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Wednesday, 18 October 2017

David Wigan' s stories

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  • Credit Derivatives House: JP Morgan

    Credit Derivatives House: JP Morgan

    All Special Reports | 16 December 2016

    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.

  • Interest Rate Derivatives House: Citigroup

    All Special Reports | 16 December 2016

    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.

  • European options face MiFID II threat

    People & Markets | 25 November 2016

    Europe’s equity options market is facing new obstacles after it emerged that best-execution requirements under the Markets in Financial Instruments Directive may undermine innovation in pricing.

  • European options face MiFID II threat

    Ticker | 23 November 2016

    The European equity options market is facing new obstacles after it emerged that best execution requirements under the Markets in Financial Instruments Directive may undermine innovation in pricing.

  • US Federal Reserve building

    Fed rate rise likely as rates volatility surges

    Top News | 11 November 2016

    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.

  • CFTC backs HFT source code disclosure

    People & Markets | 11 November 2016

    The US Commodity Futures Trading Commission has backed a controversial proposal to require high-speed traders to reveal the algorithmic codes that drive their trading decisions.

  • Fed hike bets recede on US election

    Ticker | 09 November 2016

    Investors downgraded expectations that the US Federal Reserve will raise interest rates in December early on Wednesday, after the surprise election of Republican Donald Trump as US President.

  • LCH Group logo

    DERIVATIVES-LCH inflation swap clearing hits US$1trn

    Ticker | 08 November 2016

    Clearing house LCH hit the US$1trn threshold of cleared inflation swaps on Tuesday, after activity accelerated following the introduction of new margin requirements for uncleared swaps in September.

  • Magnifying glass

    CFTC backs HFT source code disclosure

    Ticker | 07 November 2016

    The US Commodity Futures Trading Commission has backed a controversial proposal to require high-speed traders to reveal the algorithmic codes that drive their trading decisions.

  • Eurex sign

    Buyside locked out of repo clearing

    Top News | 04 November 2016

    Asset managers and pension funds are getting locked out of central clearing of repo and securities financing transactions, with dealers refusing to process trades that incur high levels of regulatory capital.

  • China's CDS launch prompts doubts

    People & Markets | 04 November 2016

    China’s launch of credit default swaps in September was hailed as a big step forward for the derivatives markets in the world’s second-largest economy. But it is unclear if there is sufficient interest in the country in taking both sides of any trade, according to Goldman Sachs.

  • LCH targets bank business with bilateral swaps launch

    People & Markets | 04 November 2016

    Clearing house LCH has launched a service focused on the bank-dominated bilateral derivatives business, signalling its intention to expand beyond cleared products.

  • Bitcoin surges on China buying speculation

    People & Markets | 04 November 2016

    Cryptocurrency Bitcoin has surged by more than 10% in recent days, pushing it close to a four-year high, on reports of Chinese purchasing to hedge the recent decline in the renminbi.

  • Agricultural Bank of China building in Beijing

    China CDS launch prompts doubts, says Goldman

    Ticker | 03 November 2016

    China’s launch of credit default swaps in September was hailed as a big step forward for the derivatives markets in the world’s second largest economy. However, it is unclear there is sufficient interest in the country in taking both sides of any trade, according to Goldman Sachs.

  • LCH.Clearnet logo

    LCH targets bank business with bilateral swaps launch

    Ticker | 02 November 2016

    Clearing house LCH has launched a service focused on the bank-dominated bilateral derivatives business, signalling its intention to expand.

  • ECB headquarters

    Credit hedge funds struggle as volatility dives

    Top News | 28 October 2016

    European Central Bank bond buying and depressed volatility are creating a perfect storm for European credit hedge funds, many of which have struggled in recent months to generate good enough returns to justify their fees.

  • Foreign banks spurn US short end as costs rise

    People & Markets | 28 October 2016

    Japanese and European banks are turning their backs on the short end of the US funding curve, after money market reforms implemented this month have pushed up the cost of paper maturing in less than a year.

  • R3 plans November launch for open source blockchain

    People & Markets | 28 October 2016

    R3, the consortium developing blockchain for the financial industry, will make its technology open source by the end of November, in a move it hopes will help create an industry standard.

