Derivs - People and Markets

A flurry of corporate borrowers came to market this week, but the UK’s approaching referendum on Europe has struck terror into the heart of liquidity providers across all walks of the derivatives market.

A growing number of foreign exchange brokers are increasing their margin requirements on currency trades to protect themselves from Brexit volatility, with several outlining planned hikes around this month’s UK referendum.

The International Swaps and Derivatives Association has appointed a permanent replacement for David Geen, its former general counsel who left earlier this year, while also naming central counterparty senior executives to its board.

truePTS has appointed a former IntercontinentalExchange official as its first chief executive officer since becoming an independent post-trade derivatives business.

OpenDoor Trading has joined forces with Broadway Technology to speed up development of its trading platform for the US Treasury bond market.

The state of Illinois sank deeper into trouble over a budget impasse this week, with Moody's cutting the US state's credit rating while a key financial market figure told lawmakers that a proposed derivatives tax would only worsen problems rather than help solve them.

The Chicago Board Options Exchange is stepping up plans to expand outside of the US by opening its first international business development office in London in July.

The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association have added to the number of Shariah compliant hedging tools available to investors with two standards for Islamic forward foreign exchange products.

Markit, the financial information services firm, has hired an experienced banker to head up index research and development in New York.

An auction this month to settle credit default swaps referencing Norske Skog will produce wildly divergent recoveries for investors at different maturities, terms published by the International Swaps and Derivatives Association (ISDA) have confirmed.

HSBC has announced the structure of its newly combined global banking division, which merges the old capital financing and banking divisions, following the appointment of Matthew Westerman as new co-head of the combined business. The six product teams in capital financing, and the six sector coverage teams in banking, will be replaced by nine combined groups in the new division.

GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2016. The results were revealed at a gala dinner at New York’s Metropolitan Club on June 2. Thank you to everyone who supported the event by attending and for taking part in the pitches that decided who were the best and brightest in US, Canadian and Latin American derivatives over the last 12 months.