David Wigan is a senior reporter in derivatives for IFR. He focuses on over-the-counter markets, regulation and market infrastructure. Previously he worked for Reuters, Bloomberg and the South China Morning Post.
Credit markets whipsawed in 2016, driven by macro events and liquidity constraints, increasing demand for full-service provision. For its dominance of credit derivatives markets, its commitment to matching client risk appetite with investment opportunities and its ability to price and warehouse risk, JP Morgan is IFR’s Credit Derivatives House of the Year.
Rates made a big comeback in 2016, paying dividends for those that weathered a period of decline. For dominating the US dollar flow swaps market, expanding its global franchise and applying deep structuring expertise to solve complex problems and reduce client costs, Citigroup is IFR’s Interest Rate Derivatives House of the Year.
In a volatile week for US interest rate markets, investors initially downgraded expectations for a December Federal Reserve rate hike but by late Thursday had backtracked, with futures indicating a rise is more likely than not.