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State-owned bank Spuerkeess has not indicated when it will issue its first bond
Comments from regulators welcomed by ECBC head
Highly anticipated report did not mention future role of AT1 capital
Surprising alignment on stablecoins and strong support for tokenised assets, but details are sparse
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The first round of bidding on the Ambac Assurance Corp. auction landed at 27.5 this morning, according to a Web site jointly run by Markit Partners and Creditex. This means protection sellers will likely have to pay out around USD0.725 on the dollar for credit default swaps sold on the holding company that triggered the CDS in March.
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The European Parliament’s influential Economic and Monetary Affairs Committee this morning backed a rule to require euro denominated derivatives referencing an E.U.-based underlying, that an E.U. financial institution is counterparty to, to be cleared and reported to a European-based clearing house and trade repository.
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If the U.S. financial reform legislation successfully pushes many over-the-counter derivatives onto exchanges, banks and dealers could see a tax break on those deals of up to 12%, lawyers say.
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Sharon Bowles, chair of the European Parliament’s influential Economic and Monetary Affairs Committee, told Derivatives Week that E.U. politicians will propose a 25% cap on bank ownership stakes in clearing houses, rather than a complete ban.
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Foreign banks in China are scoping setting up licensed subsidiaries, as opposed to branch offices, because they think regulators are going to let those subsidiaries get more active in onshore trading.
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The International Swaps and Derivatives Association is in the process of updating documents related to its governance structure. The additions are expected to be released next month.