Commodity futures
Can US perpetual futures solve their identity crisis?
Market could fall under four different regulatory categories, with sharply diverging outcomes
Oil producers hedge rally with Brent shorts
Energy firms hedge oil spike as funds position for further gains
Iran strikes a stress test for CCP margin models
CME’s Span2 and Ice’s IRM2 are performing as advertised. The next few days could test their mettle
US banks tighten grip on gold shorts
Open interest in Comex gold futures sold by banks up 54% between December and August
Derivatives players divided over 24/7 trading
For some, round-the-clock markets are inevitable. Others see “enormous risks”
A flexible commodity skew model with maturity effects
The authors propose an extension to the Andersen commodity curve and calibrate the model to market data for West Texas Intermediate crude oil and for natural gas.
Foreign funds are bulls in China’s onshore commodity futures
Growing participation from overseas investors is boosting liquidity in what’s already a boom market
Robinhood buys Marex FCM as futures entry takes shape
Retail broking giant follows WeBull into futures market
Alarm over gas futures market’s ongoing flight to OTC
Worries focus on potential for hidden systemic risks and lack of accessibility for smaller firms
OTC share of EU gas derivatives surges to 25%
Energy price cap may supercharge flight from ETDs and affect CCPs’ ability to manage risks, Esma warns
EC urged to reconsider TTF price cap
“Heated” discussion among European energy ministers throws planned safeguards into further chaos
The FCM model is not dead yet
Delivery risk means algos should never supplant humans in commodity futures markets, argues exchange executive
Bailed-out Uniper suffered €14bn derivatives markdown in H1
Company cut value of gas forwards contracts due to risk of reduced deliveries from Russia
Ice to accept EUAs as collateral
Emissions certificates accepted to offset short EUA futures positions, subject to 14-day comment period
Esma to meet with clearing industry over EU energy crisis
Widening eligible collateral on table; ECB intervention would need government indemnities
Client margin at Wedbush unit up 46% in April
Futures and options clearing unit saw largest monthly increase across all FCMs
Clearing industry braces for volatility ‘super-cycle’
Green transition may fuel higher cash demands and more risk events, FCMs warn
Exchange execs clash over LME nickel closure
Ice’s Williams says circuit breakers could have averted shutdown, but LME’s Combe defends ‘tough decision’
In the age of bitcoin, buy side braces for 24/7 risk management
Investors forced to rethink “nine to five” mentality, as crypto exchange FTX proposes auto-liquidation model
FTX’s ‘easy-access’ clearing stokes fears over runaway risk
Crypto exchange will auto-liquidate underwater positions, which critics say could fuel a death spiral in prices
Client margin up 43% at Mizuho’s F&O in Q1
US unit of Japanese bank overtakes Credit Suisse, Barclays, UBS and Interactive Brokers