  • R3 logo

    R3 plans November launch for open source blockchain

    Ticker | 24 October 2016

    R3, the consortium developing blockchain for the financial industry, will make its technology open source by the end of November, in a move it hopes will help create an industry standard.

  • Buyside resists push for standardised collateral

    People & Markets | 21 October 2016

    Buyside derivatives users are pushing back against banks seeking to impose standardised collateral agreements, ahead of rules requiring variation margin on uncleared swaps set to come into force in March.

  • Cost of clearing hurts small firms, says ISDA

    People & Markets | 21 October 2016

    Smaller derivatives users are finding it increasingly difficult to get access to clearing as banks raise prices and set thresholds that some counterparties cannot reach.

  • Logo of the International Swaps and Derivatives Association

    Cost of clearing hurting small firms, says ISDA

    Ticker | 18 October 2016

    Smaller derivative users are finding it increasingly difficult to get access to clearing as banks raise prices and set thresholds that some counterparties cannot reach.

  • Sign outside Britain's Treasury building

    Gilt buyers shrug off impact of inflation rise

    Top News | 14 October 2016

    Investor bets on spiralling UK inflation accelerated last week, after sterling fell to a 31-year low and oil prices consolidated recent gains. However, interest rate investors shrugged off the volatility, on bets that a weaker economic outlook following Brexit will put a floor under government bonds.

  • Banks pressure Esma on swap ID impasse

    People & Markets | 14 October 2016

    Banks last week ramped up pressure on European regulators to agree a format for derivative identifiers, necessary for banks to know which contracts will be subject to new rules under the Markets in Financial Instruments Directive II.

  • Swaptions definitions under scrutiny on close-out storm

    People & Markets | 14 October 2016

    Buyers and sellers of interest rate options have asked the International Swaps and Derivatives Association for guidance, after rising use of collateral led to disputes over the right price at which transactions should be closed out.

  • Swaption definitions under scrutiny on close-out storm

    Derivatives | 11 October 2016

    Buyers and sellers of interest rate options have asked the International Swaps and Derivatives Association for guidance, after rising use of collateral led to disputes over the right price at which transactions should be closed out.

  • Canary Wharf financial centre

    Better times for rates businesses

    Top News | 07 October 2016

    Investment bank interest rates businesses are set for the best year since 2012, after bouts of volatility, rising demand for yield and higher prices provided a boost to revenues.

  • EC gives broad powers for CCP resolution

    People & Markets | 07 October 2016

    The European Commission is set to publish its long-awaited framework for clearinghouse recovery and resolution in the coming days and will give national authorities wide-ranging powers to take over management of the business and clearing process.

  • EC gives broad powers for CCP resolution

    Derivatives | 05 October 2016

    The European Commission is set to publish its long-awaited framework for clearinghouse recovery and resolution in the coming days, and will give national authorities wide-ranging powers to take over management of the business and clearing process.

  • Sign outside the Bank of England

    Pressure on for UK CDS change

    Top News | 30 September 2016

    Investors in UK financial credit default swaps are ramping up calls for contracts to reference bank holding companies, which would reflect recent bond issuance designed to meet new rules on bank resolution.

  • US money funds make moves into repo

    People & Markets | 30 September 2016

    US money funds are taking first steps into repo markets in a bid to grab a slice of business that has become unviable for many banks due to rising regulatory capital costs.

  • Banks hoard collateral ahead of margin rules

    People & Markets | 30 September 2016

    European banks are hoarding stores of high quality collateral ahead of new rules that require margin to be paid on uncleared derivatives trades, pushing government yields lower and swap spreads to record wide levels.

  • Currency signs

    Widening cross-currency basis threatens US bond returns

    Top News | 23 September 2016

    US bond yields could rise in coming weeks, amid signs that currency hedging costs near five-year highs may be undermining overseas demand for US fixed income securities.

  • CurveGlobal plans fee blitz land grab

    People & Markets | 23 September 2016

    CurveGlobal, London’s newest derivatives platform, will offer cut-price fees for trading and clearing of interest futures when it launches on Monday, in a move it hopes will help break the stranglehold of Eurex and Ice Futures Europe (ICE).

  • ICE Clear Europe secures EMIR greeen light

    People & Markets | 23 September 2016

    ICE Clear Europe was been recognised by the Bank of England in the past week as being authorised under the European Markets Infrastructure Regulation, bringing to an end a long-running dispute over the competitive impact of different rules in the US and Europe.

