Christophe Rivoire, a former senior member of HSBC’s rates trading desk in New York, is pushing for a summary judgment in a lawsuit brought by the Commodity Futures Trading Commission (CFTC).
The relevant documents, seen by FX News Group, were submitted on May 1, 2023 at the New York Southern District Court.
This case arises from a July 2012 interest rate swap transaction between the Japan Bank for International Cooperation (JBIC), a Japanese government instrumentality, and HSBC, one of the largest financial institutions in the world.
In July 2012, JBIC came to market with a $2 billion bond offering that paid a fixed rate of interest at six-month intervals for a period of five years (at which point JBIC would be obligated to repay the principal amount of the bond). In conjunction with the bond…
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