Regulatory burden labelled top issue faced within European listed derivatives markets
The TRADE
by Wesley Bray
10h ago
When assessing the top challenges expected to be faced in the next five years, more than half (53%) of respondents ranked regulatory burden as the main issue facing their firm, according to a new report by Acuiti. Regulatory burden has been a key concern for market participants since the Global Financial Crisis in 2008, with the report from Acuiti – in partnership with FIA – adding that new frameworks are ‘lengthy and complex’, requiring significant resource mobilisation to navigate current regulatory requirements. Most respondents felt that the level of European regulation on their respectiv ..read more
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SEC chair Gary Gensler urges UK to set T+1 transition date
The TRADE
by Wesley Bray
10h ago
There is a critical need for the UK to set a date to switch to a T+1 settlement cycle and stick with it, according to US Securities Exchange Commission (SEC) chair Gary Gensler, who has urged decisiveness and even suggested a potential roadmap.    “We’ve seen the benefits first-hand,” noted Gensler referencing the early success of the shift in the US, in a speech this week at the Accelerated Settlement in the UK conference. “No doubt, there will be some market participants who raise concerns with meeting whatever date you select.   “In the UK, you will have ..read more
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Receiving ‘proper coverage’ from brokers cited as buy-side’s biggest pain point in equity trading workflow in new report
The TRADE
by Wesley Bray
2d ago
Over half (54%) of buy-side respondents say that getting proper coverage from their brokers is one of their biggest pain points in their daily equity trading workflow, a new report from Coalition Greenwich has found. When asked specifically what ‘proper coverage’ means, one respondent noted that this meant brokers who put their best foot forward without being asked, with other respondents noting the importance of continuity. Nearly half (47%) cited operations, middle- and back-office and settlement issues as another key pain point. Coalition Greenwich did, however, note that this is a frequen ..read more
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FX trading has not shifted due to T+1 as some had predicted
The TRADE
by Wesley Bray
2d ago
It was billed as being one of the most impacted market practices from the rollout of T+1 settlement for US equities, but over the first three weeks, the FX market is operating BAU, according to leading asset managers and their service providers Despite the relative ‘non-event’ however, there are two important factors to consider: firstly, that many asset managers are still taking a wait-and-see approach, and secondly, that we have yet to encounter the first US public holiday in a T+1 environment.   European participants during virtual roundtable discussions run by our sister publica ..read more
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Antish Manna: Leveraging algo strategies to ensure the best outcomes
The TRADE
by Wesley Bray
2d ago
How has the way you determine what is an optimum algo strategy changed in recent years and what is driving this change? I have to say that in some ways it hasn’t changed at all; first and foremost, our role is to understand the objective of the investment strategy we are trading for and ensure the algo strategy we pick matches that objective. That won’t shift. We do, however, have to stay abreast of and adapt to developments in the marketplace, for example, the steady growth of closing auction volumes and close facilities. On the latter, we work really closely with our brokers to adapt our alg ..read more
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UBS names new head of capital markets financing sales for Americas
The TRADE
by Wesley Bray
2d ago
UBS has appointed Carlos Salcedo head of capital markets financing sales Americas, according to an internal memo seen by The TRADE. Effective from 1 September, Salcedo will be based in New York, reporting to Dan Murphy, Americas head of franchise sales. Salcedo joins UBS from Barclays, where he most recently served as head of Delta One sales for the Americas since 2009. As part of the role, he helped enhance Barclays’ custom baskets business. In his new role, Salcedo will be responsible for the execution of UBS’ commercial strategy in the Americas. “His remit will include a wide range of produ ..read more
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Liquidnet to imminently roll out derivatives predicted volume curve and suite price analytics
The TRADE
by Wesley Bray
2d ago
Liquidnet is set to roll out the second phase of its derivatives analytics suite in the next few weeks, The TRADE can reveal. Mike du Plessis (left), Darren Smith (right) Aimed at supporting buy-side traders with their derivatives flow by creating an ecosystem of information all in one place, the analytics suite is being rolled out in three phases. Already brought to market, phase one includes volume and liquidity information. Traders can access the user face via GUI or API. “Liquidity or the quality of conditions can change day-to-day and even intraday depending on what’s happenin ..read more
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The TRADE’s Q2 Magazine: Now available online!
The TRADE
by Wesley Bray
2d ago
As H1 reaches a close, the industry finds itself on the precipice of change…again. The flurry of elections expected to shape many of the world’s largest democracies have now begun in earnest. The rates environment remains challenging for traders and it’s been an eventful quarter regulation wise. The US shift to T+1 rolled out in the US in May. The overall conclusion? So far so good. Operationally, many have suggested the transition was fairly smooth but only time will tell how great the impact has been. Whether – or should I say when – the UK and Europe choose to follow suit is now the central ..read more
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Bloomberg selected by Banorte to support regulatory compliance for monitoring derivatives hedging
The TRADE
by Wesley Bray
4d ago
Mexican financial firm Grupo Financiero Banorte has adopted Bloomberg’s MARS Hedge Accounting solution to determine the effectiveness of hedges that are recommended to clients under various market conditions. In addition, Banorte uses MARS Front Office and MARS Counterparty Risk solutions, alongside MARS Hedge Accounting, which offer the firm a complete set of risk management capabilities.  MARS Hedge Accounting’s functionality supports the documentation, evaluation and measurement of the impact of hedges, and is designed to help clients comply with US Generally Accepted Accounting Princi ..read more
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Cboe Global Markets to launch US Treasury market volatility index
The TRADE
by Wesley Bray
4d ago
Cboe Global Markets has announced plans to launch the Cboe 20+ Year Treasury Bond ETF Volatility Basis Point Index (VIXTLT Index) in the third quarter of this year. The new index will be calculated using listed options on the iShares 20+ Year Treasury Bond ETF (TLT) and will enable market participants to track future expected volatility in the US Treasury market. VIXTLT Index will be available in both percentage price volatility and basis point volatility terms. The new offering expands Cboe’s volatility index suite and adds to Cboe’s current offering of more than 450 derivatives-based in ..read more
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