News

NASDAQ OMX is to connect its new European derivatives platform NLX with one of the world’s largest trading software companies, raising the US exchange’s ability to pose serious competition to dominant players Eurex and NYSE Liffe.

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The FT reports that four of the largest equity brokers have chosen Traiana's comprehensive clearing solution, Harmony CCP Connect, to automate clearing of OTC equity trades.

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The FT reports on NASDAQ OMX’s rapid expansion into European commodities trading and other new markets.

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Noble Group CEO Yusuf Alireza speaks to Javier Blas about China and being a public company in the commodities space.

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Yusuf Alireza, CEO at Noble Group, tells CNBC why the commodities trading firm remains upbeat for 2013, despite posting a 14 percent fall in fourth quarter profit on losses at its agriculture business.

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The Tankard European natural gas indexes started this week are an improvement on those published by price-reporting agencies because they are harder to manipulate, according to the Oxford Institute of Energy Studies.

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Energy market brokers ICAP, Marex Spectron and Tullett Prebon set up 'Tankard' benchmark to provide 'transparent indices based on actual trades'

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Commodities brokers launch gas benchmarks

The largest commodities brokers in Europe have ventured into the territory of the price reporting agencies, launching a set of natural gas price benchmarks that will rely on actual transactions rather than assessments.

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TriOptima announced on Monday it was preparing a push into measuring banks’ risk exposure through a licensing agreement with Global Valuation Limited, a small UK-based financial services consultancy. 

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Mireille Dyrberg, COO TriOptima, speaks to the Financial Times' Philip Stafford about TriOptima and how it reduces risk.

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Nasdaq OMX, the equity and derivatives exchange, is racing to launch a new interest rate futures platform, NLX, by the first quarter of next year to take advantage of regulatory-driven change in Europe’s clearing landscape.

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ICAP has been the most successful in diversifying into areas like post-trade processing, buying companies like TriOptima, a firm that helps market participants bring down the size of unwieldy derivatives books by identifying offsetting trades. 

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Traiana and ICE, two of the world’s largest trade processing platforms in the off-exchange derivatives market, have agreed to exchange trading information as the derivatives industry races to fulfil regulations that will reshape its market.

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Two of the world’s largest derivatives exchanges are using a Traiana service with a “kill switch” to limit damage from errant trading by algorithms.

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Commodity merchant Noble Group Ltd is gearing up for its biggest push in decades into the base metals markets, hiring two senior traders to build out beyond its home base in Asia.

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ICAP and Euclid Opportunities have joined in the latest round of funding for a recently launched open-source analytics and risk management platform as the interdealer broker looks to push further into trade risk services.

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Paul Newman of ICAP Energy discusses the influence of price reporting agencies on the oil market

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John Rathbone of J.C. Rathbone Associates comments on the collaborative funding initiative for UK banks under the joint auspices of the Bank of England and the Treasury.

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Mireille Dyrberg, COO of TriOptima, discusses how gender quotas risk undermining women.

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John Rathbone, of J.C. Rathbone Associates, comments on swaps mis-selling in the Evening Standard.

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John Edwards, Managing Director of J.C. Rathbone Associates discusses claims that some businesses were mis-sold interest rate swaps with Phil Kemp in BBC Radio 4's, 'The Report'.

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Richard Elman, Chairman, Noble Group, speaks to FT Commodites Editor Javier Blas on the outlook for the commodities sector and growth in China

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Nine of the world’s largest off-exchange derivatives dealers are working with TriOptima, the post-trade group, on a new service called triBalance designed to reduce exposure to counterparty credit risk emerging from new regulations that will reshape derivatives trading.

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Post-trade infrastructure firm TriOptima has launched a new service, triBalance, aimed at re-balancing banks’ counterparty risk exposures when moving chunks of their derivatives portfolios onto clearing venues, potentially creating capital savings for dealers.

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James Stretton, director of foreign exchange at J.C. Rathbone Associates, discusses hedging against Euro risk in the Wall Street Journal.

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Six major banks sign up to Traiana's clearing network, helping it to steal a march on its rivals as the foreign-exchange industry prepares for a long-awaited overhaul of regulations governing derivatives trading.

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Six of the world’s largest dealer-brokers have confirmed they will use Traiana's Harmony platform to simplifiy clearing for foreign exchange.

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FT Alphaville discusses the Libor investigation, sharing with readers J.C. Rathobone Associates' views on the topic. 

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In a special report on financial innoviation, The Economist discusses Traiana's CreditLink “kill switch” as an example of voluntary industry initiate that reduces risk.

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John Rathbone, head of J.C. Rathbone Associates, features in Bloomberg's assessment of the prospects for company financing in 2012.

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John Rathbone of J.C. Rathbone Associates comments on the latest Eurozone rescue package.

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Jackie Bowie and James Stretton of JCRA explain why current market conditions make hedging FX and interest rate risk all the more important.

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IFR discusses the launch of ReMATCH's new service to mitigate risk arising from quanto credit default swaps that reference European sovereigns.

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John Rathbone of J.C. Rathbone Associates offers his perspective on the impact of forthcoming legislation on the requirements for the collateralisation of hedging instruments.

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Traiana CEO Gil Mandelzis explains the path that the FX industry has taken to build a market that protects itself, and importantly its traders, from algo trading scenarios seen in the equity markets.

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Broker Icap is working with clients Citigroup , Deutsche Bank, JP Morgan and Morgan Stanley to counter risks arising from the growth of high-frequency trading in the foreign exchange market.

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ICAP owned currencies trade processing firm Traiana has partnered with four banks' foreign-exchange prime brokerage units and five trading platforms to develop Harmony CreditLink, which allows banks to centrally monitor and manage currency trading activity and limits globally across trading platforms in real time.

