Derivatives
Banks trade first USD/CNY cross-currency swap versus SOFR
Risk-free rate sets new milestone with Crédit Agricole and Bank of China’s $10m trade
Delay to IM calculation window leaves some exasperated
“Hasty” decision by global rule-makers frustrates firms that had already started initial margin prep
FX vol revived by Covid-19 – but for how long?
Traders split on whether virus impact or central bank responses will prove most powerful
ESG-linked hedges raise interest – and questions
Carrot-and-stick trades pay off if green targets are hit, but setting and monitoring those goals is tricky
Seeing red over blue-chip swap in Argentina’s NDF fiasco
Emta protocol salve aside, peso settlement rate snafu is a warning for emerging market FX derivatives
Swaps data: cleared volumes drop for all markets – except FX
Smaller CCPs make market share gains in a quarter of double-digit declines for rates and credit
India exchange to debut rupee derivatives settled in US dollar
Launch of onshore futures and options unlikely to dent offshore volumes, though
FX options see record volumes as yen goes off-script
Coronavirus outbreak and recession fears trigger frenzied trading in USD/JPY options
Morgan Stanley FX loss leaves ill-feeling, questions in wake
Options traders saw odd quotes by US bank months before losses were publicised
First Ibor versus SOFR cross-currency swaps trades
Westpac and Citi strike BBSW/SOFR trade in landmark moment for Australian market
First cross-currency swap cleared at Eurex
Morgan Stanley and JP Morgan first to use service and two more banks are onboarding as CCP hopes to extend offering to clients in 2020
Kace to offer electronic distribution of FX options in China
Huge potential for China’s FX options market, but regulation and digital transformation are key
Euronext FX looks to derivatives for diversification
Euronext unveils new three-year strategic plan to invest in FX, data and analytics
LCH and StanChart tout rival routes to cheaper margin
Panellists at FX Week Asia conference say participants should start thinking about margin optimisation sooner rather than later
MUFG hires Paster in FX and derivatives risk management push
Paster’s newly created role aims to strengthen MUFG’s markets arm in Americas
Carney warns Germany and France of Brexit derivatives cliff edge
Bank of England governor says it is in “interest” of EU countries to ensure full viability of financial contacts ahead of Brexit
BCS Global appoints Richards as director of prime services sales
Andrew Richards will target small- to medium-sized hedge funds
Baton hires Choussy as it eyes scale and client expansion
Choussy has been appointed president and chief operating officer
Regulators plan to delay IM ‘big bang’ – market sources
Most see final phase of initial margin rules coming a year later, in September 2021
Tradition preps new data platform
Broker to launch product to enhance FX cash and derivatives coverage
FXPB fee jump unlikely, say dealers
HSBC and NatWest say client charges unlikely to rise significantly despite new margin costs
Crédit Agricole’s head of FX options departs
Andrew Soper leaves French bank to pursue other opportunities
Credit Suisse adds Tretola and Osterman to FX team
Bank says recent hires signal ongoing investment in FX platform and strategic importance of markets franchise
SocGen promotes two as it restructures
Sylvain Cartier heads to Paris as head of fixed income and currencies