Derivs - Interest Rate

ICAP has become the latest finance company to have allegations of spoofing the Euribor market and causing losses in the derivatives markets for some investors dismissed by a US court.

Hopes for the London Stock Exchange Group's merger with Deutsche Börse were struck down on Monday, as European authorities’ latest demands on the parties proved too much for them to meet.

The Chicago Mercantile Exchange has posted record volumes this week on its interest rate future contracts, surpassing previous records set just after the presidential election.

Deputy Governor of the Bank of England for financial stability Sir Jon Cunliffe this week warned against the influence of ‘currency nationalism’ in determining clearing centres.

The European Supervisory Authorities have issued a joint letter on the introduction of variation margin for non-cleared derivatives due to come into force on Wednesday. There is to be no EU postponement of the rules, but the regulators do suggest some forbearance in their implementation.

Tullett Prebon Information, the OTC price information provider, has signed an agreement to make its data available to users of Murex’s trading risk and processing solutions.

Crédit Agricole has partnered with Orchestrade Financial Systems to upgrade its risk management systems for interest rate derivatives and forex forwards.

GlobalCapital is pleased to announce the shortlist of nominees for its Americas Derivatives Awards 2017, which this year includes new categories.

The skies look dark as you head off for a walk on the beach, so you buy an umbrella. If it turns out sunny, you’ll get a few smirks from people you meet. But you’re unlikely to be abused as an idiot.

ISDA has welcomed the US Commodity Futures Trading Commission’s decision to grant swap dealers an extra six months to align their credit support annex agreements with new variation margin requirements, but demanded that other regulators follow suit.

European financial market regulators have operated for some time without an equivalent to the ‘no action letters’ available to the other regulatory authorities such as those in the US but the European Securities and Markets Authority (ESMA) has woken up to the need for this recourse as a looming March 1 rollout of variation margin rules on uncleared derivatives threatens lockdown for swathes of unprepared participants.

The PBoC skipped another reverse repo operation today, tightening liquidity conditions further. However lower fixings have supported better offers in swaps. Data-related receiving in 5-years has fuelled a corrective flattening move in the 1s/5s NDIRS slope after the curve made new highs earlier this week, writes Deirdre Yeung of Total Derivatives.