I joined IFR as a reporter from Risk magazine at the beginning of 2011, covering derivatives across all asset classes. This has resulted in scoops on a wide range of subjects such as CDS, Basel capital rules and fallout from the Eurozone crisis. In my two and a half years at Risk I wrote a series of cover stories, most notably on dealers over-hauling valuation of derivatives portfolios.
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Banks are re-drawing the battle lines in fixed income trading, with firms taking radically different views on where profits can be made under the new regulatory regime in a division that has historically accounted for the lion’s share of investment banking revenues.
The violent market sell-off in mid-October along with the prospect of the European Central Bank buying corporate bonds has created attractive trading opportunities for relative value investors, with European credit surging ahead of the region’s stock markets.
The London Interbank Offered Rate may soon become a misnomer. The key financial benchmark that serves as a reference point for around US$350trn of financial contracts should include transactions with non-bank firms such as money market funds, large corporates, central banks and sovereign wealth funds, according to the IntercontinentalExchange.