Derivs - People and Markets

In the event the UK leaves the European Union without agreeing to the negotiated exit deal, EU banks and investment firms will be able to come to the UK to trade UK shares, the European Securities and Market Authority (ESMA) has said, reversing on a previous statement. But the UK’s Financial Conduct Authority (FCA) is not satisfied with the ESMA’s proposed trading obligations under No Deal Brexit.

The UK corporate bond market is getting its first taste of a trend that could dominate liability management in the coming years. Associated British Ports this week asked holders of its £65m 2022 floating rate note to consent to switching the bonds’ reference rate from Libor to Sonia. Alex Radford and Ross Lancaster report.

Richard Glenn has left his position as head of the insurance solutions group for Europe, the Middle East and Asia at Nomura, joining Invesco. Another head of that group departed the bank last year.

The US Commodity Futures Trading Commission has given a boost to derivatives exchanges that are introducing passive liquidity protection for some of their contracts.

The EU has fined five big banks about €1.1bn in total after it found that some of their currency traders were involved in a foreign exchange cartel.

US Commodity Futures Trading Commission (CFTC) commissioner Dan Berkovitz has thrown his weight behind new rules covering speculative position limits.

Netherlands-headquartered clearinghouse EuroCCP has appointed ex-LCH man David Hatton as its chief technology officer.

Société Générale’s financing and advisory operations again produced strong revenues in the first quarter, according to results announced on Friday. Revenue in global markets and investor services fell, however, and here the bank is slashing risk-weighted assets, to refocus its business.

Bartholomew "Bart" Chilton, a former commissioner at the US Commodity Futures Trading Commission, passed away on April 27, aged 58.

Goldman Sachs has hired Sushil Krishan, a UniCredit banker, for its team covering equity derivatives solutions, GlobalCapital understands.

The chair of Deutsche Börse, Joachim Faber, will resign from the stock exchange at its 2020 annual meeting.

Cryptocurrency exchange BeQuant has appointed a former CME Group executive as a consultant to help it cope with increased regulatory pressure as it grows an institutional cryptocurrency trading business and expands its custody offering.