Derivs - Interest Rate
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GlobalCapital is pleased to reveal all the winners of its 2023 Americas Derivatives Awards
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Bridge loans, pre-hedging and alternative finance come to the fore
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Sustainability drive is sweeping through derivatives
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NatWest Markets has hired UK rates trader James Bucknall from Deutsche Bank, where he was head of sterling trading.
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Barclays has hired a senior trader from JP Morgan in New York to replace Naseer Al-Khudairi as head of electronic trading and digital strategy for its markets division.
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Mizuho's new head of linear rates trading, Jason Cohen, has made three hires as he looks to build a franchise for the Japanese bank in EMEA.
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The US Commodity Futures Trading Commission and the Bank of England signed a memorandum of understanding on Tuesday regarding the oversight of derivatives clearing.
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JP Morgan and Capula have executed a Sonia swap against a Gilt future on Tradeweb, in what the trading venue provider says is the first electronic execution of such a trade for institutional investors.
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The transition from Ibor benchmarks passed a major milestone this week, when LCH joined CME in switching its discounting rate for dollar referencing derivatives from the Fed Funds Rate to Sofr.
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Citi has appointed Christopher Perkins and Sabrina Wilson as global co-heads of its futures, OTC clearing and FX prime brokerage business, following Jerome Kemp’s retirement from the industry.
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The International Swaps and Derivatives Association broke ground earlier this month in Libor transition when it the US Department of Justice approved its derivatives fallbacks. Market participants now face a busy few weeks working out if the protocol fits their differing needs.
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Amid heavy options trading activity ahead of a US election that most market participants expect to be bitterly contested and drawn out, opportunities are opening up to play the short volatility position that had proven so popular before the pandemic.
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A weighty corporate hedging transaction has added to the momentum of the US rates market’s transition from Libor. JP Morgan executed a $500m swap referencing Sofr with a blue chip corporate, Unilever.
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Interdealer broking giant TP ICAP has advanced further into buy-side revenue streams, with specific plans to target fixed income markets, as it clinched its acquisition of trading platform provider Liquidnet for an initial $575m last Friday.
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The International Swaps and Derivatives Association this week signalled its ambitions to unify documents for derivatives, securities financing transactions and repo markets.
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TP ICAP is pushing for a slice of buy-side business as it revealed on Tuesday night that it is in advanced discussions to buy Liquidnet, the trading platform provider.
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Fannie Mae’s and Freddie Mac’s drive to buy floating rate loans that reference the secured overnight financing rate is charging up a nascent market in interest rate caps that reference the Libor replacement.
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Tradeweb is the winner of this GlobalCapital’s OTC trading venue of the year award in what has been an extraordinary time for electronic trading. During the stressed market conditions of spring, Tradeweb stayed committed to innovating and creating efficiencies for its clients, which made it a clear winner of this category. While this award recognises Tradeweb’s achievements in derivatives, its presence in Treasuries, mortgages and exchange traded fund markets should be noted too, especially as much of its recent work has focussed on creating efficiencies across these product lines.
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GlobalCapital is delighted to announce the winners of its 2020 Global Derivatives Awards.
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The European Commission on Tuesday gave the derivatives clearing industry a lifeline by granting an 18 month equivalence decision that will allow European firms to keep using UK central counterparties.
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As political tensions rise over the UK-EU trade negotiations, concerns in the derivatives market are growing as the lack of equivalence between trading venues causes jitters once again.
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The tension between the EU and UK over Brexit ratcheted up this week, with the prospect of the UK reneging on the EU-UK Withdrawal Agreement rearing up. Rising political tension could now boil over into talks on financial services.
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TraditionDATA, the data and analytics arm of interdealer broker Tradition, is adding Ameribor, a potential replacement rate for Libor, to a data suite that shows spreads between alternative reference rates.
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Traders across asset classes are beginning to position in size as the US presidential election approaches, with an expected tight run-off making it very hard to time the market.
