Floaters give HSBC the edge in Asia rates market

Clients seek floating rate loans referencing Shibor for hedging

Swami Ravichandran
Swami Ravichandran, HSBC

The malaise in rates markets following the taper tantrum in May 2013 when the US Federal Reserve announced it would begin tapering back its $70 billion a month in bond purchases combined with low levels of volatility has resulted in a tough year for most rates dealers.

Revenues are down, with the 10 largest investment banks witnessing a 16% fall in fixed-income, currencies and commodities revenue in the first quarter of this year, according to analytics firm Coalition. Interest rate derivative

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