Interest rates
Private credit risk doesn’t have to be systemic to be serious
Risk management leader outlines three cracks in the consensus that risk in the private credit sector is contained
JP Morgan’s negative AOCI widens in Q2
Three US G-Sibs report larger unrealised losses, but Citi bucks the trend
Ice rates contracts leapfrog CME SOFR in June
Ice rates open interest hits $62.3trn as euro and sterling hedging demand climbs
How electronic quoting could jolt gilts back to life
While UK government bond market stagnates, Italy boosts on-venue trading with dealer incentives. Should London take a leaf from Rome’s bookrunners?
Fifth Third, Flagstar EVE bets diverge in Q1
Comerica deal flips Fifth Third rate-risk profile
How vol eruption blew up Goldman’s rates book
Dealers were short payer skew from corporate and hedge fund flows. Then came the Iran war.
Liquidity on Kalshi, Polymarket ‘too thin’ for institutional use
Patchy trade flows cause outsize market impact for financial events, research from Risk.net shows
US regional banks tilt hedges towards lower rates in Q1
KeyCorp, Citizens lead way with heavy receive-fixed swaps portfolio
Treasury mulls investing cash in repo. Experts aren’t convinced.
Putting idle cash to work would earn paltry returns and perhaps depress private lending activity, say sceptics
Ice sets up four-way race for Japan’s Tona futures
London joins Osaka, Tokyo and Singapore exchanges in battle for yen rates contracts
Markets perceive the future in very distorted ways
Discounting paradigms should adapt to be more realistic, says Jean-Philippe Bouchaud
Eurex short-term rates volumes collapse on Iran volatility
Surging yields, options hedging activity and revamped incentive schemes drive record volumes at Ice
Commerzbank most exposed to rate hike among European banks
Eight banks would lose more than 10% of T1 capital under rate shock
Basel III endgame: overall relief hides winners and losers
G-Sibs gain from surcharge reform while AOCI hits regional banks
Traders revive emerging market carry trades on vol drop
Investors eye high-yield Latin America currencies as implied volatility falls
JP Morgan repo reliance hits 15-year high after Q1 surge
Fed funds and repo liabilities climb 62% to $717 billion
smartTrade eyes role as direct streaming linchpin
Vendor plans to tap growing demand for direct API trading solutions across asset classes
Has the Iran conflict made FX untradable?
FX options volumes jump despite high costs and short-lived opportunities
How the Iran war wreaked havoc on consensus US rates trades
Hedge fund steepeners, swap spreads and vol-selling strategies were hit as conflict forced stop-outs during March
YCC, carry trades and the changing role of the yen
Marcello Minenna argues that as the BoJ adjusts its policy regime, changes in carry positioning are increasing the instability of the correlation between exchange rates and yield differentials
Hedge funds retreat to sidelines in euro steepeners
Rate hike repricing and stop-losses have gutted positioning in once-dominant 10s30s bet