Insights from our team

The latest thought leadership on key issues

Europe’s electricity market reforms aim to stabilise spot and forward pricing markets

Europe’s energy markets are undergoing a seismic shift linked to the increased volatility of prices due to the energy transition and rising geopolitical tensions. The Russian invasion of Ukraine caused a structural shock to European energy prices and security by threatening gas supplies, adding urgency to the continent’s ambitions to electrify and shift to renewables. But energy from wind, solar and wave power creates an entirely different trading environment for energy prices and futures hedges.

OTC Market Data and Technology

The ever-evolving European Repo market

The European Commission is on course to issue €90B in bonds in the first 6 months of 2025 as part of meetings its €275B annual budgetary demands. This bond issuance is intended to assist the EU raise vital funds for key EU commitments.

Company Results and Updates

TP ICAP Group PLC Full Year Results 2024

TP ICAP Group PLC's results have been released today. Read them here.

Economy and Market Trends

EU launches green bond label for new taxonomy

New EU green bond issuances worth billions of euros could be on the way as the European green bond label goes live this year, according to the Institute for Energy Economics and Financial Analysis (IEEFA).

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Economy and Market Trends

EU launches green bond label for new taxonomy

Energy & Commodities

Batteries gear up to become the grid-scale storage solution

As the cost of lithium batteries falls and investment spurs new innovations and new battery types, the prospect that batteries might solve the grid-scale storage problem is becoming more likely.

Energy & Commodities

Complications and considerations for the US as Trump lifts ban on new LNG licenses

In his opening weeks as US President, Donald Trump has issued many new executive orders, as well as revoking 80 executive actions of former President Joe Biden. Trump was quick to lift the moratorium on new US licenses for LNG, a policy he vigorously opposed during his campaign.

Economy and Market Trends

Rapid-fire trade and regulations from the US keep markets on their toes

Global stock markets have had a challenging time reacting to the speed and pace of executive orders coming from returning U.S. President Donald Trump’s administration, particularly when it comes to tariffs and regulation.

Energy & Commodities

Metals and minerals recycling could help meet critical demand and secure supplies

Minerals and metals that are critical to the energy transition, for electric vehicles and for technological components remain a worryingly scarce resource that governments are trying to secure, as we have previously reported. To ensure these supplies, there’s a growing consensus that a circular economy is needed, which would see more investment in recycling these metals back into the supply chain.

Economy and Market Trends

UK faces tough balance in economic relations with the US and the EU

The UK has a difficult balancing act ahead of it in 2025 as it seeks to reset its relationship with the EU while maintaining good relations with the US under President-Elect Donald Trump.

Inflation and Interest Rates

Record- breaking activity in USD rates markets, still led by spreadover trades.

USD Rates markets experienced record-breaking activity in 2024, with notional volumes exceeding $1 quadrillion for the second time.

Indices and Derivatives

Weather derivatives boom in public and OTC trade amidst rising extreme weather

As extreme weather events proliferate, energy firms, commodity traders and other financial institutions are diversifying their ways to hedge against poor weather outcomes, creating a boom in weather derivatives.

Energy & Commodities

Multiple factors threaten another European energy crisis

Europe’s energy market in the wake of Russia’s invasion of Ukraine faces new struggles, as storage empties fast this winter, France’s political turmoil threatens and tensions in Ukraine escalate.

OTC Market Data and Technology

Consolidated tape options opening up for the UK and the EU

The push for a consolidated tape (CT) for the UK and Europe is accelerating, as banks, asset managers and European exchanges work to come up with a winning solution to aggregate trade information from all trading venues.

Energy & Commodities

Energy and commodity analysts weigh impacts of new US administration

In the wake of President-Elect Donald Trump’s victory in the US elections, energy and commodity prices have a somewhat different outlook than with a continuing Democratic administration.

Indices and Derivatives

Inflation hedging back in focus after US election result

To quote the Bank of England, inflation swaps are “like the crystal ball of inflation expectations, allowing traders to hedge against inflation risk and giving us a peek into the minds of market participants”. With the recent Trump election victory and prospect of a return to US protectionism, let’s see what the inflation swap markets are telling us about expected US inflation and examine how commonly used bond and swap market inflation hedges have performed over recent months.

Energy & Commodities

India's Oil Appetite Fuels Global Energy Market

India's insatiable thirst for oil is reshaping the global energy landscape. The country's burgeoning economy, coupled with a growing middle class, has positioned it as the world's leading driver of oil demand growth.