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Klaus Löber has been selected by the European Securities and Markets Authority as chair of its CCP supervisory committee. ESMA has also picked two other members; all three will be assessed by the European Parliament.
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The euro/dollar cross-currency basis swap has moved back in favour of euro issuance for the first time in three months, but with a wall of euro supply looming, the favourable level may not be enough to entice issuers away from the dollar market.
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US corporates under stress from Covid-19 economic shocks, especially those in the real estate sector, have been struggling in their renegotiations of loan and swap agreements as power has flowed back to the banks, writes Ross Lancaster.
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Some of the world’s top-tier financial institutions want changes in how central counterparty clearing house (CCP) resolutions are executed.
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A decision by the US Commodity Futures Trading Commission (CFTC) last week regarding European Union multilateral trading facilities (MTFs) and organised trading facilities (OTFs) could be a glum preview of the UK’s cross-border regulatory affairs.
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Just 3% of dollar interest rate risk was executed with Sofr trades in June, and the Japanese Libor transition has also been sluggish, according to data released this week.
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Despite the success of many emerging market sovereigns in issuing bonds in international markets this year, Turkey, typically a leading issuer, has been notable by its absence. And with its foreign exchange reserves running lower, the risks of it not being able to come to market at all could be mounting.
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The US Commodity Futures Trading Commission (CFTC) was set to back a significant revision of its cross-border mandate on Thursday, pulling back from overseeing non-US swap transactions.
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Central counterparty clearing houses (CCPs) could face increased attention and greater regulation after coming through the Covid-19 crisis in good shape, Fitch Ratings analysts said this week.
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Favourable moves in the cross-currency basis swap and rates markets have created opportunities for European investors to play in the US fixed income markets, said Amundi investors this week.
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RJ O’Brien, the futures brokerage and FCM, is aiming to break into the dollar swap market by hiring rates veteran Mark Donlon.
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GlobalCapital is pleased to announce the winners of this year’s Americas Derivatives Awards. This year’s pitching process was one like no other as the Covid-19 crisis swept throughout the world.
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The European Investment Bank (EIB) has become the first supranational institution to join LCH’s French repo clearing service.
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A new US Commodity Futures and Trading Commission rule to restrict post-trade name give-up on swap execution facilities (SEFs) is causing some confusion in the market as participants work to a tight deadline.
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The European Commission has given the derivatives clearing market some hope, as it signalled on Thursday that it was going to extend its equivalence agreement with the UK.
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Tradition’s Trad-X dealer-to-client central limit order book has won two more members, as UniCredit and Actiam have joined the electronic rates trading platform.
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Post-trade name give-up on swap execution facilities (SEFs) is set to be consigned to history as a majority of commissioners on the Commodity Futures Trading Commission (CFTC) came out in support of a rule that will largely restrict the practice.
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The European Parliament reached a quicker than expected agreement on central counterparty clearing house recovery and resolution on Tuesday night, settling on a framework for second skin in the game requirements and also pushing open-access rules out for another year.
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Jerome Kemp, global head of futures, clearing and collateral at Citi, and a leading figure in the derivatives clearing market, has retired after 36 years in the industry.
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European Union institutions failed on Friday to reach a deal on a clearing resolution scheme, due to disagreements on whether the second skin in the game should be prefunded or not. The EU Commission is now suggesting a middle way that will be debated on Tuesday evening.
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Members of the European Parliament and representatives of member states hope to clear the last hurdles for an agreement on a draft regulation on recovery and resolution of central counterparty clearing houses (CCPs) by the end of this month.
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Eurex Clearing has cleared its first interest rate swap for a Japanese client as the clearing house pushes its over the counter (OTC) euro swaps business into Asia.
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Eurex Clearing has added inflation swaps to its euro liquidity pool, as the clearing house boosts its interest rate derivatives offering.
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CME Group has become the latest exchange to signal a return of open-outcry as it announced the reopening of its Eurodollars options pit.