Derivs - Credit

The chairman of the US Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, has apologised for the past imposition of US swaps rules on foreign territories, calling it an “over-expansive assertion of jurisdiction”.

Two major derivatives industry trade bodies have warned of “fragmentation” and a “severe” impact on cross-border derivatives activity if a looming clearing deadline for certain intragroup transactions is not sufficiently extended.

The US Commodity Futures Trading Commission (CFTC) expects to publish new rule proposals for swap execution facilities (SEF) this autumn — reforms that were expected in the summer.

BNP Paribas said on Thursday that it had hired Viktor Hjort from Brevan Howard as global head of credit strategy and desk analysts, following the promotion of Olivia Frieser to global head of research.

Turkey’s self-inflicted problems have had ramifications well beyond its borders and led to comparisons with previous emerging market crises.

The cost of buying credit default swaps on Turkish five year government debt has stopped its upward trajectory and eased lower, even as the country’s standoff with the US continues.

The Japanese bank has revamped its investment banking division as it looks to boost efficiency and grow revenues following a grim first quarter and cuts in global markets.

The cost of insuring Turkish government debt has shot up as Turkey’s president Recep Tayyip Erdogan has refused to give way in a dispute with the United States.

Emerging market sovereigns are regarded as stalwarts of the credit default swaps (CDS) market. Their liquidity is dependable, and participants can usually trade in large size with relatively low transaction costs and little price impact.

Electronic trading platform Tradeweb has enjoyed a huge spike in interest rate derivatives trading this year, reporting a 118% year-to-date increase in average daily volume for the products compared to 2017.

Bank of America Merrill Lynch has made three senior moves in its European client clearing operations for futures, options and OTC products.

Intercontinental Exchange has completed its $685m acquisition of TMC Bonds, a fixed income trading platform that adds to its drive into market infrastructure.