北京快乐8大小技巧:Focus - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en Finding the right strategy for the Asian markets. By Thomas Book - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Curiosity-is-the-mother-of-innovation-by-Thomas-Book/3547842 Coming back from a short trip to Singapore, attending?FIA Asia, I was thinking about the variety of impressions I once again got from this amazing, not easy to grasp part of the world. It already starts with the fact that what we, simply out of convenience, call Asia does not really exist. Instead, we have many individual markets with different challenges and opportunities. But there is one thing all these states have in common – a tremendous growth and development in nearly every area, be it private banking, derivatives, FX, commodities and, more recently, FinTech. All of this offers great opportunities for us if we come up with innovative products and services and a convincing strategy. True, we have at an early stage already anticipated the important role Asia-Pacific would play on global financial markets, but we may have underestimated the pace of the development in this area. Asia is expected to grow by around 5.5 percent this year, accounting for nearly two-thirds of global growth, and the region remains the world’s most dynamic by a considerable margin. The global economy is becoming increasingly digitized, and some of the emerging technologies have the potential to be truly transformative, even as they pose new challenges. Here again, Asia is already a leader in many aspects, and especially when it comes to blockchain technology and digital currencies countries like Japan or Singapore are definitely on the forefront. But we are well positioned to tackle these challenges and play our trump cards: intensify our mutually beneficial partnerships with Asian infrastructure providers, regulators and market participants Placed right between the Asian and US time zones, we are the ideal place for hedging of Euro exposure. We have a comprehensive offering for the Asian market from trading and clearing to technology and risk management. Our MSCI product range creates hedging opportunities for worldwide investment risks. Close to 60 percent of these products are related to the Asian-Pacific time zone and show rapid growth. As of December, we will extend our trading hours to cover the Asian time zone. This extension will provide our customers in the Asia-Pacific region with access to our benchmark products during the whole of the Asian trading day. Coming back to digitization, amongst our client base, most of the proprietary trading firms in Asia are already trading digital currencies or are at least observing. Buy-side clients, in particular family offices and hedge funds, have also become active already. My personal view is that the digitization of assets has started. The ways in which we transfer value will change in the future due to blockchain technology. This will include products of all asset classes including commodities, real estate, securities and debt. In short, we need to make sure to stay competitive, and we have the people and the power do manage that. By the way, the headline of this article is a quote by Bruce Lee and since there is a lot of wisdom in Asian proverbs, let’s conclude with another one “Those who say it cannot be done, should not interrupt those doing it”. Fri, 30 Nov 2018 09:45:00 GMT 2018-11-30T09:45:00Z Tradeweb connects to Eurex for direct clearing - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Tradeweb-connects-to-Eurex-for-direct-clearing/3543932 Eurex Clearing uses the functionality of Approved Trade Sources (ATS) for trade registration of OTC interest rate products. The addition of Tradeweb to the Eurex ATS infrastructure enables Tradeweb clients and liquidity providers to directly submit their interest rate swap (IRS) trades for clearing to Eurex Clearing’s OTC CCP. The first trade on the Tradeweb IRS platform to be successfully cleared using this direct connectivity was executed between Union Investment and Citigroup Global Markets. “For Eurex Clearing, the connection with Tradeweb is another building block in its efforts to offer an attractive EU27 solution for clearing OTC IRS products,” said Matthias Graulich, Member of the Eurex Clearing executive board. “As a leading IRS marketplace, Tradeweb is focused on delivering streamlined, lower latency workflows, while simultaneously offering clients flexibility and choice in their clearing counterparty selection in any environment,” said Enrico Bruni, head of Europe and Asia business at Tradeweb. “The direct connectivity between Tradeweb and Eurex provides us with a more robust and cost-effective way to submit IRS transactions for clearing, thus helping us achieve better results for our clients,” said Christoph Hock, head of multi-asset trading at Union Investment. Thu, 29 Nov 2018 09:15:00 GMT 2018-11-29T09:15:00Z Eurex’s Partnership Program awarded “Clearing house innovation of the year” - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Eurex-s-Partnership-Program-awarded--Clearing-house-innovation-of-the-year--/3545922 “We are honored to receive the ‘Clearing House Innovation of the Year’ Award from Risk magazine,” said Matthias Graulich. “We would like to take the opportunity to send a great thanks to our customers. We would never have received this award if we had not received their enormous support for this program.” Market-led solution for OTC interest rate derivatives in EU27 The performance based program aims to build in collaboration with market participants