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Saturday, 21 October 2017

Christopher Whittall' s stories

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  • Global Granularity

    Derivatives House and Interest Rate Derivatives House: HSBC

    All Special Reports | 12 December 2014

    As more stringent capital rules cut deeper in 2014, many houses became increasingly constrained by their past excesses. For those with a stronger capital position, there were many opportunities. For honing its focus as others questioned their future, and taking market share on the back of a client-centric approach, HSBC is IFR’s Derivatives House and Interest Rate Derivatives House of the Year.

  • Hitting the target

    Credit Derivatives House: Credit Suisse

    All Special Reports | 12 December 2014

    In yet another tough year for credit derivatives businesses, as balance-sheet costs soared and banks retrenched, a handful of houses were able to stay the course. For adapting its business to the new regulatory regime while identifying innovative sources of revenue, Credit Suisse is IFR’s Credit Derivatives House of the Year.

  • Algorithms

    Algos boom in futures market

    Derivatives | 21 November 2014

    Algorithms are becoming an increasingly important tool for trading listed derivatives, new research shows, as the growing complexity of futures markets has boosted the case for more automated trading in the space.

  • screens

    Algomi promises bond sales revolution

    Top News | 14 November 2014

    The way in which banks buy and sell bonds is on the cusp of a revolution, as five of the world’s largest dealers prepare to roll out a new distribution system that aims to boost turnover in secondary markets.

  • S&P 500 price beta-adjusted by 12M trailing earnings

    Vols to rise as QE ends

    Derivatives | 14 November 2014

    Volatility across asset classes is expected to tick upwards over the coming year, with the end of the US Federal Reserve’s quantitative easing programme cited as a crucial driver along with a potentially bumpier ride for equities.

  • The headquarters of Deutsche Bank are pictured in Frankfurt

    Swaps costs drag on FICC revenues

    Derivatives | 07 November 2014

    When Deutsche Bank announced its third-quarter results last month, it wasn’t just the weak macro environment in Europe and Asia that weighed on its fixed income division.

  • Intercontinental Exchange logo

    Exchanges eye Asian expansion

    Derivatives | 07 November 2014

    The Intercontinental Exchange is set to become the first major Western exchange and clearing house to set up operations in Asia after outlining plans to launch ICE Futures Singapore and ICE Clear Singapore on March 17 next year.

  • OTC derivatives market shrinks

    Derivatives market shrinks

    Derivatives | 07 November 2014

    The over-the-counter derivatives market shrank by 3% over the first half of the year to US$691trn in terms of gross notional outstanding, data from the Bank for International Settlements show, after peaking at an all-time high of US$710trn at the end of 2013.

  • OTC notionals

    Derivatives market shrinks

    Capital City | 07 November 2014

    The over-the-counter derivatives market shrank by 3% over the first half of the year to US$691trn in terms of gross notional outstanding, data from the Bank for International Settlements show, after peaking at an all-time high of US$710trn at the end of 2013.

  • Singapore

    ICE eyes Asian expansion with Singapore launch

    Capital City | 04 November 2014

    The Intercontinental Exchange is set to become the first major Western exchange and clearing house to set up operations on the ground in the Asia region after outlining plans to launch ICE Futures Singapore and ICE Clear Singapore on March 17 next year.

  • Fighting for higher returns

    Fixed income trading enters new era

    Derivatives | 31 October 2014

    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.

  • ICE tables Libor standardisation plans

    Derivatives | 24 October 2014

    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.

  • Euro stoxx 50 vs iTraxx Europe

    Credit roars ahead of equities on sell-off

    Derivatives | 24 October 2014

    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.

  • A sign for Bank Street is seen in London

    ICE tables Libor standardisation plans

    Capital City | 21 October 2014

    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.

  • Euro 5YR5YR inflation forward (%)

    Oil, technicals drive inflation expectations lower

    Derivatives | 17 October 2014

    Forward inflation expectations dropped to new record lows last week, as concerns about economic growth and disinflationary pressures in Europe and China sparked a sell-off across global markets.

  • Greek basis arb on CDS dislocation

    Derivatives | 17 October 2014

    Greek government bonds endured one of their most torrid weeks since the country shaved €100bn off its debt pile back in March 2012, with 10-year yields jumping to over 9% compared to just 5.53% as recently as September as global risk markets were rocked.

  • Deutsche Bank HQ

    Deutsche pullback shows CDS challenges

    Top News | 10 October 2014

    Deutsche Bank has significantly scaled back single-name credit default swap trading in Europe as it struggles to meet regulatory hurdles on leverage. It is a move that is symptomatic of a wider malaise in a market wallowing in low volumes and spiralling costs.

  • Investors burnt by index overshoot

    ​Investors burnt by index overshoot on CDS rebirth

    Derivatives | 10 October 2014

    A number of hedge funds were left licking their wounds last Monday following the launch of new legal documentation for credit default swap indices – the US$21trn credit derivatives market’s most significant overhaul in more than five years.

