Top Stories

The charts and information included in the following pages have been extracted from a piece published by Morgan Stanley’s European Banks Research team on May 20, 2015 entitled ‘AT1 – The Investor Base’. The research piece was published on the back of an AT1 survey conducted independently by Morgan Stanley’s Fixed Income Research department in April 2015. The extracts included here are for illustrative purposes only and selected to provide a recent perspective of the AT1 investor base. For the avoidance of doubt, these information points do not constitute Morgan Stanley Research and should not be considered as a Morgan Stanley research publication.

The International Swaps and Derivatives Association (ISDA) and Markit have partnered to launch a trade classification tool for EMIR, which will allow investors to determine clearing obligations.

Event driven macroeconomic factors are driving investors to put on options hedges, particularly as sell-offs in credit and interest rate markets spill over to equities, according to strategists.

Changing regulations, evolving cost structures and collateral optimisation systems moving to the front office are forcing buyside firms to consider outsourcing their operations, according to a leading market research firm.

The Australian Securities Exchange has launched FlexClear, an over-the-counter service for equities options that is expected to benefit buyside firms looking to tailor strategies through central clearing.

Société Générale Prime Services has begun executing and clearing non-deliverable forwards through a central counterparty, to allow users to gain margin efficiency and risk protection.

Banks and derivatives market participants that outsource their IT requirements should select vendors who differentiate themselves from competition, play to their strengths, and who will look to the future, according to one market intelligence chief.

The board of Euronext NV has appointed an interim CEO following Dominique Cerutti’s resignation announcement on April 22.

Interest rate derivative trade counts reported to swap data repositories last week increased by 27%, marking the second week in a row of expansion versus the same week in 2014, according to data from the International Swaps and Derivatives Association.

As part of its business expansion into the Americas, the trade repository UnaVista has hired a regulatory, risk and compliance veteran for the firm’s US expansion efforts.

The Chicago Board Options Exchange is to launch futures and options on the CBOE Volatility Index with weekly expiries.

Seven banks operating in Singapore are now subject to a framework the Monetary Authority of Singapore has established to determine domestically systemic important banks (D-Sibs).