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February 2014

   
'Articles' SEF offshore push confirmed | ISDA analysis 03 February 2014 | Jon Skinner

ISDA backed up December survey opinon with a January cleared transaction volumes analysis to show that CFTC's SEF rules already shifted D2D IRS volume offshore from the US.

   
'News' Credit Derivatives Definitions Pushed Back Until September | ISDA 03 February 2014 | Ben Larah

In a press release published today, ISDA announced that the release of the 2014 Credit Derivatives Definitions will be pushed back until September 2014.

   
'Articles' A Guide to the EMIR Trade Reporting Obligations – Part 3 (the final countdown) 02 February 2014 | Maria Leontiou

I really can’t believe we are just a fortnight away from EMIR Reporting go-live date. It feels like time has flown since my last post on the 18th December on this very topic.

   
'News' Weekly CFTC OTC Market Report 02 February 2014 | Bill Hodgson

If you weren't aware, the CFTC now publish aggregate data based on the trade data submissions on OTC products to the DTCC, ICE and CME SDRs on a weekly basis.

   
'News' Thomas Krantz Takes a Pop at Clearing in the FT | Is He Right? 01 February 2014 | Bill Hodgson

In the FT Thomas Krantz formerly secretary-general of the World Federation of Exchanges, lists many questions about the wisdom of moving the OTC market into clearing, but poses questions that

January 2014

   
'Articles' CCPs Revise Margin Models | Esma 30 January 2014 | Ben Larah

According to a Risk Magazine article (subscription required), some European CCPs are revising their margin models in order to comply with Esma regulations regarding the effects of procyclicality on margin requirements.

   
'News' A Consolidated Source of LEI Data from p-LEI.org | Wilmington Hits the Map 30 January 2014 | Bill Hodgson

The need for firms reporting derivatives to make use of a Legal Entity Identifier is driving the emergence of a federated network of national issuers.  The current list of issues includes:

   
'Articles' Models for Enterprise Regulatory Change | Part 3 30 January 2014 | Bill Hodgson

John Philpott has completed the third part of his series on the practical realities of achieving regulatory change in large complex organisations,

   
FCA CEO Martin Wheatley 'News' UK FCA levels the London vs. New York FX playing field | Risk article 28 January 2014 | Jon Skinner

According to this Risk article, it would seem that the UK's Financial Conduct Authority has lined up with US regulators to give FX fowards (and presumably swaps) an exemption from EMIR reporting

   
'Articles' CDSIndex Product in SDRView Professional 27 January 2014 | Amir Khwaja

ClarusFT discuss data on CDS trading in their SDRView service.

   
'News' Reg reform bank impacts will take another 6 years | Barclays' CEO Jenkins at Davos 27 January 2014 | Jon Skinner

Reacting to re-regulation will take "until close to the end of this decade", says Barclays CEO Antony Jenkins at Davos as quoted in this article from the FT(subscription required).

   
'News' ASX OTC Clearing Dealer Support 27 January 2014 | Bill Hodgson

ASX announced support for its OTC clearing service from leading dealers, the news release is here. Banks include:

   
'News' OTC Clearing at HKEx Update 27 January 2014 | Bill Hodgson

Cleared notionals at HKEx have reached a little over USD 50m, given the previous story on Shanghai Clearing it is interesting to see the

   
'News' Shanghai Clearing House Launch Clearing for IRS in RMB 27 January 2014 | Bill Hodgson

Clearing for RMB IRS has begun in China

   
'Jobs' Securities Settlement Business Analysts | Hong Kong (Contract) 24 January 2014 | Bill Hodgson

2 x Senior Business Analysts [Contract] required in Hong Kong to build out a securities settlement system from scratch for global finance firm.

   
'News' Reconciling Across TRs | TriResolve have an approach 24 January 2014 | Bill Hodgson

One of the deferred problems with the EMIR approach to Trade Reporting is post Feb 12th when ESMA requires all the TRs to attempt to match the submissions in a multi-lateral mashup. EMIR allows each party to a trade to report to their chosen TR, nice to have freedom of choice, but each TR has a difference technology platform and data specifications. For ESMA to re-assemble this broken mirror into something coherent, each TR must attempt to compare the same trade submission using LEI and UTI as a key, and provide matching results back to submitting parties.

   
'Articles' Why Bitcoin Matters | Marc Andreesen 23 January 2014 | Bill Hodgson

Slightly off beat but really interesting, an article by Marc Andreesen (the man who invented web browsers) on the emerging phenomenon of digital currency: http://blog

   
'News' Feedback to ESMA on the Mandatory Clearing Obligation 23 January 2014 | Bill Hodgson

Some time between now and the middle of next year a mandate to clear will come into force, but until then ESMA have been undertaking considerable consultation with market participants.

   
'Articles' Volker Rule Hedge Accounting 23 January 2014 | Sol Steinberg

On December 10th, 2013, five US federal agencies adopted a final rule to implement the Volcker Rule.  The effective date of the Volcker Rule is April 1st, 2014.  However, the agencies have extended the compliance deadline until July 21st, 2015.

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