in definitions of new derivatives, warning of potentially disruptive market fragmentation as some interbank offered rates (Ibors) near a drop-off in relevance.

Eurex Clearing has cleared its first swaps trades referencing European regulators’ choice of replacement short-term reference rate, €STR.

TP ICAP has appointed Joanna Nader, a former senior banker, as its group head of strategy.

With just two years to go until the Financial Conduct Authority relinquishes its control of Libor, the road to creating robust alternatives is still under construction.

Chatham Financial, the derivatives and debt management advisory firm, has acquired one of its main rivals, JCRA, in a move that is set to create a dominant global player in the market.

A 14-strong group of trade associations have co-authored a letter asking the European Commission to grant UK central counterparties (CCPs) urgent extensions to their temporary equivalence determinations.

The European Securities and Markets Authority has issued technical advice for the European Commission on the treatment of third-country central counterparties (TC-CCPs).

An Austrian firm has become the first European Union-domiciled bank to join Eurex’s ISA Direct offering as a basic clearing member.

The European Union’s finance ministries are nearing a deal on the draft legal text for central clearing counterparty (CCP) resolution. But they still disagree on the use of CCPs’ own funds in a recovery scenario, as well as on voting rights for smaller states in a resolution college.

The US Commodity Futures Trading Commission this week approved foreign boards of trade applications (FBOT) from European derivatives exchanges despite opposition from commissioner Brian Quintenz.

MetLife has reported a $1.25bn third-quarter gain from derivatives positions, significantly boosting its quarterly net income.