Derivs - Interest Rate

Associated British Ports defied sceptical observers this week and succeeded in persuading holders of a £65m floating rate note to switch its coupon to one set over Sonia — a global first. ABP managed to do it without paying investors a fee, potentially setting a precedent for others to follow. ABP is certainly likely to try again.

The Depository Trust & Clearing Corporation (DTCC) has agreed on new partnerships with fintech firms Catena Technologies, Finastra, and Compliance Solutions Strategies, in preparation for the European Securities Financing Transactions Regulation (SFTR).

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) this week published their joint discussion paper on central counterparty default management auctions.

Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission, made his final speech at a Futures Industry Association conference this week, with a last attempt to stake out his vision on cross-border clearing supervision.

The US Senate has approved the nomination of Dr. Heath Tarbert as chairman of the US Commodity Futures Trading Commission.

Collateral management technology provider CloudMargin has appointed Stuart Connolly, previously of NEX, as its CEO.

CME Group is making a number of senior management changes as part of its integration of last year’s acquisition, UK trading and technology firm NEX Group.

GlobalCapital is pleased to announce the winners of its 2019 Americas Derivatives Awards, revealed at a gala dinner at the Metropolitan Club in New York on Thursday May 30. As ever, the awards recognise the firms and innovations that have advanced the derivatives markets during the last 12 months.

Risk management technology firm KRM22 has agreed to acquire Object+, a risk management and post-trade technology business.

Representatives of the European Union’s 28 member states have resumed talks on a clearing house (CCP) resolution, with a view to reach an agreement by the end of the year.

Derivatives exchange operator CME Group has revealed plans to launch the next generation of its standard portfolio analysis of risk margin methodology, with the aim of offering enhanced risk management capabilities through a single, unified interface.

The UK corporate bond market is getting its first taste of a trend that could dominate liability management in the coming years. Associated British Ports this week asked holders of its £65m 2022 floating rate note to consent to switching the bonds’ reference rate from Libor to Sonia. Alex Radford and Ross Lancaster report.