  • ICE Clear Europe logo

    ICE Clear Europe gets EMIR green light

    Ticker | 21 September 2016

    ICE Clear Europe has been recognised this week by the Bank of England as being authorised under the European Markets Infrastructure Regulation, bringing to end a long-running dispute over the competitive impact of different rules in the US and Europe.

  • Euro bills

    ECB buying drives record CDS demand

    Top News | 16 September 2016

    Buyside demand for index credit derivatives reached a record high in recent trading, with investors scrambling for synthetic exposure to offset the impact of ECB bond buying.

  • Securities and Exchange Commission logo

    CCP recovery plans ‘blocked’ by SEC

    People & Markets | 16 September 2016

    Clearinghouses regulated by the US Securities and Exchange Commission are being “blocked” from implementing recovery and resolution plans, as they wait for the implementation of rules first published more than two years ago. 

  • New CVA model sparks debate

    People & Markets | 16 September 2016

    A new model to calculate wrong-way risk on counterparty credit exposures has sparked a derivative industry debate about the best approach to measuring potential losses, and the most efficient hedging techniques to offset the impact.

  • Logo of the International Swaps and Derivatives Association

    CDS liquidity drops on new margin rules

    Top News | 09 September 2016

    Liquidity in the uncleared credit default swap market fell sharply in recent days, as banks struggled to implement new rules requiring initial margin payments on derivative transactions.

  • LCH.Clearnet logo

    LCH’s resolution plan gets lukewarm response

    People & Markets | 09 September 2016

    Derivative market participants and clearinghouses have offered a lukewarm response to an LCH proposal for a mutualised industry fund that can be used to bail out a clearinghouse that faces bankruptcy.

  • Libor spike puts Fed in a bind

    People & Markets | 09 September 2016

    A spike in US Libor rates fuelled by money market reforms has lifted borrowing costs and may be set to undermine the Federal Reserve’s moves to stockpile monetary ammunition for the next economic downturn.

  • ESAs condemn EC plan to ease pension swap margins

    Derivatives | 09 September 2016

    European Supervisory Authorities have condemned a European Commission plan aimed at making it easier for pension funds to post margin on uncleared swap transactions.

  • Traffic flows in front of the Bank for International Settlements (BIS) in Basel

    CCP recovery plans don’t work, says BIS

    People & Markets | 19 August 2016

    Many of the world’s biggest clearing houses have failed to implement regulators’ requirements for risk management and clearing member defaults, while some have no plans at all, according to a Bank for International Settlements report.

  • Bats deal highlights exchange derivative plays

    People & Markets | 19 August 2016

    Bats Global Markets’ recent purchase of swap execution facility Javelin Capital Markets is the latest sign of derivative market ambition among exchange operators, but the deal is unlikely to herald a wave of consolidation any-time soon.

  • Negative rates create swaption conundrum

    People & Markets | 19 August 2016

    Negative interest rates in Europe and Japan are undermining pricing models for options on interest rates swaps, but competing efforts to resolve the issue have so far failed to convince.

  • Deutsche Bank charged by CFTC on swap reporting

    People & Markets | 19 August 2016

    The CFTC has charged Deutsche Bank with numerous swap-reporting failures, after a series of system outages meant the bank failed to meet its responsibilities under the Dodd-Frank Act.

  • Negative rates pose swaption pricing conundrum

    Ticker | 17 August 2016

    Negative interest rates in Europe and Japan are undermining pricing models for options in the interest rates swaps market, and despite efforts to resolve the issue none of the proposed solutions have been universally acclaimed.

  • CCP recovery plans don’t work, says BIS

    Ticker | 16 August 2016

    Many of the world’s biggest clearing houses have failed to implement regulators’ requirements for risk management and clearing member defaults, while some have no plans at all, according to a Bank for International Settlements report.

  • BoE QE failure ignites inflation target talk

    People & Markets | 12 August 2016

    The Bank of England’s failure to buy enough Gilts for its quantitative easing programme last week, alongside near-zero interest rates, has fuelled speculation that the next step in accelerating monetary policy may be a radical move to raise the bank’s inflation target.

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