Derivs - Credit

The Commodity Futures Trading Commission (CTFC) imposed $413m worth of fines in the fiscal year of 2017, the derivatives regulator has announced.

The German Investment Funds Association (BVI) demanded the relocation of euro denominated interest rate swaps clearing from London to the EU 27 on Wednesday, citing regulatory concerns due to Brexit and lower costs for fund companies.

Mizuho International has hired a managing director from Credit Suisse to take charge of its fixed income business.

Derivatives markets participants listening in to BBC Radio 4 on Monday morning would have been surprised by a voice that they are more accustomed to hearing in conference halls — that of Christopher Giancarlo, chairman of the Commodity Futures Trading Commission.

Theodor Weimer, the head of UniCredit subsidiary HypoVereinsbank, will replace Carsten Kengeter as CEO of exchange and clearing house operator Deutsche Boerse, it was announced on Thursday.

European finance ministers are unlikely to reach a deal on clearing house (CCP) resolution when they meet on December 5, despite commitment from Estonia — which chairs the debate — to close an agreement by year's end.

Those hoping that Monday would bring clarity to the confusion surrounding Venezuela’s debt situation were out of luck as a meeting between the government and some bondholders offered no clues as to the country’s strategy.

Investors and bond market analysts said that PDVSA, the Venezuelan state-owned oil company, was on the verge of a messy default after making its latest principal payment nearly a week late and in various stages.

The “majority of top-tier US and European swap dealers” have signed up to receive International Securities Identification Numbers (ISINs), the Derivatives Service Bureau announced on Thursday. The rapid uptake “is ahead of original expectations”, the DSB added.

The International Swaps and Derivatives Association on Thursday revealed that it is once again accepting applications for the role of Determinations Committee secretary, a body that carries out administrative duties for credit derivatives committees.

Nomura has hired Omar Ghalloudi as head of developed markets trading in flow credit for EMEA. This is a new position.

As the prospect of a ‘hard Brexit’ looms over the City of London, UK politicians are facing the humiliating prospect of losing financial market primacy to Paris. The derivatives market is one area where participants are actively looking across the Channel, worrying Nicky Morgan, chair of the UK parliament’s Treasury Select Committee.