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Forward rate agreements grew by 132% to USD601 billion over the past three years, driving the growth in OTC interest rate derivatives during the period.
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Crédit Agricole CIB has named Frédéric Lainé as head of the firm’s financial institutions group for international client coverage in Asia ex-Japan.
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Nomura has hired Chris Cutt to trade USD interest rate swaps in London.
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The planned retirement of Financial Accounting Standards Board Chairman Robert Herz has thrown proposed changes to derivatives accounting into question, as the exposure draft only passed the board by a 3-2 vote, with Herz in favor.
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Morgan Stanley has issued USD100 million in a 20-year range-accrual step-up note referencing the S&P500.
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BNY Mellon Clearing in New York is looking into clearing memberships with major clearinghouses to give clients access to over-the-counter interest rate swap and credit default swap clearing, Sanjay Kannambadi, ceo, told Derivatives Week.
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A coalition of industry groups, including the Association for Financial Markets in Europe and the International Swaps and Derivatives Association, has expressed concerns about a single reporting regime for both transaction and position reporting on over-the-counter derivatives based on reporting through trade repositories.
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The International Swaps and Derivatives Association and the International Islamic Financial Market will release in the next four to six weeks drafts of pro forma confirmation documents for Shariah-compliant currency swaps and profit rate swaps.
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The Securities and Exchange Commission and the Commodity Futures Trading Commission should make sure to take into account collateralization when setting the threshold for who counts as a major swap participant, according to Philip McBride Johnson, of counsel with Skadden Arps Slate Meagher & Flom and a former head of the CFTC.
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Barclays Capital has hired Marie-Laure Chandumont as a director in investor solutions focusing on cross-asset structures for insurance companies, a new position.