Interest rate swaps
Props stopped: non-banks struggle to crack US swaps market
Teza, TransMarket, Virtu among firms held back by regulation and old market practice
Smart contracts to slash time and costs, say technologists
Blockchain to deliver lucrative benefits to derivatives market, London conference hears
China opens up onshore swap market but hurdles remain
Foreign investors can now hedge CNY bonds but dealers expect limited uptake
CVA desks suffer Brexit double whammy
Cross-gamma losses estimated at more than $25m for each dealer
LCH-JSCC basis to boost XVA acceptance in Japan
Prices now "can't be explained without reference to XVAs", says Nomura credit head
Futurisation facing headwinds as cleared swaps evolve
Panellists at FIA conference say cleared OTC market is holding off futures challenge
Strength turns to weakness for old OTC market
Non-cleared notional falls $36 trillion as costs and complexity grow
Mortgage investors grapple with negative swap spreads
Collapse of US swap rate creates problems for valuation models
Against the tide: why Kiwi banks want to be clearing members
Rising fees and absence of leverage ratio cause some New Zealand banks to consider direct clearing
BoE: Libor reform needs swaps market support
“The dependence on term Libor fixings remains an unnecessary vulnerability,” writes BoE’s Salmon
Australian banks fear loss of rates trading name give-up
A push towards anonymous trading via platforms could undermine counterparty risk management
Japan struggling with negative rate impact on swaps
Dealers facing issues with collateral interest payments and loan mismatches
After Milan: how Italian law treats muni swaps
Dealers in Italy run risk of “unpredictable legal conflicts”, warn lawyers at Norton Rose
Eurex describes its new ISA Direct platform
Sponsored video: Eurex Clearing
Aussie market clearing well ahead of April mandate
Largest onshore derivatives dealers already caught by US and European rules
Nordic clearing members eliminate Skr288 billion IRS notional
Nasdaq Clearing’s first compression run to be continued twice a year
Dealers: narrow Japan e-trading mandate is compliance headache
Late narrowing of scope and exclusion of package trades throws up difficulties
ABN Amro cuts rates swaps from €24bn covered bond programme
High cost of downgrade triggers forces Dutch bank to use alternative hedge
End-users shun ‘broken’ US swap market
Negative swap spreads forcing hedgers to look for alternative instruments
Swiss eye Saron for risk-free rate
Working group considers one rate to rule them all
Benchmark reform could hit cross-currency basis
Traders criticise fragmented development of new risk-free rates
CME set to launch swaptions clearing in Q2
Uncleared margin rules the driver; may also impact CME-LCH basis
Beyond Libor: what reform plans mean for swaps users
Big bang still an option in plans to propagate new benchmarks
Freddie Mac reviews $600bn hedge book as losses mount
Swap spread inversion contributed to derivatives losses of $2.7 billion in 2015