We’re going to hear a lot about equity total return swaps over the next couple of days but let me take a second to point out how extremely normal they are and how unsurprising it should be to find out that Archegos was using them.
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In some countries (eg India) it is common to trade futures on single names, essentially to get around foreign ownership restrictions. These function like single name forwards but they are exchange cleared rather than bilateral.
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Also margined instead of colaterallized
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IB is ok. To avoid paying UK stamp duty
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Basically the same thing, the end date as you note is the main difference with a CFD rolling month on month forever whereas a TRS has an end date. Usually the docs actually have CFD as a TRS but the term CFD is used anyway as more familiar.
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CFD on single name, TRS on a basket. But negligible difference in my experience. PBs often offer better reporting on CFD as they treat like a single name equity whereas TRS get lumped into the crap ISDA reporting
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My understanding was cfd = trs and just naming conventions where cfd is more common to mean a trs on a single name where trs is more index/baskets
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