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John Rathbone, chairman of J.C. Rathbone Associates, a pioneer in PPI/PFI hedging advice, discusses why infrastructure funds often fail to prioritise hedging when negotiating deals.

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Progress on derivatives legislation going through the European Commission holds bad news and good news for property.JC Rathbone Associates’ Bill Bartram said it could cost European investors £50bn if they had to post cash collateral for existing interest rate swaps.

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MEPC announces plans to pay back 15% of £470m of securitised debt this April in a move intended to free its Hillington Park business park from commercial mortgage backed securitisation.

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ICAP's establishment of Euclid Opportunities, a venture capital fund, shows a new technology race for post-trade services has begun

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Icap, the world’s largest inter-dealer broker, is to launch a venture capital fund aimed at start-up companies developing technology to specialised parts of the financial industry such as post-trade services.

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To deal with the many types of risk associated with credit derivatives, banks in the US and Europe have recently started using a new service created by ReMATCH, part of Icap, the interdealer brokerage.

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Following news that GDP fell by 0.5% in the final quarter of 2010, John Rathbone, Executive Chairman of J.C. Rathbone Associates, examines the financial forecast for investors in 2011.

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TriOptima’s Per Sjoberg and Susan Hinko write about transparency and real-time reporting in the OTC derivatives markets.

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Property funds are the investors most at risk from the effects of derivative regulations due to be implemented by the end of next year. Bill Bartram, of J.C. Rathbone Associates warned property funds "do not seem to have registered this as a threat".

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Speaking at a breakfast held by financial risk management advisory firm JC Rathbone Associates, industry representatives warned of the impact of imposing cash collateral requirements on property companies and funds.

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TriOptima appoints Argentus PR

London, 1 January 2011 - TriOptima, the provider of counterparty exposure management services, has appointed Argentus PR as its UK PR agency. The account will be led by Candice Adam, Managing Director of Argentus PR.

TriOptima is the award-winning provider of OTC derivatives infrastructure services including triReduce, triResolve, and the Global Interest Rate Trade Reporting Repository (the Rates Repository).

triReduce, the portfolio compression service for OTC derivative dealers, pioneers technology that eliminates risk and reduces operational and capital costs. Serving over 150 bank and non-bank subscribers worldwide including the major local and global dealers in derivatives, triReduce is a critical tool for maintaining post trade processing efficiency. triReduce offers compression cycles in single name and index CDS swaps worldwide, IRS swaps in 23 currencies and a range of energy derivatives.

triResolve is a network community service that provides counterparty exposure management services including proactive portfolio reconciliation of OTC derivative portfolios, margin call management, and dispute resolution.  Used by global dealers, regional banks and buy-side firms, triResolve currently handles 6.5 million trades representing over 75% of all non-cleared OTC derivative transactions globally. The service benefits trade control, settlement, documentation, collateral and counterparty credit risk functions.

Jackie Bowie from J.C. Rathbone Associates explains why one of the factors currently stymieing refinancing activity is the existence of legacy hedging positions.

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Traiana appoints Argentus PR  

London, 1 November 2010 - Traiana, a market leader in post-trade processing of foreign exchange, exchange traded derivatives and equities, has appointed Argentus PR as its UK public relations advisor. Argentus PR will advise Traiana on its communications with media. The account will be led by Candice Adam, Managing Director of Argentus PR.

Traiana Inc. provides global banks, broker/dealers, buy-side firms and e-trading platforms with solutions to automate post trade processing of financial transactions. Traiana's post-trade solutions and the Harmony Network are used by over 500 of the world's leading financial market participants and have become the market standard for post-trade processing of foreign exchange transactions. Traiana, an ICAP company, is headquartered in New York City with offices in London, Chicago, Tel Aviv and Tokyo.

Traiana is a post-trade services provider that is operating a system designed to aggregate smaller trades to smooth the settlement process.

Gil Mandelzis, its chief executive, says: “I’d like to think that part of the reason that this market continues to grow and withstood the shocks so well, was because of some of the robust post-trade infrastructure we have.”

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The European Union's proposed reform of over-the-counter derivatives markets is intended to reduce the systemic risk caused by speculative use of derivatives, typically by hedge funds and other financial institutions. However, it is now becoming clear that the European property industry risks being one of the biggest victims of regulatory overreach.

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Bill Bartram, director at JC Rathbone Associates, said the numbers showed that the market was becoming increasingly wary about another dip in property values.

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4 June 2010 - Hedging your developments is smart and far from derivative, by Bill Bartram from JCRA.

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London, 10 May 2010 – J.C. Rathbone Associates, the financial risk management and structured finance advisory firm, has appointed Argentus PR as a retained agency for its global corporate communications. The account will be managed by Candice Adam, Managing Director of Argentus PR.

Argentus PR is a newly formed strategic communications consultancy specialising in the financial services and energy industries. Argentus PR also advises ICAP plc, the world’s premier interdealer broker and provider of post-trade services.

”We were attracted by Argentus PR’s expertise and relationships in the OTC derivatives space, as well as its flexibility and initiative,” said John Edwards, Managing Director of J.C. Rathbone Associates. “Argentus PR will play a crucial part in helping us raise our profile in the UK and abroad.”

Argentus PR was founded by Candice Adam, who previously co-ordinated corporate communications for ICAP plc, the world’s largest interdealer broker and provider of post-trade services. Candice Adam has extensive corporate, financial and transaction communications experience with organisations in the financial services and energy markets.

3 May 2010 - Over-the-counter derivatives join electronic revolution

John Rathbone, chairman of financial risk consultancy J.C. Rathbone Associates said: “The proposed regulations will undoubtedly have knock-on effects and it is unrealistic to think there won’t be additional costs for corporates using the derivatives markets.”