The derivatives industry has risen to challenges of the coronavirus (COVID-19) pandemic in many important ways, with markets remaining open and resilient amid record volume to help end-users manage their risks amid extreme uncertainty. But the global cleared derivatives community has also stepped up in many smaller and less obvious ways, including a commitment to giving back in a time of great need.
There have been a number of significant corporate donations from FIA members, specifically targeting the impact of the coronavirus. These included $7.5 million from Citadel and Citadel Securities at the beginning of February to help combat the virus in China, one of the earliest corporate contributions targeting the pandemic and well before regions in Europe and the Americas felt the full force of the outbreak.
These efforts were soon followed by a host of others generous market participants, targeting a wide array of efforts. They include:
- The BP Foundation pledged $2 million to the World Health Organization (WHO), and in the U.K. provided free fuel to emergency services vehicles.
- Cargill committed $35 million to address food health, safety and security needs.
- Citadel founder Ken Griffin and other partners teamed up to provide $2.5 million to Chicago-area foodbanks and schools.
- The Citi Foundation pledged $15 million to various groups including the WHO.
- Goldman Sachs donated 400,000 masks to healthcare workers in New York, New Jersey and the U.K. Goldman committed $300 million in emergency loans to small businesses, with a focus on regions hit hardest by the coronavirus.
- HSBC committed $25 million to support international medical response and food security.
- ICE committed $10 million to response efforts including food banks and educational organizations from New York to the U.K. to India.
- Interactive Brokers donated $5 million to help first-responders and help develop vaccines.
- JPMorgan pledged $50 million to various efforts, including $2 million to the World Health Organization, $1 million to Feeding America and $5 million for community development financial institutions.
- RBC donated more than $2 million to the WHO, food banks and the Red Cross
- UBS CEO Sergio Ermotti offered personal donations totalling 1 million swiss francs towards pandemic relief.
- Wells Fargo pledged $62.5 million to aid public health relief, including donations to the CDC and International Medicine Corps.
- XTX Markets that donated £20 million to various charities including New York City food bank and Paris hospitals
This is an incomplete list, but representative of the generosity across the financial sector and derivatives markets.
- Giving Back