APRIL 2018 - CurveGlobal Newsletter
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CURVE POINTS | APRIL 2018  Hi all, We’re living in exciting times. At the beginning of the week we listened to the market and reduced the tick increment to ½ ticks in our current Short Sterling products. Next week with the launch of our new SONIA contract we have a genuine first! Figure 1 – CurveGlobal c/w rest of market 1:57pm 25th April 2018  Figure 2 – CurveGlobal c/w rest of market 1:58pm 25th April 2018  As always, by providing access to a new source of transparent pricing, we’re introducing true competition into the futures markets with the aim of driving better execution for all participants. We'll continue to work tirelessly for you. Initiatives like this are, of course, worthy in themselves, but they only really matter if they make a difference to you, the marketplace, and there is a critical mass of activity. Fortunately, we’ve got some good news to share… Here are some 2018 CurveGlobal highlights:
As part of our commitment to change the market, at the beginning of April, we launched our Jump Ball programme, which allows those who trade to own part of the infrastructure. One of the great benefits is that you don't need to be signed up from day one but can join at any point. Uptake has already been strong – read on to find out how to get involved. Overall, OI is up nearly 15% this year, and over 175% from the same time last year – and this is before we implement a ½ point tick size for our new SONIA futures contract. On a more weighty subject, I reluctantly announce Ralph as the winner of our ‘biggest loser’ contest. It was a fun and healthy diversion from work and raised more than £1,000 for charity. Congratulations Ralph! All the best,  Jump Ball Customer Partnership Programme On 3rd April 2018, CurveGlobal launched its Jump Ball programme, which awards up to a total of 10% of CurveGlobal’s equity capital to opted-in qualifying participants, allocated in quarterly assessment periods over the next six calendar quarters. The top five participants, by traded volume, in each calendar quarter will qualify for a pro-rata equity award. A single participant who trades the most overall volume throughout the programme will qualify for an additional, individual award. Awards are calculated and notified at the end of each quarter, with the equity itself issued in a single transaction at the end of the programme in Q4 2019. The scheme is available to all Members of LSEDM for CurveGlobal products and their clients. Participants can opt-in at any point during the programme by signing the CurveGlobal Jump Ball Opt-In Agreement. The Jump Ball programme reinforces CurveGlobal’s approach to partnering with market participants to create real and compelling competition in the Interest Rate Derivatives space, rewarding firms who take an early adopter leading role in realising this strategy. The programme is already generating a great deal of interest amongst market participants, with several already signed up within two weeks of the launch. If you wish to participate in the Jump Ball programme or would like further information, please contact the LSEDM Product Team at LSEDerivativesProduct@lseg.com. Trade Concept – Choice and Opportunity: By: Ian Murphy This month we review the Inter Commodity Spread (ICS)
Margin requirements for the new CurveGlobal® Three month SONIA Future and the ICS
 *The CurveGlobal® Three month SONIA Future in accrual will have colour naming convention of “aqua”, then contracts follow market convention white, red, green, blue, golds and purple **Indicative initial margin levels in GBP, as of 02/03/2018 (including Reg.buffer) Margin savings at each expiry  Timetable reminder
Examples provided for illustrative non-reliance purposes only, potential benefits indicated are approximate and may not be realised. Monthly Volumes and OI Team Spotlight 60 Seconds with...Chris Bennett, Business Development at CurveGlobal 1. What are you listening to/reading these days? I’m reading a book called Resilience by ex-US Navy SEAL, Eric Greitens. It was given to me by the founder of a hedge fund when I was in New Jersey recently. One of the stand-out quotes for me is, “The essence of responsibility is the acceptance of the consequences – good and bad – of your actions. You are not responsible for everything that happens to you. You ARE responsible for how you deal with happens to you.” I’m not precious about music. If it has a good melody and meaningful lyrics then I enjoy listening to it. I’ve discovered as I get older I’m more interested in the lyrics than I was as a youngster and I find the deepest/happiest/saddest words in some of the – at first hearing – cheesiest songs. Whilst I do still like the old stuff I am admittedly a pop junkie and some current favourites are Rita Ora, Ed Sheeran, James Arthur and any classic house music. Favourite song of all time – Oliver’s Army by Elvis Costello. 2. What is the one thing you can’t live without? Oxygen. 3. If you could invite any four dinner guests past or present who would you choose? Margaret Thatcher, Sid Vicious, Marilyn Monroe and Leonardo da Vinci. 4. You can do any job for just one day, what would it be? That’s a difficult one. I’d like to say Andy Ross’s job, just so that I could revel in the greatness briefly! Seriously, though, I’d like to work in a refugee camp in one of the many distressed areas of the world. I think it would be humbling to see how those less fortunate in life than me cope with such hardship. 5. Ten years ago, where did you think you would be now? Retired on my own personal island in the Caribbean. Press Articles of NoteLIFE AFTER LIBOR: BOE TAKES ON SONIA BENCHMARK OVERSIGHT LIBOR ADMINISTRATOR PREPARES TO CUT NUMBER OF RATES SWAPS BASIS LEAPS AS LDI FUNDS PREP FOR LIBOR’S DEATH AFTER LIBOR: JAPAN, AUSTRALIA LOOK TO MULTI-RATE FUTURE Come Visit us HereFOW // TRADING DUBLIN FIA // IDX - LONDON 2018 To find out more about CurveGlobal or to offer suggestions on improving this newsletter, contact us at +44 20 7797 1055 or info@curveglobalmarkets.com.
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