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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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Last week, TABB Forum held a conference in New York where senior buysiders, sellsiders, exchanges, clearing houses, lawyers and other market officials met to discuss the trading and regulatory landscape in the fixed income derivatives markets. GlobalCapital reported from the event on hot topics such as liquidity, fragmentation, volatility, Dodd-Frank, trading and execution legislation, and more.
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On Wednesday the People's Bank of China (PBoC) cut its reserve requirement ratio (RRR) by 50bp in a move that the market had not expected to happen until after the Chinese New Year holiday. The shift triggered a flurry of receiving in short-end swaps on Thursday morning and short-end outperformance drove some disinversion momentum across the curve, writes Deirdre Yeung of Total Derivatives. -
ICAP believes that the fine imposed by the European Commission of €14.96m (£11.3m) on Wednesday for having breached EU antitrust rules by facilitating several cartels in the sector of yen interest rate derivatives is wrong both in fact and in law.
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The European Commission’s draft green paper on Capital Markets Union, is “remarkably realistic and unidealistic”, according to Clifford Chance’s Simon Gleeson, a partner in financial market and regulatory law. The paper, due to be released on February 18, proposes tackling prospectus rules, SME credit scoring, revamped securitization rules, private placements and long term investment funds in the first phase of the project.
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Non-deliverable forwards will not be subject to the clearing obligation for over-the-counter derivatives following a consultation with market participants by the European Securities and Markets Authority, which said Wednesday that more time is needed to discuss market participants’ issues with NDF clearing before an obligation is introduced.
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The market is getting ready for the wider adoption of offshore RMB bonds as collateral in securities transactions, solving a longstanding liquidity issue, according to Euroclear. Meanwhile, on the onshore China front, a Bond Connect initiative is likely and will open up a new world for foreign investors, the organisation says.
