Derivs - Interest Rate

CME Group has agreed to integrate truePTS, the post-trade business that was spun off from swap execution facility trueEX in December, into its preferred global network of regulated trade repositories.

Buried in a hay bale of legal documentation last week, the European Union’s final draft of margin rules for uncleared swaps contained a joke that is sure to needle major banks. The question is whether anyone, including regulators, will still be able to smile at it when the September 1 deadline passes.

A weaker PBoC renminbi fixing has fuelled a Chinese equity sell-off and backed some flattening momentum across the CNY NDIRS curve today. Meanwhile, China has renewed a currency swap agreement with Singapore, writes Deirdre Yeung of Total Derivatives.

TriOptima the over-the-counter post-trade service provider, has torn up more than $750tr in notional principal outstanding contracts since it launched its compression service for OTC derivatives in 2003, the firm said on Monday.

EU regulators granted a stay of execution to corporate treasury officials as they mandated a slower roll-out of new margin requirements on some of the most popular uncleared derivatives trades. But they stayed firm on a September 1 deadline many believe is untenable. With this temporary reprieve comes also the knowledge that treasuries’ recoursing to swaps strategies will soon become much more challenging.

European Union regulators have published final draft rules for uncleared derivatives that make important concessions to lobbyists on margin requirements for some derivative contracts, but show no sign of budging on a very tight September 1 deadline for compliance by the biggest players in the market.

CME Group will be the first clearing house to clear interest rate swaptions, starting from next month, the firm has said.

OpenDoor Trading, a trading platform that aims to improve liquidity in off-the-run US treasuries and treasury inflation protected securities (TIPS), has appointed two senior fixed income officials to its board of advisors.

US economic data, despite some positive signals, is consistent with a continuing turn higher in market volatility, quantitative modellers have said.

Intercontinental Exchange’s assertion this week that it is mulling an offer for the London Stock Exchange Group, along with rumours of rival interest from CME, has ushered in a ‘phoney war’ with main suitor Deutsche Börse, say market participants — but the ensuing battle makes the future of LSE’s clearing business far from certain.

Tradeweb Markets, a fixed income and derivatives marketplace operator, has bought CodeStreet, a firm that specialises in developing data-driven trade identification and workflow management software.

Intercontinental Exchange, the US operator of stock exchanges and clearing houses, is considering making an offer for the London Stock Exchange, in a move that could derail the latter's merger with Deutsche Börse.