  • Strong expected growth in ‘multi-asset’ investing

    Banks adapt to cross-asset craze

    Derivatives | 10 October 2014

    Banks are overhauling sales forces to accommodate the growing number of money managers that are breaking the shackles of conventional investment management practices by establishing multi-asset funds that can target pockets of value across financial markets.

  • Multi-asset growth

    Banks adapt to cross-asset craze

    Capital City | 09 October 2014

    Banks are overhauling sales forces to accommodate the growing number of money managers that are breaking the shackles of conventional investment management practices by establishing multi-asset funds that can target pockets of value across financial markets.

  • People use automated teller machines of Portuguese bank Banco Espirito Santo in Lisbon

    Investors burned by index overshoot on CDS rebirth

    Capital City | 07 October 2014

    A number of hedge funds were left licking their wounds on Monday following the launch of new legal documentation for credit default swap indices – the US$21trn credit derivatives market’s most significant overhaul in over five years.

  • A sign is seen beside the entrance of the Bank for International Settlements (BIS) in Basel

    Equities desks tap collateral swap funding

    Derivatives | 03 October 2014

    Equity derivatives desks are increasing their usage of collateral swaps to fund their trading businesses more efficiently, as the Basel III-induced squeeze on balance sheet has begun to permeate beyond fixed income trading divisions and into investment banks’ less capital-intensive activities.

  • Euro swap curve turning Japanese

    Derivatives | 03 October 2014

    As growth stagnates and inflation prints continue to fall, fears that the European economy is turning Japanese are being clearly reflected in the interest rate swap market, as yields have plunged across the euro curve this year to bring them further into line with yen contracts.

  • Logo of the International Swaps and Derivatives Association

    Trillions saved as swaps margining standards agreed

    Derivatives | 26 September 2014

    The derivatives industry has taken a major step towards harmonising margining standards across the market, in a move that will slash the amount of high-grade collateral needed to be held against uncleared swaps under beefed up regulatory standards by trillions of dollars.

  • ISDA chief praises ex-industry tormentor Gensler

    Derivatives | 26 September 2014

    Gary Gensler was the thorn in the side of the derivatives industry for more than three years during the drafting and implementation of the Dodd-Frank Act, so it may have raised some eyebrows to hear ISDA’s new chief executive heap praise on the man who oversaw the biggest overhaul in the history of the US$710trn swaps market.

  • Trader

    Trillions saved as swaps margining standards agreed

    Capital City | 25 September 2014

    The derivatives industry has taken a major step towards harmonising margining standards across the market, in a move that will slash the amount of high-grade collateral needed to be held against uncleared swaps under beefed up regulatory standards by trillions of dollars.

  • Gensler

    ISDA chief praises ex-industry tormentor Gensler

    Capital City | 23 September 2014

    Gary Gensler was the thorn in the side of the derivatives industry for over three years during the drafting and implementation of the Dodd-Frank Act, so it may have raised some eyebrows to hear ISDA’s new chief executive heap praise on the man who oversaw the biggest overhaul in the history of the US$710trn swaps market.

  • Market volatility

    Volatility likely for delayed CDS rebirth

    Top News | 19 September 2014

    The rebirth of the US$21trn credit default swap market will be delayed by two weeks, Markit and ISDA confirmed on Wednesday, in a sign that the industry is struggling to get ready for the most substantial overhaul to CDS in over five years.

  • FSB tackles swaps data fragmentation

    Derivatives | 19 September 2014

    The Financial Stability Board put forward proposals to build a central aggregator last week to combat data fragmentation in the US$710trn OTC derivatives market in order to help global regulators identify build-ups of systemic risk.

  • ATP logo

    Dwindling liquidity forces pensions rethink

    Derivatives | 19 September 2014

    The decision by one of Europe’s largest pension funds to reduce the tenor of its guaranteed pension products has brought into sharp relief the drop-off in liquidity in long-dated fixed income markets, as providers across the Continent look to manage a transition from defined benefit to defined contribution schemes.

  • Screens

    DERIVATIVES: New CDS roll-out delayed

    Capital City | 17 September 2014

    The roll-out of new documentation for benchmark credit default swap indices has been delayed by two weeks, index provider Markit said today, as the industry struggles to prepare for the largest overhaul of the US$21trn market in over five years.

  • Denmark

    Dwindling liquidity forces pensions rethink

    Capital City | 17 September 2014

    The decision by one of Europe’s largest pension funds to reduce the tenor of its guaranteed pension products has brought into sharp relief the drop-off in liquidity in long-dated fixed income markets, as providers across the continent look to manage a transition from defined benefit to defined contribution schemes.

  • Bank of America Merrill Lynch Fund Manager Survey

    Hedging, cash levels fall as fears recede

    Capital City | 16 September 2014

    Concerns have receded that a geopolitical crisis or the Federal Reserve tightening monetary policy could upend financial markets, an industry survey shows, as investors shrink cash piles and reduce hedges against a stock market crash.

  • options vol

    Volatility rises ahead of referendum

    Derivatives | 05 September 2014

    Volatility in rates and foreign exchange markets will continue to tick upwards ahead of the referendum on Scottish independence, traders say, as more investors look to hedge against what was widely dismissed as mere tail risk up until recently.