an attractive offering with a fair distribution of rights and obligations that is aimed at establishing a liquid marketplace for interest rate swap clearing in the euro zone. Against this background, Eurex Clearing installed a Fixed Income and Currency (“FIC”) Board Advisory Committee for the purpose of consulting with and making recommendations to the executive board of Eurex Clearing with respect to the general FIC strategy as well as product and service expansions. The Committee consists of ten members. They are nominated for a two-year term to the Committee based on their performance in the Eurex Clearing Partnership Program. In addition, the five most active participants of the Partnership Program are represented in Eurex Clearing’s supervisory board. Real level playing field where the end customers have a fair choice Barely a year after the launch in January 2018, more than 30 institutions have registered for the program. Over the same period, the outstanding volume more than quadrupled to EUR 9.8 trillion. The market share vis-à-vis London has risen to over 10 percent. Initial price differences with London have levelled out, so that market participants now have a real alternative for clearing OTC interest rate derivatives. Eurex plans to expand the successful framework of its Partnership Program to cover further asset classes the Repo and FX segments in Qu1/2019. Wed, 28 Nov 2018 14:00:00 GMT 2018-11-28T14:00:00Z 360T sets sights on becoming FX one-stop shop - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/360T-sets-sights-on-becoming-FX-one-stop-shop/3545558 This week, 360T has been awarded in the categories “Best professional e-trading venue” and “Best vendor for dealing technology” at the 2018 FX Week Best Banks Awards. On this occasion, FX Week conducted an interview with Carlo K?lzer, CEO of 360T and global head of FX at Deutsche B?rse Group, about pushing forward his plans for 360T to become a one-stop shop for FX. Read the complete interview here. Wed, 28 Nov 2018 09:30:00 GMT 2018-11-28T09:30:00Z The rise of TRFs - how funds use them to generate alpha - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/The-rise-of-TRFs---how-funds-use-them-to-generate-alpha/3543920 What are the main differences between TRFs, TRS and regular futures? EURO STOXX 50? Index Futures and EURO STOXX 50? Index TRFs both provide a way to get exposure to the performance of the underlying EURO STOXX 50? index. Futures are a listed solution, which benefits from high liquidity and transparency. They are fungible contracts and compensated, which mitigates counterparty risk. They also have the very important benefit of allowing the netting of exchange margin. TRS are an OTC solution, which provide access to long-term maturities and allow users to lock in the long-term financing spreads and remove quarterly roll risk. Compared with EURO STOXX 50? Index Futures, with a focus on total returns, TRS remove the dividend exposure risk that exists with EURO STOXX 50? Index Futures. TRFs benefit from the best of both worlds. They have the same features as TRS but are listed, meaning they have the same advantages as EURO STOXX 50? Index Futures. It's a listed solution that allows the netting of exchange margin, the lock in of long-term financing spreads and also the removal of quarterly roll risk and dividend risks.? How are asset managers and hedge funds using TRFs today and what is the motivation for using them? Institutional investors, such as asset managers and pension funds, as well as hedge funds, are focused on the trading of calendar spreads to capture the expected alpha from the downwards-sloping repo term structure. The TRF term structure is upwards-sloping, driven mostly by the repo term structure. Flows impacting the short-end of the repo curve differ from flows impacting the long-term part of the curve. It creates a new opportunity to generate alpha by doing a calendar spread between the short-term and the long-term maturities. Institutional investors and hedge funds have been active in trying to capture this alpha from the calendar spreads on the TRF repo term structure. Initially the expectation was that hedge funds would focus on the calendar spread, while traditional asset managers would be more active in beta and security replacement. However, both have been quite active in the calendar spread. Investors have been focusing on the alpha generation that can be generated through calendar spread arbitrage. We continue to believe TRFs offer further benefits for institutional investors as beta replacement with the short-term TRFs (1Y) or to optimize portfolio hedge with longer directional TRFs.? What are the expected benefits that firms would expect to achieve using TRFs? The benefits from using EURO STOXX 50? Index TRFs compared to EURO STOXX 50? Index Futures are the removal of the dividend and quarterly roll risk as short-term repo can prove volatile, depending on market conditions and market performance. Also, TRFs allows an investor to lock in the long-term financing spread. The benefit of using TRFs compared to TRS include all the benefits of using a listed product such as futures, including netting of exchange initial margins. In addition to the benefits brought by the product specificities, TRFs allow you, through the calendar spread, to benefit from isolating the repo parameter and the generation of alpha – what you can get from the carry of the financial spread difference and the expected roll down on the TRF curve. And focusing on the hedge funds, can you talk a little bit about how they might