Publications

Case Captano

Geistesblitz 09/19

Forward-Swap with flexible notional: “Flexi-Swap” Initial situation In the current interest rate environment, the demand for interest rate hedges for longer-term financings remains high. On the other hand, short to medium term interest rate hedges are relatively rare. Many variably financed companies do not use supplementary hedging instruments such as interest rate swaps, interest rate…

Geistesblitz 07/19

USD interest optimization “Cancellable Double-Swap” Initial situation In the March issue, we had already adressed the US interest rate environment and the inverse yield curve. In the meantime, its negative steepness has intensified due to negative news. A significant slowdown in economic growth is feared for 2020. Political crises are not losing momentum, while the…

Geistesblitz 05/19

Shout Forward Initial situation Due to the predominantly declining EUR-USD exchange rates since January last year, USD importers are increasingly hoping for a stronger EUR again. Coming from 1.2513 USD / EUR, the EUR-USD exchange rate currently remains close to its low 1.1153 USD / EUR. In addition to the EUR-USD exchange rates, the EUR-USD…

The new European overnight rate – a complicated transition

Guest contribution for PRMIAs “Intelligent Risk” Since the aftermath of the GFC and the revelation of LIBOR manipulations, regulators are undertaking a fundamental review of the most important benchmarks and develop reform plans accordingly. In our latest article we look at the various challenges of the transition from Eonia to €STR. With the conversion of…

Geistesblitz 03/19

USD interest hedge with “CombiSwap” Initial Situation Storm clouds are brewing on the horizon of the US economy as well.  The country appears to be in the final stage of the economic cycle. Thus, for short and medium term maturities the yield curve is partially inversed. Since mid-December, the difference between the 5-year swap rate…

Benchmark reform: the way into a new interest world

(Guest contribution for Zeitschrift für das gesamte Kreditwesen) Since the aftermath of the GFC and the revelation of LIBOR manipulations, regulators are undertaking a fundamental review of the most important benchmarks and develop reform plans accordingly. In this article, written in collaboration with the German Savings Bank Association (DSGV), we shed light on the status quo…

ESMA updates its Questions and Answers (Q&As) regarding multiple MiFID II and MiFIR topics and issues

During the last two weeks the European Securities and Markets Authority (ESMA) issued a set of revised Q&As on a number of different topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). The updates cover the issues “data reporting”, “investor protection and intermediaries”, “commodity derivatives”, “market structures” and “transparency”. The objective…

Case Benchmarking

SFTR: EU Commission ready to adopt ESMA’s regulatory and implementing technical standards (RTS & ITS)

 Turf war between ESMA and European Commission delays reporting obligation. Mandatory reporting obligation can be expected gradually as of the first quarter of 2020. More than 16 months have passed, since the European Securities and Markets Authority (ESMA) submitted their final draft regarding regulatory technical standards (RTS) on securities financing transaction regulation (SFTR) to the…

Case Captano

MiFID II / MiFIR: Best Execution – Berichtspflichten

This content is only available in German Zum Ende des vergangenen Jahres hat die ESMA ihre Q&A zum Thema Anlegerschutz aktualisiert und insbesondere einige weitere Fragen zum Thema „best-execution“ beantwortet. Die Antworten waren insbesondere im Zusammenhang mit dem „Top 5 Reporting“ teilweise recht überraschend. Deshalb möchten wir Ihnen an dieser Stelle einen Überblick über die…

Eva Schnürer
Eva Schnürer
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Eva Schnürer
Eva Schnürer
About the author
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