Derivs - People and Markets

Volume figures released by major derivative exchanges for November show a marked rise over October's numbers, with some exchanges reporting record volume days in the aftermath of the US election.

The spectacle of Italian prime minister Matteo Renzi’s political suicide did little to rattle financial markets on Monday morning, with any immediate negativity in credit and equity that had not already been priced in ahead of the country’s Sunday referendum quickly eased over by shorters monetising their gains.

The Tanker FFA Brokers Association has elected a new chairman.

Austria’s Central European Gas Hub has moved its exchange spot and futures contracts over to the PEGAS pan-European platform managed by Powernext.

The European Commission proposed two delegated acts on Wednesday, finalising the regulatory framework of the Markets in Financial Instruments Directive, set to enter in force in January 2018.

Clearing houses, lawyers and derivatives specialists have spent this week poring over Europe’s proposed rules for central counterparty recovery and resolution, with question marks still hanging over how each case will be assessed and how banks should capitalise their exposures.

Pressure mounted on Italian sovereign bonds and credit default swaps this week, as rumours of increased European Central Bank support were quickly dampened and traders positioned for a 'No' vote in this weekend’s referendum.

When a company announces that it is increasing the amount paid out to shareholders, it is not typically greeted with enthusiasm by credit investors. But Glencore is no ordinary company in the credit default swap world, and its announcement on Thursday wasn’t a standard change in financial policy.

CME Clearing Europe, CME Group’s London-based clearing house, has been approved by the US Commodity Futures Trading Commission as a derivatives clearing organisation (DCO).

Rumours of increased European Central Bank support have failed to take pressure off Italian sovereign credit default swaps, despite a rally on Tuesday, with the country resuming its widening divergence from European peers on Wednesday ahead of this weekend’s referendum.

Intercontinental Exchange has appointed a chairman for its Singapore trading and clearing operations.

The Saint Petersburg International Mercantile Exchange has started trading Russian oil futures, the first derivatives available on the product.