  • Illiquid inflation market takes centre stage

    Derivatives | 05 September 2014

    Following years in the doldrums, euro inflation swap markets suddenly found themselves centre-stage in the run-up to last Thursday’s ECB meeting, after Mario Draghi cited the five-year/five-year forward as the metric the central bank uses to define medium-term inflation in the currency bloc.

  • Negative Eonia could be permanent fixture

    Derivatives | 05 September 2014

    Overnight interest rates in the eurozone could remain in negative territory for the foreseeable future, market strategists say, after the euro overnight index average (Eonia) clocked in below 0% for only the second time in its history last week.

  • options vol

    Volatility picks up ahead of Scotland vote

    Capital City | 05 September 2014

    Volatility in rates and foreign exchange markets will continue to tick upwards ahead of the referendum on Scottish independence, traders say, as more investors look to hedge against what was widely dismissed as a mere tail risk up until recently.

  • Eonia

    Negative Eonia could be permanent fixture

    Capital City | 02 September 2014

    Overnight interest rates in the eurozone could remain in negative territory for the foreseeable future, market strategists say, after the euro overnight index average (Eonia) clocked in below 0% for only the second time in its history yesterday.

  • Euro inflation swap 5yr 5yr forward

    Eyes on illiquid inflation swap market ahead of ECB

    Capital City | 01 September 2014

    Following years in the doldrums, euro inflation swap markets suddenly find themselves centre stage ahead of the European Central Bank’s meeting this week after Mario Draghi cited the five-year/five-year forward as the metric the central bank uses to define medium-term inflation in the currency bloc.

  • Barclays bank logo

    UPDATE: Rates businesses diverge

    Derivatives | 29 August 2014

    The retrenchment in banks’ rates trading businesses shows little signs of abating, as what was once the engine room of investment banks’ revenue streams continues to feel the squeeze from the combined weight of tougher regulations and record low interest rates.

  • Mario Draghi

    QE debate rages following Draghi comments

    Derivatives | 29 August 2014

    Participants remain at odds over the likelihood of full-blown quantitative easing in Europe and continue to debate whether it is currently priced into markets, but this did little to deter a swift rally across fixed income assets last week on the back of a dovish speech from Mario Draghi at Jackson Hole.

  • bond argentina

    Yen bonds affect holders of Argentina CDS

    Top News | 22 August 2014

    Holders of Argentina CDS protection are likely to receive significantly lower payouts than they expected after the ISDA Determinations Committee decided to include two yen-denominated bond issues in the list of securities deliverable into the auction.

  • Nikkei 225 index

    Second wave comes for Japanese equities

    Derivatives | 22 August 2014

    The flow of money into Japanese equities is once more picking up pace, as investors eye more upside in what was the most successful macro trade of 2013.

  • LCH.Clearnet logo

    Regulators tackle CCP resolution

    Derivatives | 22 August 2014

    Six years on from the bankruptcy of Lehman Brothers, regulators have yet to draw up a framework to handle the collapse of a different breed of systemically important institutions that have become an integral part of financial markets: clearing houses for over-the-counter derivatives.

  • Argentina's Economy Ministry building

    UPDATE 1 – ISDA to include Japanese-law bonds into Argentina CDS auction

    Capital City | 21 August 2014

    The International Swaps and Derivatives Association (ISDA) will include two yen-denominated bonds in the list of securities used to settle Argentina’s credit default swaps, a move that will likely reduce the payout for protection holders.

  • Japan's Prime Minister Shinzo Abe

    Second wave comes for Japanese equities

    Capital City | 19 August 2014

    The flow of money into Japanese equities is once more picking up pace, as investors eye more upside in what was the most successful macro trade of 2013.

  • Banks tear up trades

    UPDATE: Compression reaches US$500trn

    Capital City | 18 August 2014

    Derivatives users have eliminated US$500trn in notional outstanding via TriOptima’s compression service since the launch of its triReduce 11 years ago, as strong regulatory incentives have led to a flood of interest from banks and buyside users in cleaning up swaps books.

  • Crossover Index performance

    Opportunities emerge on credit sell-off

    Derivatives | 15 August 2014

    The recent sell-off in European credit markets has provided a swathe of arbitrage opportunities for investors looking to use the correction as an entry point, but some analysts are advising against jumping back into cash bonds just yet.

  • Dollars

    Investors hoard cash, bracing for sell-off

    Top News | 15 August 2014

    The number of investors buying crash protection against a sharp fall in stock markets over the coming months has risen to its highest level since October 2008, according to Bank of America Merrill Lynch’s fund manager survey for August, while investor cash holdings have risen sharply to 5.1% – their highest level since June 2012.

  • Screens

    CDS use spikes as HY bond liquidity evaporates

    Top News | 15 August 2014

    Thin secondary bond market liquidity spurred investors to step up their use of credit default swaps during the past month’s sell-off in US high-yield. There is, however, still a risk of substantial losses even though there has been no major change to underlying credit fundamentals.

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