Today is Frankendodd’s fifth birthday. Hardly time for celebration. It is probably more appropriate to say that this is the fifth year in the Frankendodd life sentence.
So where do we stand?
ETR Advisory and ComTech Advisory have today issued a detailed report on reporting under REMIT.
The data has been kindly supplied by ClarusFT from their CCPView service which gives you a weekly update on the amount of business at global CCPs.
The lack of legal accountability applied to key decision makers following the 2008 financial crisis remains a source of great public consternation.
For any investment firm operating a single-dealer bond or swap ECN in Europe, MiFID II raises a life-altering decision – whether to become an organized trading facility (OTF) or a systematic internalizer (SI). Given the way MiFID II is worded, that choice has far-reaching implications. And, since Article 20 of MiFID says, “Member States shall not allow the operation of an OTF and of a systematic internaliser to take place within the same legal entity,” this is very much an either-or decision.
The responses can be viewed on the Consultation page.
EurexOTC Clear will expand its IRS Product Scope to include Zero Coupon Inflation Swaps (ZCIS) for the Euro Zone Harmonised Index of Consumer Prices, excluding Tobacco (HICPxT), the French Consumer Price Index, excluding Tobacco (FRCPIx) and the UK Retail Price Index (UK RPI) to commence clearing from 3rd. August 2015
The European Securities and Markets Authority (ESMA) has published today an update of its list of central clearinghouses (CCPs) which are authorised under the Euro
The topic of margining implementation timetable had received much coverage in the media and generated passionate debate within the industry. ISDA had been advocating for a delay of two years from the point final national rules are published before the requirements become effective. The hopes for a significant postponement were quashed after the CFTC chairman predicted it to be “just a matter of months”1. At the end, the opinions seem to have settled in the middle.
Exactly 12 years ago I wrote about a Greek disappearing act: how in 2001 the country concocted a swap deal with Goldman Sachs to conceal almost €3 billion of debt from its national accounts, to help meet Maastricht ratios.
There seems to be a growing consensus from Banks, Consultancies and Vendors that MiFID2 reporting will be very hard. Importantly avoiding the mayhem associated with EMIR will require a much more strategic approach than either EMIR or Dodd Frank.
Leading Global Banks, Service Providers and Market Infrastructures Create New Hub for End-to-End Margin Processing. This announcement follows on from Project Colin, pictured here.
Rocket 4 is now available as an on-line edition formatted for tablets and computer screens. This edition contains 48 pages of new content, plus bonus articles we couldn't squeeze into the print edition.
The morning sessions will focus on post trade processing for derivatives, while the afternoon sessions will cover liquidity in the new regulated market. A 20% discount is available to OTC Space readers, see bottom of the article for the code.
World’s biggest swaps dealers create infrastructure hub to cut down on swaps trading disagreements
There are many buzzwords in the OTC clearing lexicon at the moment. “Equivalence”, “resolution and recovery”, “cost of capital” among them. But one you don’t hear a lot is “portability”. In 2009 and 2010 there was plenty of talk on this subject, how it was supposed to work and how it is achieved. Today, after clients have gone live or have been briefed many times on the mechanics of clearing we all tend to take it for granted.
Following the statement made by Steven Maijoor, chair of ESMA, at the Economic and Monetary Committee last month, no information has been published on many of the proposed changes to MiFID II/MiFIR that could affect the commodities market.
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