Markets
There aren’t many people who exclusively trade derivatives these days – buy-side execution desks increasingly work across product silos. As a title that has spent most of its life focusing on derivatives, Risk.net has had to broaden its coverage.
This category is home to trading and execution coverage that ventures beyond derivatives, but retains a focus on interesting, structural issues. Among other topics, you’ll find articles here on repo and funding, bonds and yield curves, front-office technology, operational efficiency, clearing and margining.
Fed action fails to dampen spreads for riskier credits
Borrowing costs for some issuers are still two to three times the historical average
Dollar funding squeeze eases after March madness
Fed action helps restore equilibrium, leaving fears of quarter-end crunch unfounded
Libor webinar playback: spotlight on bonds
Panellists from Lloyds, RBC Capital Markets and TD Securities discuss efforts to switch to new lending benchmarks
Libor webinar playback: spotlight on loans
Panellists from McKinsey, the LSTA and UBS discuss efforts to switch lending to new benchmarks
Seeing red over blue-chip swap in Argentina’s NDF fiasco
Emta protocol salve aside, peso settlement rate snafu is a warning for emerging market FX derivatives
Equivalence failure threatens European share trading
UK and EU investors may be forced to trade dozens of shares on less liquid exchanges, analysis shows
In choppy forex markets, algos buck expectations
Goldman, Nomura and others report increased volumes, although some clients revert to principal quotes
US Treasury market holds its breath after high drama
Intermediation broke down after off-the-run bonds were dumped on banks
Spot FX could be dragged into Mifid II
EC tells Risk.net it is studying Australian-style approach to regulating currency trading
Bonds and swaps struggled in virus volatility
Low liquidity and wider spreads amplified by remote working, traders claim
‘Huge role’ for quants in Covid-19 response – MIT’s Lo
Policy-maker actions or missteps will drive markets, academic says
For FX dealers, virus brings volumes
Mixed feelings for sell-side traders as Covid-19 spurs wave of speculation and hedging
Alt data lends a different light to coronavirus impact
Smog, traffic data – even movie rentals – help analysts track economic effects of virus
Caveat pre-emptor: Man ESG chief talks snubbed markets
Robert Furdak is sparking discussions about responsible trend following in unsustainable stocks
FX aggregators flirt with scrutiny over brokerage charges
Making dealers pay for trades raises ‘payment for order flow’ questions
Full stream ahead for bonds
Price streaming offers cost savings and operational efficiencies, but it could fragment liquidity
Eurex members divided over liquidity risk charges
Banks say proposed charge too conservative, debate whether add-on should be charged directly to clients
The corporate bond revolution will be streamed
Dealers are piping feeds of live, executable prices direct to select clients
Regulators urge buy-side action on Libor shift
ARRC set to release ‘checklist’ for buy-side firms, while FCA assesses exposures
Bank disruptors: JP Morgan smashes silos
To foster innovation, the US banking giant rebuilds its culture by breaking boundaries
Trading venues decry disruptors as MTF battle heats up
Unregulated tech vendors accused of operating as de facto venues; a claim dismissed as “entirely outrageous”
Private equity investors see savings in AI
Unigestion, Schroders using machine learning to avoid ‘obvious losers’ among private equity firms
A new leaf: why a hedge fund manager bought a bank
Andy Redleaf founded a $6 billion hedge fund. Now he runs a small community bank
Squeezed or saved? Market divided over year-end repo stress
Fears of a cash-crunch hang heavy despite Fed’s repo giveaway and move to term funding