Chill winds blow for Capitolis’s equity swap platform

Fintech’s effort to revive off-balance-sheet funding runs into market and regulatory turbulence

As recently as a year ago, Capitolis seemed to be on to something big – big enough to change the way banks finance their hedge fund clients.

The New York-based fintech’s Ionic Capital Trust programme connects money market investors in search of higher yields with banks that need financing for their equity swap activities. Instead of buying shares to hedge their client exposures, banks can enter an offsetting total return swap (TRS) with Capitolis’s special-purpose vehicles (SPVs), which issue

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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