Economy and Market Trends

Fed Rate Cut Triggers REPO Surge: Why Understanding This Market Matters

Repurchase agreements (REPOs) are pivotal to the efficient working of almost all financial markets, and understanding their pricing can provide an important role in assessing interest rate risk and opportunities.

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Economy and Market Trends

Geopolitical tensions, climate crisis and technological disruption top the risk agenda in 2025

It has become a cliche to say that we are living in an uncertain world, but that doesn’t stop it from being true. The pace of technological disruption, the rapid increase in the climate crisis and new outbreaks of geopolitical tension in 2024 are key emerging risks as we head into 2025.

Energy & Commodities

US regulator takes action against alleged oil and gas market manipulations

The US Commodity Futures Trading Commission (CFTC) continues to closely monitor markets for benchmark-related manipulations, most recently levying a $48 million fine on TOTSA, a subsidiary of Total Energies.

Economy and Market Trends

Tight US election race could reshape trade, energy, and monetary policy

The US election could mark a pivot point in US domestic and global policy, with far-reaching consequences in multiple markets.

Regulation, Compliance, and Risk

Global Crowdstrike outage highlights third-party risk as DORA deadline approaches

Digital resilience and third party risk management have become key concerns for global regulators and the risks have been keenly highlighted by the recent global Crowdstrike incident.

Energy & Commodities

Gas traders bet on high demand through 2030s as Europe balances energy security and the green transition

Europe remains delicately balanced in energy markets, as gas traders bid into longer-term contracts with a view that fuel demand will remain elevated well into the 2030s and the renewables transition continues.

Inflation and Interest Rates

Inflation Swaps: A Portfolio Powerhouse

As headline inflation continues to cool down in recent months and quarters, after heating up during the second half of 2021 and becoming red hot during 2022, we look at how the two commonly used instruments offering direct exposure to inflation have performed during the recent inflationary period.

Regulation, Compliance, and Risk

Data Management Failures Cost Trading Firms

Fines for poor recordkeeping and data management are escalating, with regulators issuing multi-million-dollar penalties to firms for compliance failures.

Energy & Commodities

The push and pull in the global battery metals market

In the last ten years, critical minerals have climbed the agenda for governments and companies as key components of the energy transition.

Economy and Market Trends

Government Debt: The Perfect Storm for the Global Economy

The global economy is on course for a “smooth landing” from the inflation crisis this year, but government debts and any fast moves to lower interest rates risk derailing it once again, according to the Bank for International Settlements (BIS).

Economy and Market Trends

China’s central bank moves to dampen bond frenzy

As China’s economy slows, national regulators are keeping a wary eye out for any financial instabilities that may lead to a crisis. The latest concern is the $4 trillion bond market, which is seeing increased activity as investors look for a safe haven from the damaged real estate market and volatile shares.

Company Results and Updates

TP ICAP Group PLC Half Year Results 2024

Our 2024 half year results.

Indices and Derivatives

Derivatives are key to Europe’s competitiveness, resilience and sustainability agenda

The derivatives market plays a key role in ensuring efficient performance of markets and mobilisation of capital, encouraging liquidity, competition and economic growth, according to the chief executive of the International Swaps and Derivatives Association (ISDA).

Energy & Commodities

LNG market reaches ‘fragile equilibrium’, but uncertainties abound

The IGU’s report found that the lack of spare supply in the near-term was providing a fragile stability to the market for now, with trade reaching a record level of 401.42 million metric tonnes in 2023, growing by 2.1% from the previous year, supported by high spot purchases from a gradual decline in prices.

Regulation, Compliance, and Risk

SEC rules hit billion-dollar institutional prime money market funds

The SEC’s new rules for US money markets could significantly cut the number of institutional prime money market funds, even as money market assets climb on the news that the Fed will keep interest rates higher for longer.

OTC Market Data and Technology

Navigating risk in the OTC space with enhanced market data

How can access to more reliable market data help participants in the OTC derivatives market navigate liquidity risks and identify market opportunities in an evolving sector?

OTC Market Data and Technology

Enhanced data access can support greater opportunities in 2024

Chapter two of our survey testing the temperature of the global OTC derivatives market reveals high levels of optimism that innovation can be a game changer for the space. However, more expansive data – including centralized information systems – are needed to unlock the full potential of the market.

Indices and Derivatives

New FX exchange derivatives rules in India may increase OTC activity

India’s new rules on the use of FX exchange derivatives came into force in May, prompting much speculation on the effects of this “new” policy.

