Derivs - People and Markets
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The Chicago Board Options Exchange has detailed its rules for margins that will govern credit default options at a time when regulators move forward with shifting over-the-counter derivatives onto exchanges.
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The USD350 trillion over-the-counter derivatives market will grow by around USD85 trillion by year-end 2013 due to an influx of buy-side volume stemming from the impacts of coming market reforms in both the U.S. and Europe. According to a Booz & Co. report, market reforms will increase price transparency and reduce risk, thus driving buyside volume and increasing notional value.
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Nomura has hired Paul Shah, the ex-head of structured rates trading at UBS in London, as a managing director in a similar role.
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Options trading executives have noticed increased demand for performance metrics as more clients incorporate options into their trading portfolios.
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BNP Paribas is ramping up its activity in trading U.S. credit indices.
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Sovereigns underperformed corporate credit for yet another week, a pattern that is becoming all too familiar.
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Industrials credit default swaps trader Kurt Koschnitzke has left Barclays Capital in London.
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The Hong Kong Securities and Futures Commission is seeking comment on a proposal that would introduce more flexibility for firms to determine whether clients are professional investors, making it less cumbersome to invest in over-the-counter derivatives and more complex structured products.
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If U.S. regulators set the bar for over-the-counter derivative block trades high enough and allow swap execution facilities to create segregated venues for block trades, the dealer-to-dealer market could continue unimpeded.
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The Options Clearing Corp. plans eventually to offer clearing services on single name OTC options.