Derivs - Credit

The Bank for International Settlement's (BIS) and the International Organization of Securities Commissions (IOSCO) have published a third consultative report on the harmonisation of critical OTC derivatives data elements.

A year ago this week the credit markets were digesting the shock of a ‘leave’ vote in the Brexit referendum. What followed was a period of extreme volatility and it seemed that 2017 was set for more of the same, writes Gavan Nolan.

From September IHS Markit will include UK and Swiss banks at the holding company level in its credit default swap (CDS) indices, but the index provider is still consulting on whether or not to include non-preferred senior debt.

Taiwan's Hua Nan Futures has become a derivatives trading member of the Singapore Exchange (SGX), taking the number of eligible derivative members on the venue to 56.

The European Association of Clearing Houses (EACH) has responded to a European Commission report on fintech, supporting a move to distributed ledger technologies.

Bank of England governor Mark Carney welcomed parts of the European Commission’s draft proposals on euro clearing this week while warning against relocating the activity from its base in London.

The European Commission made a play to snatch euro clearing business for the eurozone this week, proposing new powers to force the relocation of what it terms systemically important third-country clearing houses that clear euro denominated derivatives. Costas Mourselas reports.

The Futures Industry Association (FIA) on Wednesday released a statement arguing that this week's European Commission proposals, which would allow continental regulators to force clearing houses' relocation to the EU, will create market disruption.

The Hong Kong securities and futures commission — HKSFC — has entered into an agreement with the Australian securities and investments commission — ASIC — to establish a framework for cooperation on fintech.

The European Commission on Tuesday sent the strongest signal yet that continental politicians will work to wrestle euro clearing activity away from the UK as its exits the European Union.

London based clearing house LCH on Monday announced it had appointed Michael Davie to the position of global head of rates.

The UK's shock election result, in which prime minister Theresa May failed to secure a majority, has led to a slight fall in equity volatility, as the FTSE 100 rose on a weaker pound and European stocks rallied.