Nikkei
Japan autocall curbs upend Nikkei vol
Lack of reinvestment alongside FSA review forces scramble to buy back hedges as products knock out
Berkshire Hathaway outruns index puts it sold pre-GFC
Options that netted Warren Buffett’s company hefty premiums would be worthless at end-2021 market levels
Regulators should set ‘guidelines’ for CCP margins – Kemp
Citi’s former clearing head says CCPs are still competing on margin
TSE outage throws structured notes into tailspin
Trading shutdown on October 1 disrupted observation dates for some structured products
Asia CCPs forced to hike margins rapidly during equities rout
Margins for Nikkei 225 futures more than doubled at JSCC in a matter of days
Autocalls hit peak vega, where hedging costs mount
Eurostoxx and Nikkei losses flip structured product dealers into painful short vol territory
Autocall dealers wary of Nikkei volatility surge
Dealers caught in danger zone as losses lurk on upside and downside spikes
Nikkei faces hurdles in EU benchmark registration
Brexit confusion forces Japan index provider to look beyond UK
JP exec calls for derivatives margin changes
Move follows 13 significant margin breaches in 2018, with one breaching by as much as 245%
Nikkei sell-off puts Japanese autocall dealers on alert
Risk recycling may backfire if index slump continues
How Asia’s structured products dodged equities sell-off
Dealers deserve praise for improved structures, greater diversification and better risk transfer
Market mayhem hurts relative-value vol trades
Losses estimated at close to $500 million as US index volatility spikes
Asian administrators in denial on EU benchmarks regulation
Non-EU benchmarks have until 2020 to comply, but swaps contracts may need to change immediately
Traders blame short gamma positions for Nikkei vol jump
Uridashis, macro positioning and ETFs behind record 23% rise in volatility on November 9
Deal of the year: Credit Suisse
Addition of knock-outs to corridor variance swaps keeps investors happy and helps with risk recycling
SGX to charge negative interest to clearing members
Excess euro and yen cash deposits expected to generate 20–40bp charge
Japan equity derivatives trading stalls on Nikkei 15-year high
Abenomics had driven a surge in Japan equity derivatives activity, but now cash investors dominate
BNPP makes first big options trade on Nikkei 400 index
Hedging remains an issue until futures are launched in November
Nikkei 400 index tipped to become Japan equity derivative benchmark
Cash business likely to stay with Nikkei 225 but derivative trades may shift
Plunging Nikkei brings $40m vega losses to Japan dealers
Losses manageable now but if the Nikkei goes under 13,000, "there will be panic"
Equity derivatives house of the year: Morgan Stanley
Equity derivatives house of the year: Morgan Stanley
Japan and Korea investors regain appetite for European equity-linked structures
European underlyings make up 70% of non-Japan uridashi issuance in 2013
Vix options of limited use in hedging Asia portfolio tail risk
Misunderstanding of the correlation between global levels of volatility leading Asian investors to place too much faith in Vix, according to Edhec Risk Institute
Japan dealers pitch volatility swap trade to keep up with demand for Topix options
Institutions are creating demand for Topix options, outweighing supply