Fixed income and OTC derivatives

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/Fixed income and OTC derivatives

CCorp unveils ICE alliance as Fed mulls CDS clearing proposals

The Chicago-based Clearing Corporation (CCorp) has recruited IntercontinentalExchange (ICE) to join its initiative to create a central clearing counterparty for the credit default swaps (CDS) market.

/Fixed income and OTC derivatives

CME and Citadel invite industry to take stakes in CDS counterparty JV

The Chicago Mercantile Exchange is teaming up with Citadel to launch a credit default swaps trading platform and central counterparty facility. News of the move comes as the Federal Reserve meets with industry leaders to push for new risk mitigation techniques in the over-the-counter markets.

/Fixed income and OTC derivatives

SocGen automates equity derivative confirmations with Thunderhead

Société Générale Corporate & Investment Banking (SG CIB) has deployed Thunderhead's document generation technology to automate the creation of equity derivative trade confirmations.

/Fixed income and OTC derivatives

CCorp says CDS clearing counterparty will launch by year-end

Chicago-based CCorp (the Clearing Corporation) has moved to quell rumours that its plans for developing a central counterparty for credit risk has faltered, and has pledged to launch the new facility by the end of the year.

/Fixed income and OTC derivatives

TriOptima claims credit as CDS backlogs recede

OTC post-trade processor TriOptima is claiming much of the credit for a 12% industry-wide decline in outstanding credit default swaps transactions, as dealers move to tear up offsetting deals and reduce the backlogs clogging up back offices.

/Fixed income and OTC derivatives

LCH.Clearnet turns to Tata for derivatives clearing platform; unwinds Lehman positions

The largest clearing house in Europe, LCH.Clearnet, has selected Tata Consultancy Services (TCS) Financial Solutions Bancs product as the underlying system for its multi-asset derivatives clearing platform.

/Fixed income and OTC derivatives

Omgeo moves into derivatives with Allustra acquisition

Omgeo has acquired London-based collateral management house Allustra, for an undisclosed sum. In addition, the post-trade processor has acquired a derivatives portfolio reconciliation platform designed by Global Electronic Markets (GEM), after piloting the technology with a large broker/dealer and global hedge fund.

/Fixed income and OTC derivatives

Nasdaq OMX bags derivatives contracts in South Africa and Columbia

Nasdaq OMX is celebrating two significant contracts in the international derivatives markets, specifying the provision of a Central Clearing Counterparty in South Africa, and a trading engine for a new exchange in Columbia.

/Fixed income and OTC derivatives

Wall Street group issues recommendations for market reform

A year on from the start of the credit crisis, an industry group comprising of senior executives from Wall Street's biggest banks has published a wide-ranging set of recommendations for improving risk management and preventing another financial meltdown.

/Fixed income and OTC derivatives

LSE cuts fees as rivals circle

The London Stock Exchange (LSE) is cutting trading fees and introducing incentives for liquidity providers in a bid to attract algorithmic traders and fight off competition from alternative trading systems.

/Fixed income and OTC derivatives

Patsystems share price soars on ION Trading rumours

The Finextra50 Financial Technology Index held steady last week, with acquisition news and rumours driving up share prices for Patsystems and SSP Holdings. Other gainers include 3i Infotech and Interactive Data, while Fidelity NIS led the fallers.

/Fixed income and OTC derivatives

Finexpo to focus on new execution landscape

The Finexpo - Execution Management conference and exhibition has opened for registration. The event, on Thursday 16 October at The Brewery in London, will focus purely on trade execution, order routing, low-latency data provision and productivity tools for the front-office.

/Fixed income and OTC derivatives

Eurex ventures into OTC derivatives clearing

Swiss German derivatives exchange Eurex is in talks with infrastructure providers about introducing a clearing platform for the over-the-counter (OTC) credit markets.

/Fixed income and OTC derivatives

Markit and DTCC form derivatives trade processing JV

The US Depository Trust & Clearing Corporation (DTCC) and UK-based Markit are teaming up to launch a London-based joint venture that will combine their respective OTC derivatives processing services.

/Fixed income and OTC derivatives

Liffe eyes over-the-counter CDS market

London's Liffe is looking to break into the market for credit default swaps with the launch of a new set of contracts and integrated OTC clearing through its Bclear operation.

/Fixed income and OTC derivatives

Patsystems slumps on profit warning

Shares in London-based Patsystems dived after the trading technology vendor warned of a profit shortfall in the first half of the year, which will not be recovered in H2.

/Fixed income and OTC derivatives

ICE to buy Creditex

US market operator IntercontinentalExchange (ICE) has signed a definitive agreement to acquire electronic credit derivatives trading platform Creditex in a cash and stock deal worth around $625 million.

/Fixed income and OTC derivatives

Private equity outfit takes stake in MarketAxess

Private equity firm Technology Crossover Ventures (TCV) is acquiring a minority stake in US electronic bond trading network MarketAxess for an aggregate purchase price of $35 million.

/Fixed income and OTC derivatives

Banks back TradeWeb STP network

TradeWeb says its dealer-owners have committed to use its expanded straight-through processing (STP) platform for the voice and electronically-traded fixed income securities that they trade with customers.

/Fixed income and OTC derivatives

Six bidding for European covered bond platform

Six companies - Icap, TradeWeb, Eurex, MTS, BGC Partners and Bloomberg - are bidding to provide a new electronic trading platform for European covered bonds.