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Market participants have been left with less than six months to comply with rules on mandatory collateralisation of non-centrally cleared derivatives that in some areas differ substantially from earlier drafts. The final draft regulatory technical standards were unveiled by European regulators last week.
Financial instruments with a total outstanding notional value of US$370trn are estimated to be exposed to the interbank offered rates, which will have to be moved to alternatives such as Sonia or Sofr, according to international financial markets trade bodies.
Eurex has scrapped plans for a derivatives clearing and exchange hub in Singapore. Instead, it intends to extend its trading hours in Europe to capture more business from Asian investors.
Name recognition and a robust primary US structured finance market helped ensure an overwhelming reception Thursday for investor darling Tesla’s debut auto-loan ABS.
Greece will face its biggest bond market test soon as it looks to syndicate its longest trade since it returned from market exile last year.
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