Derivs - Interest Rate

Singapore began its over-the-counter derivatives reform program in July 2011 when the Monetary Authority of Singapore, the central bank and financial services regulator, announced it would meet the objectives set by the G-20 in Pittsburgh in Sept. 2009 as well as the recommendations of the Financial Stability Board set out in its report to the G-20 Finance Ministers and Central Bank Governors in Oct. 2010. Although not a member of the G-20, Singapore is a member of the FSB.

LCH.Clearnet has tapped David Weisbrod for a newly-created role as ceo of its U.S. subsidiary, based in New York.

The Hogg Tendering Advisory Committee for the London interbank offered rate has launched the tendering process to find a new Libor administrator.

Brokerage firm Newedge has has cleared its first over-the-counter interest rate swap contract.

The Japan Securities Clearing Corp. started voluntary clearing of euro and yen-denominated TIBOR over-the-counter interest rate swaps on Monday.

As the basket into which trillions of dollars worth of eggs, in the form of OTC derivatives, must eventually be crammed, central clearing counterparties have the potential to become the world's biggest too-big-too-fail institutions.

Regulating market indices in the same way as interest rate benchmarks would result in additional costs for providers, which would ultimately be passed onto end-users and potentially raise barriers to entry into the indexing business, according to buyside firms.

Simon Oddie, director in interest rates trading at Barclays in London, has left the firm.

The Australian Securities Exchange is planning to offer futures referencing its volatility index, known as the S&P/ ASX 200 VIX, in the second half of 2013, with options referencing the futures to follow.

ICAP has launched i-Swap, its electronic interest rate derivatives platform in the U.S. for trading U.S. dollar interest rate swaps.

Brevan Howard has continued its interest rates hiring push with the appointment of Mark Deniston from Goldman Sachs in London.

The turnover of structured products traded on European stock exchanges in Q4 of 2012 declined by 13.4% versus Q3 2012 and 21.9% year-on-year, according to the latest quarterly report from the European Structured Investment Products Association.