United States

One of the perks of working for a global bank is the possibility of a transfer to an office in a different country. A friend of mine recently had the good fortune, so it seemed, to move to the US. But alas, events conspired against him.

Chinese data firm GDS Holdings has begun pre-marketing its $300m US listing with bookbuilding expected in the next two weeks. Logistics company ZTO Express has also chosen to float in the US.

Volume figures released by major derivative exchanges show that low volatility continues to subdue volumes in equity derivative products, although flows improved in September. Interest rate, metal and energy derivatives show growth, however.

St. Louis-headquartered Belden, the communications equipment manufacturer, launched €200m of 10 year non-call five notes on Tuesday morning, as the high yield market looks to maintain issuance momentum following a bumper September.

Azure Power Global has rejigged the terms on its $78.4m New York Stock Exchange IPO midway through bookbuilding, halving the shares on offer to make way for the entry of a Canadian institutional investor.

Tullett Prebon is set to lose its European chief executive, who becomes the second senior departure in the past week from a planned Tullett-ICAP combined group as the two interdealer brokers look to merge by the end of this year.

Chinese logistics firm ZTO Express has picked the New York Stock Exchange as the destination for its $1.5bn US listing, according to a filing on the US Securities and Exchange Commission.

ICE Clear Credit, the credit derivatives clearing unit of Intercontinental Exchange, has been recognised as a third-country (non-EU) central counterparty (CCP) under European rules.

On the eve of the G20 summit in September, the US and China formally ratified the Paris Agreement, boosting the chances it will become international law before the end of the year. At least 55 countries accounting for 55% of global emissions must ratify the treaty for this to happen. With China and the US accounting for 38% of global carbon emissions between them, the announcement was a major step forward for the agreement.

US corporate issuance came close to registering a record volume for September as triple-B rated borrowers lapped up strong demand on either side of the US Presidential debate.

The US Commodity Futures Trading Commission has expanded its interest rate swaps trading rules to require a range of additional products to be cleared through major central counterparties.

Preparing for MiFID II regulations will cost market participants over $2bn in 2017 in IT bills, a study by IHS Markit and Expand has found.