Derivs - Interest Rate

The International Swaps and Derivatives Association has called on the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions to create and publish a list of Qualifying Central Counterparties or compliant regimes.

Tradition has launched U.S. dollar interest rate swaps on its Trad-X IRS hybrid electronic trading platform in the U.S.

Some market participants are refraining from doing business with counterparties in particular jurisdictions and some banks are shifting operations back to their domestic markets due to a lack of regulatory certainty and global harmonization.

Brevan Howard has tapped another interest rates sellsider with the hire of Claire McCathie from JPMorgan in London.

The pension scheme for staff at minerals group Imerys is planning to investigate investing in derivatives once its ongoing asset/liability matching study concludes.

The European Securities and Markets Authority should clarify that the Alternative Investment Fund Managers Directive is not intended to apply to structured issues, according to the Joint Associations Committee on Retail Structured Products.

Selling 1y*2y receiver spreads on sterling is a good way to fund the buying of euro 1y*2y receiver spreads to take advantage of a potential unwind in front-end EUR rates, according to strategists at Barclays.

Buying six-month 5s10s conditional flatteners on the Australian dollar curve is a good way to play for a flattening via options, according to strategists at the Royal Bank of Scotland.

The European Commission is gauging opinions from companies, individuals and associations on a pushing ahead with an effort bolster the international jurisdiction of courts.

A proposal from the European Securities and Markets Authority for interoperable central counterparties to assess the need to harmonise their risk management frameworks has been tagged as unworkable by market participants. The European Multilateral Clearing Facility, SIX x-clear and LCH.Clearnet all think the proposal is not practicable.

Misconduct in interest rate submissions at the Royal Bank of Scotland continued into 2010, despite the firm’s management being made aware of potential misconduct related to Libor submissions, according to documents released by regulators. The firm was today fined GBP87.5 million (USD137 million) by the U.K. Financial Services Authority, USD325 million by the U.S. Commodity and Futures Trading Commission, and USD150 million by the U.S. Department of Justice for misconduct relating to Libor.

UBS employees earning over CHF250,000 will have part of their bonuses deferred.