Derivs - People and Markets

MUFG is setting up shop in the US credit default swaps market with a desk dedicated to trading single name contracts.

The chief strategy officer of Eurex Clearing, Matthias Graulich, has dismissed claims that euro interest rate swap clearing costs would increase substantially if moved to the EU 27 from London, noting that liquidity indicators for the product are already improving at Eurex.

The round of redundancies at Barclays Investment Bank has hit more senior figures, including the head of EMEA leveraged finance, a vice-chairman in ECM, the COO of EMEA banking, as well as other managing directors across the origination businesses.

Shanghai Pudong Development Bank is set to open its newly authorised UK branch for business next week, with initial plans for wholesale banking and vanilla securities trading.

The US Commodity Futures Trading Commission (CTFC) brought in a $46.6m haul on Monday after filing and settling spoofing charges against UBS, HSBC and Deutsche Bank.

A report published by the UK House of Lords on Saturday encouraged the government to “resist” new European Commission measures to relocate systemically important clearing houses in London to EU member states.

European Union member states in the process of thrashing out legislation on central counterparty clearing house (CCP) resolution procedures have put their negotiations on ice, as the project is contingent on a separate file that is still unresolved.

Two influential derivatives trade bodies have questioned elements of a European Commission proposal that would centralise supervisory powers with pan-European securities watchdog ESMA, arguing that national supervisors have a “strong knowledge of local markets” and that the move seemed “premature”.

Former Citi credit trader James Duffy will be joining HSBC in London to trade financials single name credit default swaps.

Jason Manske, the chief hedging officer and head of global derivatives and liquid markets at insurance giant MetLife, has joined the International Swaps and Derivatives Association's board of directors.

Banks tried to prevent a repeat of 2016 year-end collateral market chaos but trading choked on huge spreads again. And this time, it was for a reason unexpected: Trump.

The European Securities and Markets Authority on Thursday kept up the pressure on providers of complex retail derivatives products by announcing a short consultation on crack-down measures, including a potential ban on cryptocurrency contracts for difference.