Derivs - People and Markets

LCH, London Stock Exchange Group’s majority-owned clearing house, cleared over one quadrillion dollars of over-the-counter interest rate derivatives in 2018.

The Bank of England's Financial Policy Committee on Thursday said that recent assurances from the European Commission on derivatives clearing were not enough to alleviate hard-Brexit disruption.

NatWest Markets has hired a senior BNP Paribas rates trader to head its US dollar linear rates trading team.

Trade body the Futures Industry Association (FIA) on Tuesday released recommendations on how to shore up clearing house (CCP) risk management processes in the wake of a €114m member default at Nasdaq Clearing in September.

The International Swaps and Derivatives Association on Tuesday said the derivatives industry seemed to have broadly agreed on a method of calculating replacement rates, known as fallback rates, for interbank offered rates (Ibors), in case those rates stop being calculated.

LCH, the London-based clearing house, has pumped up its compression offering, reducing members’ notional outstanding by $4.5bn through its FX clearing arm, ForexClear.

The European Securities and Markets Authority (ESMA) on Friday said that its board of supervisors supported “continued access” to UK clearing houses in a no-deal scenario.

Barclays has hired two interest rates options traders in London, as it seeks to grow the business and expand its product offering.

Dan Berkovitz, the US Commodity Futures Trading Commission’s newly appointed Democratic commissioner, has selected a new chief of staff and special counsel to assist him.

Jefferies has appointed former Nomura and Citigroup trader Fred Jallot as head of fixed income Europe.

The European Commission, on Tuesday, told UK clearing houses and securities depositories to pre-apply to the European Securities and Markets Authority (ESMA) for recognition, should hard Brexit take place.

Representatives from European Union (EU) member states were debating the role of central banks within the EU on Tuesday, as part of discussions over controversial proposals for a new framework for supervising clearing houses.