SECURITY: Pressure On Russia Is EU's Main Focus - EU Commission Spokesperson

Mar-26 13:43

Reuters reporting comments from an EU Commission spokesperson, “taking note” of the outcome of US brokered ceasefire talks in Saudi Arabia and stating that Russia must demonstrate “genuine political will” to ending the war in Ukraine.

  • The spokesperson said the EU, “welcomes agreement between US and Ukraine to work towards exchange of prisoners of war, release of civilian detainees and return of forcibly transferred Ukrainian children.”
  • Says that “Russia must now demonstrate genuine political will to end its illegal and unprovoked war of aggression”. Adds the EU’s, “main focus remains to maximise pressure on Russia, using all tools available”.
  • The spokesperson says the EU, “is ready to support upcoming steps, together with Ukraine, the United States, and other partners.”
  • The spokesperson notes, likely referring to Moscow's request that sanctions on agricultural goods must be relaxed to facilitate a Black Sea ceasefire: “EU sanctions are not targeting trade in agricultural goods, including food, grain and fertilisers, in any way.”
  • The comments come amid scepticism from Ukraine’s backers that Moscow will fulfil truce obligations. Edward Fishman, senior research scholar at Columbia University and a former senior U.S. sanctions official, told the Wall Street Journal: “Putin’s endgame is clear—he wants to coax Trump into lifting sanctions on Russian banks and energy companies to enable the Kremlin to pull in the hard currency it desperately needs.”

Historical bullets

US TSY FUTURES: BLOCK: Mar'25 10Y Buy

Feb-24 13:43
  • +5,300 TYH5 109-17.5, post-time offer at 0830:02ET, DV01 $335,000. The 10Y contract remains under pressure, however, trading 109-16 last (-6).

GILTS: Roll Activity Continues To Tick Over, Around A Third Complete

Feb-24 13:39

Futures roll trading continues to tick over, with the H5/M5 spread trading down from 0 to -5 over the past week or so as activity has picked up ahead of Thursday’s first notice for H5.

  • Spread last -5/-4.
  • Latest indications point to just under 32% roll completion vs. just under 20% at Friday’s close.

US TSY FUTURES: March'25/June'25 Treasury Futures Roll Update

Feb-24 13:27

The latest Tsy quarterly futures from March'25 to June'25 below. Heavy overnight volumes as overall percentage complete nears 50% before June takes lead quarterly next week Friday. Current roll details:

  • TUH5/TUM5 appr 238,100 from -6.25 to -6.0, -6.12 last, 35% complete
  • FVH5/FVM5 appr 896,300 from -3.5 to -2.75, -3.0 last, 37% complete
  • TYH5/TYM5 appr 244,200 from -0.25 to 0.00, 0.0 last, 38% complete
  • UXYH5/UXYM5 appr 117,400 from 4.75 to 5.0, 4.75 last, 26% complete
  • USH5/USM5 appr 109,200 from 5.5 to 6.5, 6.0 last, 34% complete
  • WNH5/WNM5 appr 109,000 from 4.5 to 5.0, 4.5 last, 33% complete
    • Reminder, March futures won't expire until next month: 10s, 30s and Ultras on March 20, 2s and 5s on March 31. March options expired last Friday.