United States

Welcome to Trump-week, as the president-elect makes final preparations before being sworn into office this Friday. Trump dominated weekend headlines by declaring that the long-standing One China policy is now up for negotiation. In the renminbi markets, meanwhile, the week is off to a slow start as the currency stabilises, and Chinese authorities discuss the future role of the Shanghai free trade zone.

The US Commodity Futures Trading Commission has issued an order of registration for Intercontinental Exchange's ICE Endex exchange, allowing participation by US based investors.

Bank of America issued a strong set of fourth quarter figures on Friday, and said it would expand its share buyback programme in the first half of 2017 by $1.8bn.

In the second part of the GlobalRMB’s outlook on renminbi internationalisation in 2017, market participants discuss the far-reaching impact of the recently-established New York hub.

Broadcom printed the biggest corporate trade of the year so far as yield hungry investors snapped up triple-B rated names ahead of US president-elect Donald Trump’s inauguration next week.

Wrangles over the future of euro interest rate swap clearing after Brexit were revived this week, with both European Central Bank president Mario Draghi and outgoing US Commodity Futures Trading Commission chair Timothy Massad suggesting that the EU should maintain oversight of the UK market. Meanwhile, two London-based executives argued that the UK should extend its EU exit process to five years to avoid losing swaps business to the US.

Tradeweb Markets, the New York based electronic fixed income, derivatives and exchange-traded fund marketplace operator, has unveiled a service that allows market participants to meet post-trade transparency requirements mandated by the Markets in Financial Instruments Directive II (MiFID II).

Ernst & Young has appointed a head of global private equity to replace Jeffrey Bunder, who has moved to a US private equity firm.

The Nodal Exchange, a North American energy derivatives market place, has introduced Mid-Columbia power futures contracts.

IHS Markit has unveiled a solution aimed at helping market participants meet withholding tax obligations on US equity derivatives arising from the newly imposed section 871(m) rule.

CME Europe is consulting with the derivatives market, having proposed to overhaul its exchange rulebook following reauthorisation under the European Markets Infrastructure Regulation (EMIR).

Use of blockchain technology in the derivatives market progressed beyond the proof of concept (POC) phase this week, with the Depository Trust & Clearing Corporation (DTCC) moving to take distributed ledger into the heart of its operation.