Bond futures
Futures exchanges look to ride credit ETF wave
Proponents hope for increased buy-side trading, with three exchanges competing for market share
EU bonds favoured over swaps as hedge for European debt
Hedge funds are increasingly using the bonds to hedge Bunds and OATs as swap correlations decline
Hedge fund surge in momentum EGB trading stirs unease
Dealers voice concerns that crowded positions could lead to liquidity squeezes following mass unwinds
US jobs shock leads to steepener unwinds
Rates investors caught out after October jobs surprise
Rates traders brace for jobs data after August steepener payday
Investors hope for weaker-than-expected non-farm payrolls to trigger re-steepening
Consortium backs BGC’s effort to challenge CME
Banks and market-makers – including BofA, Citi, Goldman, Jump and Tower – will have a 26% stake in FMX
EU banks’ incremental risk charges soared in volatile H2
Charge for traded-bond default and downgrade risk hit 10-year high at BNP Paribas
Dealers bullish on upcoming offshore CGB futures relaunch
Better contracts and deeper foreign interest in China bonds set to spur uptake, but launch date unclear
Robinhood buys Marex FCM as futures entry takes shape
Retail broking giant follows WeBull into futures market
EC adviser: more dealer help needed on EU bond secondary market
For their part, banks want greater clarity around issuance plans after 2026
Westpac fined over interest rate swap pre-hedging
Court finds against Australian bank for “unconscionable” behaviour, amid calls for a broader guidance around the practice
Holes in the netting: the limits of CME-FICC cross-margin deal
Big margin savings for some, but more needed to ease pressure of UST clearing mandate
The unknown risk on the flip side of the basis trade
US mutual funds have amassed record notionals in Treasury futures that in some cases exceed their AUM
Eurex repo haircutting to move to Prisma futures model
Switch will open cross-margining opportunities between repo and futures
Offshore CGB futures relaunch likely to be delayed till Q1 2024
Dealers say HKEX is deferring products while it seeks approval from mainland Chinese regulators
How repo roll risk could spoil US Treasury basis trade
Financing worries emerge as popular trade becomes increasingly reliant on overnight repo
China eyes new derivatives contracts to boost investor morale
Regulator announces futures and options products on mainland and HK, but there are doubts it will help
One strike and they’re out: traders threaten liquidity stoppage
PTFs vow to withdraw from Treasuries market in protest at SEC registration plans
StanChart is first non-Chinese bank to trade onshore CGB futures
China selects UK bank in first step to opening up its government bond futures market
China bond futures to be relaunched in Hong Kong
Products expected to be back on HKSE next year – six years after being suspended
Why the search for cheapest-to-deliver bonds just got harder
Interest rates uncertainty triggers bargain hunt among futures traders