Articles by Ben St. Clair
CDS committee to rule on scope of eligible Russian debt
Group will determine whether bonds with ruble payment options can trigger the contracts
People moves: CME reshuffle, BlackRock’s new CRO, and more
Latest job changes across the industry
Credit default swaps on Russian companies face uncertain future
With CDS auctions on sanctioned companies unlikely, traders may have to rely on dealer estimates
Russia sanctions throw derivatives market into disarray
Lawyers say western banks face illegality terminations; industry groups plan deliverable ruble workaround
Proposed CDS reporting rules to have little impact on funds
Counterparty Radar: Pimco and PGIM would have filed most often under US large-position reporting rules
Market set to reject SEC’s anti-fraud CDS rules ... again
Industry groups dislike retread of rules around fraud and manipulation, and want longer comment period
SOFR swaps surge past $1 trillion weekly
OIS make up the majority of SOFR-referencing swaps
Borrowers redefine green repo, repurposing non-green bonds
Collateralised repo transactions that support sustainability can be cheaper than green bonds or loans
Can ESG trading and best execution coexist?
Not everyone thinks making a statement on ESG would work against client interests
Libor’s death propels SOFR swaps market
Trading in the risk-free rate jumped to a weekly high and long-dated swaps activity grew
Buy-side traders start to cool on ESG-deficient dealers
Managers adopting ESG metrics in counterparty evaluations may exclude dealers that aren’t up to scratch
Down but not out: US Libor trading continues amid ban
Outgoing rate hits market share lows in US swaps but little dent made in listed markets
Pimco, Capital Group lead expansion of index CDS market
Counterparty Radar: Total positions reach new high driven by growth of swaps referencing CDX NA IG
JP Morgan flies into top FX options spot
Counterparty Radar: Renminbi/US dollar trades also keep Morgan Stanley IM in front
Dealers look to cut SDP prices amid platform fee battle
JP Morgan offers different pricing for single and multi-dealer venues; Barclays mulls same approach
CCPs’ successful Libor switch raises hopes for sterling move
Optimism follows hitch-free conversion of cleared yen, Swiss franc and euro Libor swaps to RFRs
Single-name CDS trading bounces back
Volumes are up as Covid-driven support fuels opportunity for traders and investors
Buy-side rates traders staying on sidelines after wild October
Funds cautious after staggering collapse of the year’s steepener trade
Libor basis swaps jump amid rates uncertainty
Trading in the one-month, three-month basis highlights the market’s preference for Libor
How US funds trade defaulting CDS names
Counterparty Radar: Funds slashed sold positions ahead of 2020’s auctions but post-default Argentina remains a focus
PGIM chops CDS book as others bulk up
Counterparty Radar: The firm’s shrinking single-name book pushed Bank of America and Citi down the rankings
EU consolidated bond tape could boost all-to-all trading
Greater confidence in pricing may also have eased Covid liquidity crunch, says Dimensional exec
Sonia/SOFR swaps jump ahead of ‘RFR First’ initiative
Cross-currency swaps increasingly seeing RFRs on both legs
Pimco, Citi top for single-name CDS trades
Counterparty Radar: Top three managers account for 75% of positions – but only Pimco sells protection on the US