Derivs - Credit

Chris Giancarlo was the 13th chairman of the Commodity Futures Trading Commission, the US’s top derivatives regulator, until last year. Before his five years at the helm of the CFTC he enjoyed a successful career on Wall Street, which included a 13-year stint as executive vice-president of GFI Group. Since leaving the commission he has focused on digital asset technology, in particular the development of a digital dollar. GlobalCapital caught up with Giancarlo to discuss regulation during the coronavirus crisis and the future of cryptocurrencies.

GlobalCapital is delighted to announce the nominees for its 2020 global derivatives awards.

The structured products market may have suffered dramatic blow-ups in the equity market, but investors have supported the less well publicised fixed income corner of the market.

The US Commodity Futures Trading Commission’s global markets advisory committee, a steering group made up of market participants, has recommended that the regulator provide a further six month grace period for compliance with initial margin requirements.

The Bank of International Settlements has indicated that regulators may need to review central counterparty clearing house margin policies after the coronavirus crisis.

IHS Markit’s announcement this week that it had acquired regulatory technology firm Catena Technologies marked another move towards consolidation in the industry.

Open access, the much fought over and delayed section of the second Markets in Financial Instruments Directive (MiFID II), is facing further pushback, according to a European Council document seen by GlobalCapital.

Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.

The derivatives industry’s 2020 events calendar is even thinner, as the Futures Industry Association has cancelled its annual London event.

UBS has made Paul Mahony head of corporate debt capital markets and derivatives for Europe, the Middle East and Africa, following on from Barry Donlon’s appointment as head of DCM for the region.

LCH has come through the extreme volatility of February and March to clear record levels of derivatives across its interest rate, FX and credit derivatives arms.

Prop trading firm DRW has selected OpenGamma, the regulatory technology provider, to manage derivatives margin in its treasury.