Derivs - People and Markets

Mizuho International, the securities and investment banking arm of Mizuho Financial Group, has hired an experienced banker to lead its European derivatives risk solutions business.

Wrangles over the future of euro interest rate swap clearing after Brexit were revived this week, with both European Central Bank president Mario Draghi and outgoing US Commodity Futures Trading Commission chair Timothy Massad suggesting that the EU should maintain oversight of the UK market. Meanwhile, two London-based executives argued that the UK should extend its EU exit process to five years to avoid losing swaps business to the US.

Tradeweb Markets, the New York based electronic fixed income, derivatives and exchange-traded fund marketplace operator, has unveiled a service that allows market participants to meet post-trade transparency requirements mandated by the Markets in Financial Instruments Directive II (MiFID II).

The Thailand Futures Exchange (TFEX), which enjoyed a 72% growth in trade volume last year, is set to add futures on 24 stocks.

The Association of National Numbering Agencies (ANNA) has issued a consultation paper on the fees that will be payable after the introduction of ISIN numbers for over-the-counter derivatives.

The Nodal Exchange, a North American energy derivatives market place, has introduced Mid-Columbia power futures contracts.

IHS Markit has unveiled a solution aimed at helping market participants meet withholding tax obligations on US equity derivatives arising from the newly imposed section 871(m) rule.

CME Europe is consulting with the derivatives market, having proposed to overhaul its exchange rulebook following reauthorisation under the European Markets Infrastructure Regulation (EMIR).

Use of blockchain technology in the derivatives market progressed beyond the proof of concept (POC) phase this week, with the Depository Trust & Clearing Corporation (DTCC) moving to take distributed ledger into the heart of its operation.

Eurex will introduce CFTC-certified options on its VStoxx futures contract as it aims to increase US participation in the product.

The year started with plenty of excitement, as the RMB gained ground against the dollar in onshore and offshore markets, activity surged in RMB futures in Hong Kong, and the third batch of free trade zones (FTZ) opened for business. Plus, a recap of our coverage.

Timothy Massad, chairman of the US Commodity Futures Trading Commission, has resigned, with J Christopher Giancarlo widely expected to take up the job, fuelling hopes of a more flexible, market friendly approach to regulation.