Derivs - Interest Rate

As volatility returned to financial markets, US derivatives exchange operator CME saw record average daily volume for derivative contracts in the first quarter of 2018, beating the same period last year by 30%.

The Financial Services Committee of the US House of Representatives on Wednesday waved through a bill that could allow banks to remove initial margin for centrally cleared derivatives from their leverage exposure, and thus hold less capital.

The European Securities and Markets Authority on Wednesday clarified an important section of transparency regulation MiFIR that makes counterparties trade certain derivatives on specified trading venues.

A top US derivatives regulator on Wednesday went into battle against his European counterparts over their new proposal that will increase the stringency of the EU’s oversight of foreign clearing houses.

Société Générale said on Wednesday that Didier Valet, deputy chief executive of the bank and former head of CIB, would be leaving the group — a move driven by US authorities' investigation into the manipulation of Libor.

Frustration boiled over at the Futures Industry Association's (FIA) annual Boca Raton meeting on Wednesday, with Commissioner Brian Quintenz of the US Commodity Futures Trading Commission (CFTC) threatening European regulators with obstruction.

The Futures Industry Association began its annual conference in Boca Raton, Florida, on Tuesday, with delegates assembling to discuss the challenges and opportunities facing derivatives markets 10 years after the great financial crisis.

The Financial Conduct Authority on Monday said it had settled with former Deutsche Bank interest rate derivatives trader Guillaume Adolph, for manipulating Libor submissions, and fined him £180,000.

The Chicago Mercantile Exchange Group has set the date for its launch of a futures contract that will reference the secured overnight financing rate (Sofr) that has been chosen to replace dollar Libor in derivatives contracts.

Interest rate swap platform trueEX has opened an office in Singapore, placing itself to take advantage of domestic regulatory change that would boost its business.

Commissioner of the US Commodity Futures Trading Commission Brian Quintenz attacked the “perverse outcomes” stemming from the supplementary leverage ratio and its treatment of segregated margin, in a speech to the US securitization industry’s annual SFIG Vegas conference.

European Central Bank president Mario Draghi on Monday welcomed proposed EU powers over the clearing of derivatives in foreign jurisdictions, calling recent legislative efforts by the European Commission a “necessary initiative”.