be using this to generate alpha? If you look at the repo term structure, the short-term repo can prove volatile because it is driven by market performance, evolving regulation and collateral availability. Also, the long end of the curve is impacted by issuance from structured products and distortion in exotic books. The most common structured products are auto-call products. The end client will sell a put down-and-in at the maturity of the product and up-and-out at each anniversary date of the product. By selling these products, the structured product desk is getting a short forward exposure on their book and they need to buy or replicate long forward to hedge that exposure. It's the same then for dividends. This creates selling pressure on the repo rate and pushes TRF spreads higher on mid to long-term maturities. The average duration of auto-call product issuance in terms of impact on the repo curve is between four and five years. A sharp market downturn will push short-term repo higher, as it will drive higher demand to sell physical shares. This creates a spike in short-term repo, which will drive short-term TRFs lower. At the same time, a sharp market downturn will increase forward exposure from the exotics desk and thus drive selling pressure on mid to long-term maturities on the repo curve. Thus, it will drive TRFs on mid to long-term maturities higher. So, the slope of the TRF term structure will increase and this will create opportunities to get a spread difference, generate alpha from the repo differences and the potential normalization of the repo curve after the stress. ? What is the current process for how hedge funds execute these strategies? There are two ways to trade TRFs with a dealer. One is Trade at Index Close (TAIC), which means they strike on close and don't exchange the delta. If they trade with just one leg, they get a longer TRF position and they strike on close and don't exchange the delta of the future position. However, the most common way of trading TRFs is a Trade at Market (TAM) trade. It's during the market, not on the close, and they strike at the pre-agreed price and exchange the delta. That's the most common way of trading TRFs, for two reasons. First, because they exchange delta – for calendar spread the delta is very low but there's still residual delta coming from the repo rate difference between the long and the short-term maturity. However, the main reason that funds prefer TAM trades is when they want to switch from futures to TRFs, they can do so at a pre-agreed financing level. They don't have any risk on the execution because they know exactly at what price they will exchange the delta – the pre-agreed TAM price.? Are there any different benefits that they would expect to achieve? For hedge funds, it's mainly how to arbitrage repo term structure. When doing a calendar spread, if they get long short-term maturities and short long-term TRFs, they will net their market exposure or the exposure to the underlying Index. When they do a long short on the TRF term structure, they will basically cancel out the index performance and dividends. They will also cancel out EONIA so they will just be left with the difference in financing spread between the two maturities. By shorting long-term maturities that are somewhat inflated by the flows from structured products and by buying the short-term maturities that can be pushed lower when there is a market stress because there is a pick up in the repo rate, they want to look at the spread difference between the two maturities and potentially also to benefit from the normalization of the curve as the curve is getting flatter. ? How do you see TRFs evolving in 2019? New regulations like the European Market Infrastructure Regulation (EMIR) have been driving more futurization of the market with OTC trading switching to listed solutions. Interest in EURO STOXX 50? Index TRFs has reached more than 700,000 contracts open interest. That is equivalent to roughly EUR 25 billion notional and the volume traded is over one million contracts or above EUR 35 billion notional. We believe volumes will double over the next year with a full transfer of OTC volumes to listed contracts. The calendar spread arbitrage has been driving an important part of the product volume so far and we believe the future replacement of equity and future exposure by TRF exposure could be the next big driver of volume increases. That increase will come mainly from institutional investors such as asset managers and pension funds who could benefit from the dislocation in the repo term structure and from locking in financing spreads and repo levels on longer maturities. As we have seen during the development of dividend futures, another area for open interest growth and TRF volumes could come from the listing of TRFs on new indices beyond the EURO STOXX 50? Index or even on single name stocks. This could drive TRFs to become their own distinct asset class. ? (Source: DerivSource) [embeded teaser] ? Mon, 26 Nov 2018 23:00:00 GMT 2018-11-26T23:00:00Z
  • 我国纳米核心技术取得重大突破 2019-02-17
  • 9年过去了 男子网坛还是费纳的天下 2019-02-17
  • 2018国际消费电子产品展 2019-02-14
  • 阿联酋计划向火星发射无人飞船 刷新阿拉伯太空史 2019-02-10
  • 国家统计局:5月一线城市房价同比持续下降 二线城市有所上涨 2019-02-02
  • 医疗专家入藏 免费治疗患儿 2019-01-29
  • 2018春运开启再读冰心莫言冯骥才笔下的“春运记忆” 2019-01-29
  • 《超人总动员2》刷新动画片北美首周末票房纪录 2019-01-29
  • 涉嫌诈骗1200万 潜逃韩国8年逃犯归案 2019-01-27
  • 桐庐县:互联网+社会治理的小县“大”思路  2019-01-21
  • 中央军委印发《传承红色基因实施纲要》 2019-01-18
  • 财政部发布五月份全国财政收支情况 2019-01-08
  • 江汉区国税局四个抓手助推内控机制建设不断深化 2019-01-08
  • 到户就不是计划经济,统一经营坚持集体的是计划经济。 2019-01-05
  • 工业互联网支持政策密集出台 2019-01-05