North America

Lloyds issued the first sterling covered bond of the year and was quickly followed by two overseas issuers who priced deals at successively wider levels.

European high yield specialists hope the continent's market can repeat in 2016 its sharp outperformance compared with the US market last year — but history suggests that the two markets tend not to diverge for long.

Eleven covered bonds were priced in the first week of 2016 despite the onset of European holidays and US non-farm payroll data.

FlexTrade, a New York based trading system provider, looks set to be the latest firm to join the growing field of swap execution facilities (SEFs), gaining a temporary registration from the US Commodity Futures Trading Commission.

Milwaukee, Wisconsin-based Baird Financial Group, which manages some $150bn in client assets, announced a successor to its former chief executive Paul Purcell on Monday.

After a spike to start the week, three month option-implied volatility on WTI crude oil continued higher, reaching more than 47% annualised on Thursday as futures prices fell to fresh six year lows.

Morgan Stanley has made a number of top-level staffing changes along with the appointment of its new president.

Bank of Nova Scotia issued the third sterling three year floating rate note of the week, paying a slightly wider spread than Nordea and Lloyds. While this led to questions about the depth of the sterling market, bankers said the differential was justified and noted that the final funding outcome was attractive compared to alternative markets.

National Australia Bank packed $3.5bn of funding into a multi-tranche deal on Wednesday, taking advantage of strong demand and a heightened risk appetite among US investors.

2015 set a number of records in the options market as traders flocked to index and volatility-linked products, but equity options volumes dipped due to factors that look likely to persist in 2016.

Get bought or go bust: Is this the year when vulnerable oil & gas companies have to make the choice? So far this year, derivatives traders are pricing contracts for more vulnerability to come.

Competition between derivatives exchanges is intensifying, giving rise to a rash of product and platform launches in 2015, as well as geographical expansion. But 2016 will be dominated by regulatory deadlines for electronic trading. As Dan Alderson reports, exchanges that best prepare market participants to meet these requirements will be the ones that will win out.