Derivs - Interest Rate

The Dutch State Treasury Agency will clear its interest rate swaps at the clearing arm of German derivatives bourse Eurex, it was revealed on Tuesday.

Chairman of the US Commodity Futures Trading Commission (CFTC) Christopher Giancarlo’s whitepaper on the US swaps market seems to have struck a note to please most corners of the swap execution facility (SEF) sector.

The Bank of England, the primary regulator of UK clearing houses, has decided to go ahead with a new rule that would compel CCPs to report issues with their servers and other technology systems.

LCH, the majority-owned clearing house of the London Stock Exchange, on Tuesday began clearing non-deliverable interest rate swaps in Chinese yuan, Korean won and Indian rupees.

Five years on from the swap execution facility (SEF) revolution hitting the US, an ‘upgrade’ — as the chairman of the US Commodity Futures Trading Commission has described it — is overdue.

Interest rate derivatives platform CurveGlobal launched futures based on the sterling overnight average, a designated successor to Libor, on Monday. The chief executive of the platform, Andy Ross, told GlobalCapital that he expected the new product to “develop over time”, and that the platform would not release any other Sonia futures until liquidity improved sufficiently.

Chairman of the US Commodity Futures Trading Commission (CFTC), Christopher Giancarlo unveiled a highly anticipated whitepaper that laid out his assessment of US swaps market reform since the Dodd-Frank Act came into being on Thursday.

The International Swaps and Derivatives Association on Wednesday pushed for “enhanced supervisory cooperation” between clearing houses in the wake of Brexit.

ESMA chair Steven Maijoor spoke out against proposed clearing house legislation that would create a new body within the regulator, as part of remarks to the Goethe University’s institute for law and finance in Frankfurt on Monday.

Prominent German member of the European Parliament, Markus Ferber, has put down suggestions that European regulators should be granted powers to temporarily exempt market participants from regulations.

The derivatives industry is engaging with efforts to create credible alternative reference rates to Libor, but three years is too little time to achieve this and more attention needs to focus on the existing benchmark itself.

Stoxx on Thursday announced the launch of indices for the liability driven investment industry, products that are ready suited for derivative contract creation.