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April 2014

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

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 | Bill Hodgson

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

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

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 | Bill Hodgson

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 | Bill Hodgson

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 | Bill Hodgson

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

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

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 | Bill Hodgson

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

   
'News' FSB 7th Progress Report on OTC Reform Implementation 08 April 2014 | Bill Hodgson

The FSB have published their latest report on progress around the world on implementing the G20 reforms for Trade Reporting, Central Clearing, Capital Rules and Electronic Trading.

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

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

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'Articles' Crowded Trades Hidden Risk for CCPs 07 April 2014 | Albert Menkveld Feed

Bill: Although this post dates back to April 2014, the topic of concentration risk within a CCP is still valid, I am surprised this research didn't pick up more comment at the time of publication, as it seems to numerically show under-margining in

   
'News' Another CCP Achieves Authorisation 03 April 2014 | Bill Hodgson

A 2nd CCP is now authorised under EMIR

     
'Articles' Credit, Concentration and Wrong Way Risk 02 April 2014 | Ricky Maloney

To safeguard the overall integrity of the Clearing House (Eurex) and to protect the mutualizing Clearing Fund, we conduct an internal credit assessment of all counterparties and perform continuous monitoring of credit, concentration and wrong-way

   
'News' Collateral Management Requirements Build Over Time | BBH 02 April 2014 | Maria Leontiou

I was reading a quite interesting piece this morning from Stephen Bruel at Brown Brothers Harriman on how Collateral Management has evolved the last few years, the impact of central clearing on it and how challenges in collateral management are bu

   
'News' April 1st 01 April 2014 | Bill Hodgson

Check the date on the last two articles on the CFTC and ESMA

   
'News' New ESMA Q&A "Supplement" | A Hard Road Ahead 01 April 2014 | Bill Hodgson

A supplementary Q&A from ESMA sets out further challenges for firms to implement trade reporting.

March 2014

   
'News' Measuring Global Bank Complexity | Federal Reserve Bank of New York 31 March 2014 | Bill Hodgson

I came across one item in a series from the NY Fed on bank complexity - the charts demonstrate an aspect of Banks which we often overlook - that they contain many affiliates as a result of SPVs, or for other commercial purposes.

   
'Articles' Ten (10) Tips to understand credit risk to Central Counterparties (CCPs) 31 March 2014 | Diana Higgins

HanMag Securities recent default has shown that clearing can mitigate credit risk, but is not perfect. Managing and valuing credit risk to Central Counterparties (CCPs) is a must, particularly with new regulations. This article lists 10 checking points to analyse credit risk to CCPs.

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