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Cboe plans Q2 dispersion futures listing
Expectations of post-US-election uncertainty drives launch, and could help bank equity desks hedge OTC risks
OTC derivatives hit $730 trillion peak in H1 2024
Interest rate and FX derivatives drive notional spike
People: All shook up at the SEC, Krens succeeds Litvack at Isda, and more
Latest job changes across the industry
Risk data
Futures exchanges look to ride credit ETF wave
Proponents hope for increased buy-side trading, with three exchanges competing for market share
Doubts raised over new FX platform disclosures
New disclosure sheet template will require platforms to outline how they charge for data
Credit risk transfer, with a derivatives twist
Dealers angle to revive market that enables them to offload counterparty exposures, freeing up capital
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Bank regulation
China’s snowballs hit by new regulatory clampdown
Restrictions on structured note issuance by securities houses blocks key distribution channel
Snap! Derivatives reports decouple after Emir Refit shake-up
Counterparties find new rules have led to worse data quality, threatening regulators’ oversight of systemic risk
Critics warn against softening risk transfer rules for insurers
Proposal to cut capital for unfunded protection of loan books would create systemic risk, investors say
Barr defends easing of Basel III endgame proposal
Fed’s top regulator says he will stay and finish the package, is comfortable with capital impact
Risk Quantum
Data insights, delivered daily
Risk Quantum tracks thousands of data points across hundreds of metrics from organisations that represent a cross-section of the financial system. Published daily, articles are short and broken into chunks – the facts, the context and a brief commentary – and use data visualisations to get each story across.
OTC derivatives hit $730 trillion peak in H1 2024
Interest rate and FX derivatives drive notional spike
Counterparty Radar
Matchmaking and benchmarking for OTC derivatives
Counterparty Radar is based on position data from around 20,000 US mutual funds and ETFs, rolled up to the manager level – it shows the OTC derivatives they have on their books, and who they traded them with, providing unique insights into an important market segment. More info
Pimco and Vanguard slash FX forwards trading with BNP Paribas
Counterparty Radar: French bank sees its notional with mutual funds halve
Interest rate derivatives
BofA’s rates revamp leans into multi-strategy boom
New rates head Laura Chepucavage prioritises collateral efficiency, e-trading and central risk book for enlarged rates, futures and financing unit
Cross-currency futures could ease bilateral burden – CME
Quarterly €STR-vs-SOFR contract could be used by Stir desks to manage currency basis risk
CME launches late term €STR bid
Exchange group becomes third provider with rate built on €135 billion of daily transactions
Exchanges vie for EGB futures market
Rivals eye Eurex’s dominance in EGB futures, but dealers are split on the likelihood of challengers succeeding
Op risk benchmarking
Our new research service compares op risk practices at financial institutions – from staffing to AI safeguards, key controls to board reporting packs.
Central clearing
CFTC weighs third-party risk rules for CCPs
Clearing houses could be required to formally identify and monitor critical vendors
US senators press CFTC on Japan swap clearing
Boozman and Hagerty urge action on yen swap clearing access to JSCC in letter to US regulator
Withholding tax trips up Eurex agency clearing model
Clearing members rely on CCP to resolve potential problem with German tax authorities
SEC leadership change puts Treasuries mandate under scrutiny
FICC clearing models approved, but critics think delay could revive prospects of done-away trading
This year’s top achievers in risk management and derivatives
Among the winners of Risk Awards 2025: UBS claims top derivatives prize, fresh from its merger with Credit Suisse. JP Morgan wins credit and rates, after building a virtuous circle of growth in those businesses. Lifetime award to Don Wilson, founder of DRW Trading, whose career – and firm – defy definition.
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