Derivs - Interest Rate

LCH SwapAgent, the non-cleared derivatives calculation agent arm of the clearing house, has processed its first cross-currency basis swap, a trade between Deutsche Bank and Credit Suisse.

The Bank of England and Financial Conduct Authority have announced plans to set up a working group to navigate sterling markets' transition from Libor to Sonia.

The Financial Conduct Authority has secured the submissions of its Libor panel banks until 2021, after which the regulator will no longer mediate the reference rate.

The US Commodity Futures Trading Commission has once again extended no-action relief to the Shanghai Clearing House, stating that it will not take action against it for not registering as a derivatives clearing organisation.

Eurex Clearing has made a strong start on a partnership programme that it hopes will provide interest rate swaps players with an attractive European Union-based option for clearing activity.

Mizuho International has hired a managing director from Credit Suisse to take charge of its fixed income business.

Interest rate swap execution platform trueEX has hired Kevin Lupowitz as chief technology officer, the company announced on Monday.

International securities identification numbers, which are due to become a central feature of the Markets in Financial Instruments Directive II push for greater transparency in OTC derivatives, are causing a standoff in the industry, less than two months before the regulation comes into force.

Repo traders convened this week in Brussels to rethink how to fix the plumbing of financial markets and mulled using other forms of collateral in the market.

Amid all of the hand-wringing about the advent of the Markets in Financial Instruments Directive on January 3, there are some firms which are set to be clear winners, and welcome the start of the controversial regulation.

As the prospect of a ‘hard Brexit’ looms over the City of London, UK politicians are facing the humiliating prospect of losing financial market primacy to Paris. The derivatives market is one area where participants are actively looking across the Channel, worrying Nicky Morgan, chair of the UK parliament’s Treasury Select Committee.

A top US regulator at the Commodity Futures Trading Commission on Thursday slammed the “one-size-fits-all philosophy” of the organisation's prior leadership.