Derivs - Interest Rate

The London Stock Exchange has entered into exclusive talks with Euronext about selling it LCH.Clearnet SA, the LSE's French clearing subsidiary.

Major banks face a tight run-in to meet European initial margin rules on uncleared derivatives, with a January 16 deadline giving little time to make final preparations once market participants return following the Christmas break.

The European Commission has determined that India, Brazil, New Zealand, Japan Commodities, United Arab Emirates and Dubai International Financial Centre have equivalent regulatory regimes for central counterparties (CCPs) to the European Union.

The European Commission will focus on post trade and clearing in its review of the proposed merger between London Stock Exchange and Deutsche Börse, having narrowed its list of concerns from September. But the race is on for the exchanges to address these concerns, with less than three months until a pivotal deadline.

Intercontinental Exchange has obtained approval from the European Securities and Markets Authority (ESMA) for its ICE Clear US business to be recognised as a third country central counterparty under the European Markets Infrastructure Regulation (EMIR).

Euronext is looking for a chief executive officer for its Lisbon office, after Maria João Carioca answered a call from the Portuguese government to re-join Caixa Geral de Depósitos.

The Chicago Mercantile Exchange has appointed a president for clearing and post trade services, a newly created title at the firm.

IHS Markit has added CME Clearing to its MarkitSERV netting synchronisation service for cleared over-the-counter derivatives.

JP Morgan was hit hardest as the European Commission on Wednesday fined three banks a total of €485m for manipulating markets in a euro interest rate derivatives cartel.

Market participants should move to standardised collateral and terms to address variation margin requirements, the International Swaps and Derivatives Association (ISDA) has said, with many counterparties needing to amend, replace or introduce credit support annexes ahead of the March 1 deadline.

Volume figures released by major derivative exchanges for November show a marked rise over October's numbers, with some exchanges reporting record volume days in the aftermath of the US election.

The spectacle of Italian prime minister Matteo Renzi’s political suicide did little to rattle financial markets on Monday morning, with any immediate negativity in credit and equity that had not already been priced in ahead of the country’s Sunday referendum quickly eased over by shorters monetising their gains.