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December 2013

   
'Articles' Quad-Party Clearing – a Winner’s Curse? - Capco Blog 15 December 2013 | