Interest rate swaps
Steepeners whipsawed by Dutch pension scheme shifts
Long-end euro rate flows thrown off course by piecemeal updates on transition to defined contribution system
Goldman’s Houghton on Asia’s watchful bondholders
Talking Heads 2025: Fed independence and debt concerns could fuel new moves away from US debt, says Apac Ficc co-head
US banks’ cash holdings jump $79 billion in Q2
Cash reserves up 4%, in biggest rise since 2023
Steepener exits leave traders in search of direction
Uncertainty clouds US rates market as hedge funds pare back steepener positions
PMT confirms move to new pension fund contract in 2026
Third-largest Dutch pension fund set to move to the defined contribution contract on January 1, in boost for euro steepener
Morgan Stanley sees the elephants in the room
Talking Heads 2025: Hedge fund crowding means macro markets have fatter tails, argues fixed income co-head Jakob Horder
EU banks fear tumbling rates will upset their IRRBB balance
As rates decline, hedging two separate tests of vulnerability becomes more difficult
Nifty trades of Graham
Talking Heads 2025: Macro hedge fund shut down swap-spread exposure during April turmoil; sees positive signals amid Trump noise
CFTC eases restrictions on yen swap clearing
No-action letter opens door for US investors to clear at JSCC, ending years-long push by industry
Some European banks still failing net interest income test
Swedbank joins seven other outliers after it updates methodology assumptions
Sharper economic picture sets scene for dollar swaps rebound
Razor-thin bid/offer spreads and slim post-April trading volumes give way to an uptick in August
Future proof: can FMX-LCH platform prevail?
A year into FMX Futures Exchange, Treasury futures volumes are low, and firms aren’t cross-margining
Barclays braces for a macro storm
Talking Heads 2025: Developed markets are racking up debt. Finding buyers could be difficult, says macro head Hossein Zaimi
EU firms want clarity on new active account operational test
Final Esma rules reduce burden, but require firms to prepare for higher onshore clearing volumes
FCM swaps margin climbs to record $173bn
Barclays, Bank of America and Royal Bank of Canada post all-time highs
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of rate cuts see investors trim ‘consensus’ trade
LCH plans Q4 launch for FCM-style clearing
UK clearing house will be first to offer Europe’s new agent model as Eurex faces tax hold-up
Tariff rout lifts required IM by $51bn
Collateral posted for swaps, futures and CDSs jumped in April, data from top CCPs shows
Bunds’ hedging role for euro swaps still in question
Dealers seek ultimate hedge for euro swaps amid EGB rush following Trump tariffs
CFTC set to vote on JSCC client clearing access
US investor demand for JSCC clearing ramps up amid rising yen interest rate volatility
LCH adds China sovereign bonds to collateral pool
Acceptance of euro and dollar debt could be widened to offshore renminbi bonds by year-end
Frustration grows over ‘messy’ active account rules
Isda AGM: Less than two months until deadline, firms seek clarity on threshold calculation and scope of exemptions
APG upbeat on sustainability derivatives despite setbacks
Isda AGM: Dutch pension fund manager’s chief executive believes instruments have room to grow
Yen rates losses from tariff volatility top $1 billion
Pay fixed, curve flattener and vol steepener positions were hit hard as yields swung wildly