Equities
French regulator questions need for share trading equivalence
Esma’s reinterpretation ahead of Brexit reduces need for equivalence system, says AMF official
Trading heads call for reform of double volume caps
Asset managers endorse UK move on caps and back changes to EU’s unloved share trading restrictions
The lonely Londoners: doubts plague UK quest for equivalence
Planned MoU won’t automatically bring equivalence, leaving firms in limbo for unknown duration
Bonds fall from favour as shock absorbers for equity losses
Ultra-low rates force investors to rethink role of fixed income as diversifier
SA-CCR tweak could slash equity risk charge – research
Better calibration would cut equity options exposures in half, research finds
Canada pension fund Hoopp goes cool on bonds
$70bn investor rethinks LDI strategy to take into account paltry yield from fixed income
Asia moves: JP Morgan names Asia ECM head, Deutsche adds to ESG team, and more
Latest job news across the industry
Zooming in on equity factor crowding
A measure for crowding in trades is derived from supply and demand imbalances
One man’s trash is another man’s Treasury
With yields at record lows, investors are asking how much protection bonds will offer in a future crisis
Nordic noir: Swedish state pension fund’s outlook is austere
Sweden’s AP1 aims to ditch illiquid assets and target realistic returns with equities
UK and EU regulators diverging on double volume caps
Rule that limits anonymous equities trading to be reviewed in UK, but EC has bigger fish to fry
Eurozone funds favoured US equities in Q2
Investment funds also bought up eurozone bank stocks
Equity hedges bolstered Axa through Covid crisis
Economic hedges contributed €425 million to H1 income
SocGen’s VAR jumped 54% in Q2
Credit VAR more than doubled to €43 million
Bargain-hunting equity hedgers turn to FX
Currency options are cheap relative to stock index puts, but correlations are uncertain
Safe havens no longer safe, quants fear
Equity-debt correlation breakdown and negative bond yields make investors nervous
ABN winds down Ronin books after Vix losses
$200m loss suffered by bank’s clearing business is thought to be mystery second default
Oil price shock triggers big margin calls
Banks and exchanges worked through weekend in anticipation of oil collapse
Equity, Treasury collateral builds up at US G-Sibs
Fair value of equity collateral rises 19% year-on-year
The UK’s path to EU equivalence: détente or detour?
Race to meet post-Brexit cross-border trading requirements will go down to the wire
Systemic US banks’ trading portfolios swell 10% in 2019
US Treasuries held-for-trading soar 28% on Q4 2018
Rates trading revenues up 154% at top US banks
Net gains on interest rates-related exposures top $21 billion
Who killed FX volatility?
Beyond central bank policy, traders see a range of hidden structural factors at work