Derivs - Interest Rate

Tullett Prebon, the interdealer broker, has hired a global head for its alternative investments division and, separately, has become the first platform to send a swap execution facility (SEF) trade for clearing in Japan.

Gordon Dadds, a law and professional services firm, will begin offering a derivative documentation managed service as part of a newly launched consultancy business.

Although the weak yuan trend is continuing China's latest move to slow capital outflows is keeping short-end CNY NDIRS calm. Meanwhile, China has issued its first London-listed dim sum bond and Sri Lanka is planning a Panda bond issue, writes Deirdre Yeung of Total Derivatives.

US banks face tighter but potentially confusing restrictions on booking swaps business overseas, say lawyers, after the Commodity Futures Trading Commission (CFTC) adopted a rule that applies multi-faceted criteria to applying cross-border margining requirements on uncleared swaps.

Intercontinental Exchange has promoted a long-serving senior official at the firm to chief technology officer.

Replenishing the default fund of a failed central counterparty (CCP) and addressing single point of entry at its holding company are some of the biggest challenges regulators face in developing a resolution framework for systemically important CCPs, according to a report by the Clearing House and the International Swaps and Derivatives Association.

Longer CNY NDIRS have been leading a rally as Fed rate hike concerns support swap offers from the 5-year point. Sources say the 1s/10s curve is due a corrective steepening move. FX price action from Monday is said to reflect currency market intervention by the PBoC. ANZ and Nomura have issued dim sum bonds, writes Deirdre Yeung of Total Derivatives.

The Chicago Board Options Exchange has taken a strategic stake in parent Eris Exchange as the firms team up on a range of product solutions aimed at regulatory reforms such as Basel III, European swap clearing and trading mandates, as well as margin for un-cleared swaps.

OpenDoor Trading has hired a former Bank of America Merrill Lynch sales head as president as it prepares to launch a trading platform aimed at improving liquidity in off-the-run US treasuries and treasury inflation protected securities (TIPS).

The CNY NDIRS curve is steeper on mid-sector paying interest and currency- and fixing-related strength in the short-end. Soc Gen sees the CNH CCS-CNY NDIRS spread widening. Meanwhile, China City Construction is planning to redeem an existing dim sum bond, writes Deirdre Yeung of Total Derivatives.

The futures-implied probability of a US rate hike in June surged this week after hints by Federal Reserve officials.

Intercontinental Exchange is readying to offer a new form of interest rate futures contract aimed at supporting term financing deals such as repurchase agreements.