Derivs - People and Markets

Another year, another ISDA conference. But this wasn’t just any other year. With variation margin requirements in the rearview mirror, MiFID II looming in 2018 and the question of London euro clearing troubling many, the trade body had a lot of questions to tackle in just two packed days of panels and speeches.

Clare Francis, head of global corporates at Lloyds, is to leave the UK firm.

Olivier Gazzolo, head of FIC credit at Société Générale, has left the bank, GlobalCapital understands.

The European Commission hardened its stance on a clearing exemption for pension funds on Thursday as the final version of a proposed piece of legislation reduced the potential scope of the grace period to five years.

The Depository Trust & Clearing Corporation (DTCC) has appointed Valentino Wotton as the managing director for its repository and asset servicing subsidiary.

European derivatives exchange Eurex yesterday appointed Romanos Daniel as its chief innovation officer, filling a new position that was recently added to its executive board.

The European Commission aims to introduce a mechanism that will allow it to “temporarily suspend” clearing obligations for certain OTC derivatives products or counterparties if requested to by the European Securities and Markets Authority (ESMA).

Global variation margin requirements have not created chaos in the market, but collateral is emerging as a battleground, with some dealers using the regulation as an excuse to tighten terms.

The Depository Trust & Clearing Corporation (DTCC) has named four new members to its board of directors.

The European Stability and Risk Board (ESRB) has backed calls to introduce a mechanism that will allow regional authorities to rapidly suspend clearing obligations, highlighting that the measure should only be used in “crisis periods."

Goldman Sachs, for once, is not the darling of the Street, as first quarter numbers from the US major banks show the firm struggling to keep up with its peers, despite a benign backdrop for credit trading, the major strength of its fixed income division.

The Options Clearing Corporation (OCC) has recruited David Hoag as the clearing company's new information officer replacing Luke Moranda who moves to become senior IT advisor.