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Trading

Firms’ preparations for transition from LIBOR to risk-free rates

Letters to the CEOs of banking and insurance firms from the Prudential Regulation Authority and Financial Conduct Authority

truPTS - Their Current State and Why Their Website is Down

truPTS - Their Current State and Why Their Website is Down

Time to abandon hope: senior regulators set out vision for LIBOR transition in latest speeches

Blog

Packing the Overnight Bag: Risk-Rree Rates after LIBOR

The team at Sernova Financial provide a detailed insight into the major challenge of moving the entire OTC market away from LIBOR in a relatively short space of time.  

Fake news?

Perhaps this blog post is.

Fake news! How do we tell information from merely gossip? How do we separate the wheat from the chaff? Or, closer to home, how do we know which dealer is most informed, and how the information is learned?

SOFR Swaps Are Trading!

We have now had six SOFR swap trades hit the SDRs. Both Basis vs Fed Funds and Outright OIS has traded. All trades have been $50m and one year maturity. It looks like they were all cleared at LCH. The first swap was done on the TP-ICAP SEF. SOFR Everything you need to know about […]

ISDA AGM Round-Up - 8 Announcements with a Focus on Margin

The ISDA AGM generated a wave of content last week which we've assembled into one handy place. Most of the material is focussed on margin for non-cleared products given the changes due in 2019.

Live FX Trading With Shanghai via R5FX

Using R5-SHCH Connect domestic banks in China now have access to the London FX market, recognised as the leading centre for global FX trading. The new service is a partnership between London's R5 and the Shanghai Clearing House, announced by UK Chancellor Philip Hammond in December as part of the 9th UK China Economic Dialogue. 

ESMA publishes register of derivatives to be traded on-venue under MiFIR

Much like the SEF mandate in the US, following MIFID II certain OTC products must now trade on an electronic platform, for which the PDF below is the list. Products outside this list can still trade directly by other means.

How to address Pension Funds Macro Risks?

Bond yields have been falling since 1982. Many sovereign bonds have ultra-low yields today. Ultra-low yields generate ultra-high liability values since the time value of money does not apply when there is too much debt in the system. Pension schemes that were comfortably funded a few years ago at 5% now have huge deficits. 

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