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Simplifying MTN and bond market processes the focus, says Agora's Berman
Head of European credit syndicate leaves TD after more than a decade
New system starts with nearly 100% coverage of trading data
Recently departed banker to resurface in Asia
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The European repo market shrank slightly over the year, according to ICMA’s latest repo market survey, one of the only meaningful datasets on the fragmented market. Total contracts outstanding were €5.78tr at the end of the first half, against €6.08tr in June 2013.
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The European Securities and Markets Authority said outstanding EU sovereign debt reached a new record high in the first quarter this year, hitting €11.5tr, or 88% of EU GDP. In the eurozone, the total was €9.1tr or 93.9% of GDP (against the 60% required under the Maastricht treaty), according to the regulator’s Trends and Vulnerabilities report.
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Deutsche Bank has hired a new head of dollar SSA trading to replace Hiren Gudka. It is the latest in a round of moves within the bank’s public sector bond team this year.
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Mitsubishi UFJ has hired a senior MTN dealer as head of medium term notes, the latest move in the company’s efforts to grow its MTN business.
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The European repo market is battling to improve discipline and reduce the level of trade fails, which, driven by negative rates, restrictive capital rules and illiquidity in the bond markets, could shrink liquidity even further. But harsh punishments for trade fails contained in the European Central Securities Depositories Regulation could be counterproductive, and the industry, backed by the ECB, is trying to have them changed. -
Daiwa Capital Markets has reshuffled part of its top investment banking team, naming a new head for Europe and the Middle East.
