Banks say concentrating trades through single dealer would ease paperwork logjam for asset managers
Interest in TCA is growing as new data sources offer glimpse into murky swaps and forwards market
Over-reliance on fallbacks could lead to failures at year-end
Can CGBs emulate US Treasuries as initial margin on cross-border derivatives trades?
Liquidity in Treasuries saw a sharp deterioration on February 25, with bid/offer spreads across the whole curve tripling. Belly flies such as 2/5/10s cheapened over 17bp, seven times greater than in a typical session. This had a knock-on effect on off-the-run Treasuries. The head of rates at a US buy-side firm says one popularly traded deep off-the-run 30-year bond that regularly trades two ticks wide blew out to 12-13 ticks wide on February 25.Read the full article
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