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April 2014

'News' Weekly Roundup | Best of the Web | 16 April 2014 17 April 2014

The End of London, Redux

'News' Weekly Roundup | Clearing, Collateral & Risk Management | 16 April 2014 17 April 2014


Eurex Takes Aim at SwapClear in Clearing Cost Study

'News' Weekly Roundup | Regulation & Trading | 16 April 2014 17 April 2014

European Regulation

To Delegate, or Not to Delegate?

'News' Blackrock Viewpoint on Central Counterparties and Too Big to Fail 17 April 2014

A Blackrock thought paper sets out their strong views on how CCPs should be positioned given their key role in the future market infrastructure.

'Articles' New CFTC head tackles OTC unintended consequences | risk article 17 April 2014

The new Chairman of the CFTC is making a fast start in tackling the unintended systemic risk consequences of Dodd-Frank's Title VII derivatives rules.  Could this avert a future FCM concentration risk crisis and enable legacy stockpiles of uncollateralized counterparty risk to be more easily reduced in response to the capital incentives?   Let's hope so.

'News' CME Europe Launches Deliverable Swap Futures 14 April 2014

CME launches their DSF product within their European Entity and CCP.

'Articles' Industrial Change in the OTC Derivatives Market 13 April 2014

This is a follow up to my piece "CFTC guidance on SEF access may be a game changer for OTC market infrastructure" 

'News' ISDA Margin Survey 2014 | 87% Is The Answer 10 April 2014

The International Swaps and Derivatives Association, Inc. (ISDA) today released results from its 2014 ISDA Margin Survey at its 29th Annual General Meeting in Munich.

'News' European CCP Authorisation Score Sheet 10 April 2014

Keep track of which CCPs are authorised and when.

'News' How Does the Bank of England Supervise UK Financial Market Infrastructure Firms? 10 April 2014

Key organisations within the UK provide components of the Financial Market Infrastructure, which the Bank of England must supervise.

'News' Weekly Roundup | Best of the Web | 9 April 2014 09 April 2014

ESMA Sheds Light on Supervision of TRs

'News' Weekly Roundup | Clearing, Collateral & Risk Management | 9 April 2014 09 April 2014


Union Investment New User of EurexOTC Clear

'News' Weekly Roundup | Regulation & Trading | 9 April 2014 09 April 2014

European Regulation

ESMA Sheds Light on Supervision of TRs

'Articles' What is the End User Cost Impact of New Regulations on OTC Products? | Billions 09 April 2014

Deloitte has a team called the Centre for Regulatory Strategy which has done something interesting, calculating the incremental cost of the new regulations on cleared and non-cleared OTC products.  

'News' KDPW Authorised Under EMIR 09 April 2014

For those who are fluent in Polish, the Polish FSA announced this today:

'News' SGX Offers Exposure to Malaysian Ringgit and Thai Baht IRS 08 April 2014

SGX has added new cleared OTC IRS contracts in Malaysian Ringgit and Thai Baht IRS but settled in USD

Thinking about MVA 'Articles' Replicating CCP methodologies for validation, pricing and ‘resource management’ 07 April 2014

Replicating CCP methodologies not only improves control through validation it also enables the development of sophisticated portfolio measures, analogous to CVA, for pricing and managing the cost of clearing. Early adopters are already considering how pricing in the ‘Margin Value Adjustment’ can help efficiently manage their OTC derivatives portfolios.