Interest rate derivatives
Exchange of the year: Ice
It took Ice six years to find a way into the interest rate futures market. Its arrival - via the $8.2 billion acquisition of NYSE Euronext - will intensify competition in over-the-counter derivatives clearing
Deal of the year: Arqiva/HSBC
Deal of the year: Arqiva/HSBC
SABR symmetry
SABR symmetry
Schedule slips and costs rise on rate hedge payouts
UK regulator reveals that banks will miss deadline for compensating interest rate hedge mis-selling victims
Projected cost of rate hedge mis-selling rises
Latest FCA figures show first stage of mis-selling review almost finished, but payouts rising and may hit £1 billion
Risk USA: BlackRock cuts strategies that rely on liquid markets
New liquidity paradigm caused by regulatory constraints is "here to stay", says BlackRock trading chief
Paulhac leaves CME Group
CME’s head of OTC products and services is expected to take up a senior position at Icap at critical juncture for electronic swaps trading
RBI and industry disagree on new interest rate future structure
Indian regulators try an under-the-radar approach to launching a domestic interest rate futures market
Mis-selling: the true cost to financial institutions
Banks are expected to spend millions on staff, fines and fees for handling complaints
Shanghai's free trade zone to spur China interest rate hedging market
The Shanghai FTZ could prove a rival to Hong Kong if the experiment is a success
JSE's rand swap clearing hopes in the balance
Local dealers believe domestic clearing would bifurcate derivatives netting sets
FCA figures suggest true cost of rate hedge mis-selling
Settling complaints of mis-selling complex interest rate products could cost UK banks billions
Indian corporates turn to swap markets as dollar funding evaporates
US dollars in short supply as rupee tumbles
Fast gammas for Bermudan swaptions
Fast gammas for Bermudan swaptions
Regulatory indecision holds up equity derivatives trades in China
Two different sets of master agreements cause stalemate between banks and securities firms
Cross-margining at CME slowed by practical challenges
Only two FCMs are currently offering margin offsets between interest rate swaps and futures at CME
SABR spreads its wings
SABR spreads its wings
CME confronts swap future tax fears
Some users of the CME contract have avoided taking delivery of an OTC swap over fears it would be taxed as a loan
Gottex Brokers: The allure of the illiquid
As competition in standardised products gets increasingly fierce, brokers can either slug it out, or diversify into illiquid markets. Gottex Brokers is doing both, its chief executive, Raphaël Moreno, tells Duncan Wood
A quadratic volatility Cheyette model
A quadratic volatility Cheyette model
SABR goes normal
SABR goes normal
Eurex may copy CME swap futures
German exchange seeking legal advice on scope of Goldman Sachs patent behind CME's interest rate swap futures
Mandatory clearing in Hong Kong postponed until January
Banks will have a six-month grace period before they must finally start clearing by July 2014
Saving structured finance: Dealers vie for SPV replacement swaps
The SPV swap replacement game