Derivs - Interest Rate

New York-based Javelin Capital Markets, which runs an interest rate swaps and credit derivatives trading venue, has opened an office in London following a spike in demand from end users in Europe.

Index provider STOXX has launched two benchmarks to rival Libor and Euribor. The STOXX GC Pooling index family provides a representation of the secured euro funding transactions taking place on the Eurex Repo GC Pooling Market, effectively creating a third-party alternative to unsecured interbank benchmarks.

The International Organization of Securities Commissions has issued a consultation paper on its proposed Principles for Financial Benchmarks noting that compilation, distribution and governance for financial benchmarks should be undertaken by an administrator.

Credit Suisse has hired Victor Lin as a U.S. dollar interest rates options trader in New York.

Market participants, and particularly buyside firms, are looking to standardize derivatives products which will accelerate the move to electronic trading, according to panelists at the Futures Industry Association’s Expo in New York this morning.

Central counterparties that accept non-cash variation margin are taking on significant risk, according to Daniel Maguire, head of SwapClear U.S at LCH.Clearnet.

Barclays is pitching a hedge against a worsening of the eurozone crisis by buying a six-month single-look 5y-30y curve floor on the euro rate curve.

Nomura is considering expanding its clearing team in Asia. “It’s one of the growth areas for the bank, as we expect the market to expand quite rapidly,” Lee McCormack, client clearing business development manager in London, told DI in an interview.

Financial transaction tax proposals being drawn up by some European Union member states may force some firms to open subsidiaries outside the tax zone, according to ICAP.

The Hong Kong Exchange has unveiled the initial members and founding shareholders of its over-the-counter derivatives clearinghouse.

Nomura Securities is set to hire Jinseop Lee as an executive director and head of Korean rates trading in Seoul.

To hedge against an increase in sovereign risk in the eurozone, Barclays is pitching a delta-hedged strategy on the euro rate curve.