Derivs - Credit

The US Commodity Futures Trading Commission has ordered BGC Financial to pay a $3m civil monetary penalty over alleged supervision, reporting and record-keeping failings.

The Financial Stability Board (FSB) has called on the International Swaps and Derivatives Association (ISDA) to include a pre-cessation trigger as standard language in definitions of new derivatives, warning of potentially disruptive market fragmentation as some interbank offered rates (Ibors) near a drop-off in relevance.

TP ICAP has appointed Joanna Nader, a former senior banker, as its group head of strategy.

Chatham Financial, the derivatives and debt management advisory firm, has acquired one of its main rivals, JCRA, in a move that is set to create a dominant global player in the market.

A 14-strong group of trade associations have co-authored a letter asking the European Commission to grant UK central counterparties (CCPs) urgent extensions to their temporary equivalence determinations.

The European Securities and Markets Authority has issued technical advice for the European Commission on the treatment of third-country central counterparties (TC-CCPs).

An Austrian firm has become the first European Union-domiciled bank to join Eurex’s ISA Direct offering as a basic clearing member.

The European Union’s finance ministries are nearing a deal on the draft legal text for central clearing counterparty (CCP) resolution. But they still disagree on the use of CCPs’ own funds in a recovery scenario, as well as on voting rights for smaller states in a resolution college.

The US Commodity Futures Trading Commission this week approved foreign boards of trade applications (FBOT) from European derivatives exchanges despite opposition from commissioner Brian Quintenz.

CME Group has reported a strong set of third quarter results, with double digit growth in the trading of rates, equity and commodity products.

Euroclear Finland will join European securities settlement platform TARGET2-Securities in 2022, in time to also lock into the European Collateral Management System.

The US Commodity Futures Trading Commission is setting up a new subcommittee in a bid to resolve concerns around margin requirements for non-cleared swaps.