Derivs - People and Markets

Interdealer broker TP ICAP revealed on Tuesday that it had chosen Paris as its post-Brexit hub in the European Union, as new CEO Nicolas Breteau called for the flexibility to pay company brokers the "market rate".

Dee Blake, the head of regulation at ICE Futures Europe, has left the company according to sources.

A research note by the Financial Conduct Authority (FCA) has concluded that the phase-in of initial margin requirements for non-cleared derivatives trades will largely fail to make the process “gradual” and easier to stomach for UK counterparties.

Barclays ramped up its leverage and commitments to repo and prime finance, helping the firm’s markets business score a revenue bump of 11% and beat analyst expectations, largely thanks to surging numbers from the bank’s equities business.

Deutsche Bank's decision to clear around half of its euro swaps business in Europe might have caused a stir in the Square Mile this week but a closer look at the overall clearing numbers show that London continues to dominate the global swap clearing markets, writes Ross Lancaster.

Bank of America Merrill Lynch has bolstered its EMEA equities division with a string of new hires, including four new managing directors.

Bank of America Merrill Lynch has made three senior moves in its European client clearing operations for futures, options and OTC products.

The package of business cuts unveiled by new chief executive Christian Sewing earlier this year has already started to bite on Deutsche’s balance sheet, with trading assets plunging and borrowing in repo down 95%. Despite the cuts, though, the bank beat rock bottom expectations this quarter, but still faces a challenge to return to sustainable profit-making, according to analysts.

Chairman of the US Commodity Futures Trading Commission Christopher Giancarlo had a pessimistic message on cross-border clearing regulation for the House Committee on Agriculture this week, citing “fundamentally different approaches” to the matter with European counterparts.

Barclays has hired a former Deutsche Bank senior FX boss as its new global head of G10 foreign exchange trading and distribution.

JP Morgan has promoted its head of EMEA structuring to a newly created global leadership role that will be focused on equity derivatives.

As lawmakers and regulators grapple with the increasing systemic importance of clearing houses (CCPs), Singapore Exchange on Thursday proposed new rules for its derivatives clearing house and central depository to better manage a member default.