Derivs - FX

Online derivatives provider IG Group has outlined a new strategy to return the company to growth in the face of tougher regulation.

The International Swaps and Derivatives Association is using its ISDA Common Domain Model (ISDA CDM 2.0) in a pilot involving the UK Financial Conduct Authority, the Bank of England and various financial institutions.

The EU has fined five big banks about €1.1bn in total after it found that some of their currency traders were involved in a foreign exchange cartel.

Netherlands-headquartered clearinghouse EuroCCP has appointed ex-LCH man David Hatton as its chief technology officer.

Hong Kong Exchanges and Clearing (HKEX) has reported a fall in derivatives volumes for the first quarter of the year.

Glenmede Investment Management (GIM) has appointed Stacey Gilbert as portfolio manager in its derivatives team.

Public tension has diminished between European and US regulators over the former’s determination to increase its supervisory powers over clearing houses, but concerns are still simmering, as this week’s testimony from the US Commodity Futures Trading Commission (CFTC) chairman showed.

The Commodity Futures Trading Commission (CFTC) is proposing amendments to the rules governing swaps clearing as it seeks to streamline processes and respond to recent events such as September’s Nasdaq Clearing default.

Uncertainty around how MiFID II’s trading obligation will function after Brexit is leading UK and European derivatives trading houses to consider executing trades in other jurisdictions.

A new survey has suggested that Brexit uncertainty is weighing on activity in the UK derivatives market, sapping revenue growth prospects and raising costs.

CME Group has unveiled a new tool to inform clients such as hedge funds about financing rates for trades and how market players' positioning is changing.

TrueDigital, a New York company that uses blockchain-based technologies to offer margined deliverable swaps on bitcoin, has hired Michel Finzi, a former managing director and SVP at Instinet, as its chief commercial officer. It has also hired two ex-Citigroup bankers as salespeople.