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  • ISDA derivatiViews: A Clear Plan For Voluntary Carbon Trading

    Date 04/11/2024

    As world leaders head to Azerbaijan for COP29 next week, they must confront the urgent task of keeping the Paris Agreement objectives on track and accelerating the reduction of carbon emissions. This is an unprecedented global challenge, and governments cannot do it on their own – they need to leverage global capital markets to raise the funding that is needed. The voluntary carbon market could play a big role, but this requires robust and consistent standards. It will also involve the public and private sectors working together, and we’ve identified five key areas where that work should start.

  • ICE Mortgage Monitor: Record Levels Of Tappable Equity, Fed Rate Cuts Could Spur Resurgence In Home Equity Withdrawals

    Date 04/11/2024

    • As of the end of Q3 2024, U.S. mortgage holders held $17.2T in equity, of which $11.2T is ‘tappable,’ meaning it can be borrowed against with the homeowner maintaining a 20% equity stake in their home
    • The average homeowner with a mortgage now has $319K of equity in their home, of which $207K is tappable
    • Though Q3 withdrawals hit a two-year high – both collectively and individually among second lien products ($27B) and cash-out refinances ($21B) – the total represented just 0.42% of available tappable equity
    • Borrowers have been withdrawing equity at less than half the 10-year average 0.92% extraction rate, with second lien products 26% below typical levels and cash-outs 69% below the norm
    • The past 10 quarters have seen half the equity extraction to be expected in a ‘normal’ market, meaning $476B has gone untapped and not flowed back through the broader economy
    • In recent quarters, introductory rates on HELOCs have topped 9.5%, more than doubling the $167 March 2022 monthly interest-only payment needed for a $50K withdrawal to a high of $413 in January 2024
    • Recent Federal Reserve cuts to short-term interest rates – more directly tied to HELOC than 30-year mortgage offerings – have already made equity withdrawals modestly more affordable and attractive
    • If both market expectations for an additional ~1.5 pp in additional Fed cuts and current spreads hold true, we could see HELOC rate offerings in the low 7% range by the end of 2025
    • That would drop the monthly payment needed to withdraw $50K in equity back down below $300; still notably higher than the historical average, but more than 25% below recent highs

  • Eventus Wins Two Best-In-Class Awards For Validus Trade Surveillance Solution In Regulation Asia Awards For Excellence 2024 - Client Growth In Asia-Pacific Continues - Naveen Wahi Appointed Senior Director Of Sales, APAC

    Date 04/11/2024

    Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, has just won two awards in the Regulation Asia Awards for Excellence 2024 in Singapore. The firm's Validus platform was named Best Market & Trade Surveillance Solution in the Markets & Infrastructure category, as well as Best Digital Asset Surveillance Solution in the Digital Assets category. Eventus received the honors amid continued client growth in the region, resulting in the recent appointment of Naveen Wahi to lead sales for the Asia-Pacific (APAC) region as Senior Director of Sales, APAC.

  • CME Group Reports October 2024 ADV Of 24.3 Million Contracts

    Date 04/11/2024

    • Record October ADV for interest rate, energy, metals and agricultural products
    • Record October ADV across U.S. Treasury and SOFR complexes
    • All-time record monthly ADV in U.S. Treasury options and energy options

  • SIX Exchanges Figures: October 2024

    Date 04/11/2024

    • SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain

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