Derivs - Interest Rate
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One of the most dramatic sagas to take place in the administrative world of post trade interest rate swap processing looks set to draw to an early close, as TrueEX and MarkitSERV work towards settling their legal dispute.
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Deutsche Börse marked the first run for its regulatory reporting hub this week, as the reporting obligations for the revised EMIR technical standards came into effect.
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Euronext has finalised a collaboration agreement with LCH, which will continue to provide derivative and clearing services to the exchange for the next 10 years.
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Interest rate derivatives enjoyed increased popularity this quarter as their traded notional rose 9.8% to $46.4tr year-on-year, according to a report by the International Swaps and Derivatives Association. The rise was accompanied by a 5.6% trade count increase.
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London based clearing house LCH Group has revealed that John Horkan, the head of its North American operations, will become COO of the company.
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New York’s attorney general has made Deutsche Bank pay a $220m settlement agreement with 45 US states as punishment for its part in the manipulation of dollar Libor and other interest rate benchmarks.
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Nordea announced on Wednesday that it would become a systematic internaliser for FX and interest rate derivatives and cash bonds under the Markets in Financial Instruments Directive (MiFID) II.
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The US Federal Reserve has delayed implementing a highly unpopular record-keeping tweak that many clearing banks had feared would increase their institutions’ capital buffers by 50bp.
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Exchange and clearing house operator Deutsche Börse and its CEO Carsten Kengeter are back in hot water after a multi-million euro settlement offer over alleged insider trading was thrown out by Frankfurt’s local court on Monday. Senior public prosecutor in Frankfurt, Nadja Niesen, told GlobalCapital on Tuesday that the court rejected the prosecution's attempts to settle the case by means of a "monetary penalty".
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Director of the National Economic Council Gary Cohn has singled out clearing houses as “the next problem” that the financial industry will have to confront.
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The European derivatives market has a combined notional value of $478tr, with 330m transactions outstanding, said the European Securities and Markets Authority (ESMA) after it analysed data from six EU-authorised trade repositories.
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LCH has begun clearing Swiss Franc interest rate swaps referencing the Swiss Average Overnight Rate (Saron), with Basler Kantonalbank, Credit Suisse and Zürcher Kantonalbank among the first to clear using the new benchmark.