OTC Market Data and Technology

Transforming Technology Infrastructure

Technology is essential in supporting the enormous and growing global OTC derivatives market which had a total notional outstanding of $714.7 trillion at the end of June 2023; 13.1% higher than mid-year 2022 and 15.7% higher compared to year-end 2022.

OTC Market Data and Technology

Can technology support OTC market growth?

A fresh wave of technological innovation has swept the OTC market in recent years, with tools like AI, machine learning and blockchain poised to potentially transform the market. But is tech alone enough to move the needle on market progress?

Economy and Market Trends

Intervention becomes standard procedure in bond markets

Where once the bond markets were considered somewhat immune to the vagaries of the wider financial markets and the volatility of the global economy, in recent years, the story has been very different.

Inflation and Interest Rates

UK and US Inflation Battle

All the signs were pointing towards interest rate reductions as inflation came back under control in the US and UK, but recent figures have shown that the level remains stubbornly high. However, it’s a different picture on the opposite sides of the pond.

Regulation, Compliance, and Risk

US Move to T+1 puts Pressure on Europe

At the end of May, the US will move to T+1 settlements, halving the time it takes for securities settlements to clear.

Economy and Market Trends

Making the Most of Market Volatility

As Japan ends its 17-year period of negative interest rates, market volatility is expected as the policy beds in. We look at how market participants can use Interest Rate Swap Volatility indices to their advantage.

OTC Market Data and Technology

Liquidity Challenges and How to Navigate Them

Liquidity is a persistent challenge for OTC derivative market participants. Effective risk management practices driven by in-depth data is paramount if businesses are to navigate the unpredictable waters ahead.

OTC Market Data and Technology

The True Cost of Free Market Data

Composite data is readily available for the OTC derivative markets but a lack of depth, breadth and independence means free information may fail to deliver the insight participants need to secure a competitive edge

Regulation, Compliance, and Risk

Surveillance Surge: The Price of Non-Compliance

Multi-million-dollar fines are the outcome for firms found to be violating trade surveillance rules and as regulators make robust recordkeeping and data management a priority, OTC market players need to do the same.

Economy and Market Trends

The US Economy: Soft Landing or Hard Fall?

At the end of 2022, the consensus was that there was little hope of the US avoiding a recession. But what a difference 12 months makes. Now, there are a growing number of observers who think that the Fed may have pulled off what it has so often failed to do before - the extremely difficult task of reigning in the economy enough to soften inflation without spurring recession

Energy & Commodities

Unexpected Change in the LNG Market

US President Joe Biden’s unexpected ban on new LNG export permits to non-free trade agreement (FTA) countries will have significant impacts across the market. While existing LNG projects will continue, the temporary pause will cause an imbalance on supply and demand domestically and locally, as well as triggering price volatility on the forward curves.

Company Results and Updates

TP ICAP Full Year Results 2023

Our 2023 results.

Indices and Derivatives

The democratisation of OTC derivative indices

The OTC derivatives market is an important tool for investors managing the impact of interest and inflation rate volatility yet their ability to understand swap pricing and valuations has been limited. We hear how innovation in OTC derivative indices is creating a fairer market for all.

Indices and Derivatives

Interest Rate Swap Volatility Indices

Model-free measure of spot implied volatility in the world’s major interest rate swap markets.

Inflation and Interest Rates

SOFR Swaps Analysis

According to Clarus, in the crucial spreadover market ICAP maintained its position as the leading broker with 48% share while the balance of 51% is traded on the other 5 SEFs combined.

Indices and Derivatives

Macroeconomic Outlook

Persistent inflation has been the scourge of central banks for two years and monetary policy committees have been forced to drive up interest rates in a bid to bring spiralling prices under control.

Regulation, Compliance, and Risk

A Model Approach to FRTB Requirements

Banks face stringent new rules on how they calculate capital requirements, yet until now have lacked sufficient data to underpin how they model this.

Economy and Market Trends

2024 Oil Demand Remains Muted

The economic headwinds in 2023 have hit both oil demand and prices, despite OPEC's best efforts to keep prices high. Will constantly high interest rates continue to have a negative impact on oil demand and prices throughout 2024?

Company Results and Updates

Tullett Prebon Japan Bloomberg Pages Overhauled

New Bloomberg Japan pages, featuring new 66 new curves

Energy & Commodities

LNG: Trading, Transformation and Transition

LNG is a blueprint for future “fuels” to be reimagined in how they are created, stored and moved around the world on a path to full global energy transition.

Company Results and Updates

Parameta Invited to Amazon Web Services Innovation Ambassadors Podcast

Parameta Solutions engineers and governance team joins AWS to discuss how generative AI supercharges our data solutions