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FX derivatives traders breathed a sigh of relief after the European Securities and Markets Authority scrapped clearing of non-deliverable forwards for the time being. This was bad news for LCH.Clearnet, which is the only European clearing house authorised to clear NDFs, but good news for other third-country central counterparties who are still waiting to be recognised as equivalent to their European counterparts — a problem that has superseded all others in NDF discussions. Hazel Sheffield reports. -
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.
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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.
