Derivs - Interest Rate

Bank of America Merrill Lynch has made three senior moves in its European client clearing operations for futures, options and OTC products.

Chairman of the US Commodity Futures Trading Commission Christopher Giancarlo had a pessimistic message on cross-border clearing regulation for the House Committee on Agriculture this week, citing “fundamentally different approaches” to the matter with European counterparts.

LCH RepoClear has raised its margin on several Italian government debt securities, but the market reaction has so far been muted, according to analysts.

Post-trade infrastructure company Depository Trust and Clearing Corporation (DTCC) on Wednesday announced that it would open a new office in Dublin in an effort to sidestep uncertainties stemming from Brexit.

The Alternative Reference Rates Committee, a US body committed to transitioning markets away from interbank offered rates, this week published a letter it had sent to financial regulators and supervisors, asking for clarity on how derivatives contracts referencing the benchmarks would be impacted by amendments crafted to deal with their discontinuation.

MUFG announced this week that it has appointed a new international head of credit sales and trading.

It has been a long road for FX options but finally the clearing industry has arrived at a solution for the asset class to play catch up to other derivatives.

Financial Conduct Authority chief Andrew Bailey on Thursday set out the options for forward-looking term rates to replace Libor, a family of benchmarks that he described as “vulnerable to misconduct”.

TP ICAP replaced its chief executive John Phizackerley with its boss of global broking, Nicolas Breteau, on Tuesday, sending the shares spiralling downwards, as the interdealer broker revealed that rising costs were impacting the business.

Crédit Agricole CIB said on Monday that it had hired Paul Lynn as head of financial institutions sales UK.

Nomura has unveiled a big redundancy round in its EMEA global markets operation, with more than 50 front office staff at risk. The move comes as volumes in European fixed income disappoint once again, setting banks up for a rough set of second quarter numbers.

The Futures Industry Association’s European Principal Traders Association (FIA EPTA) has chosen a new chairman, promoting Mark Spanbroek to the position.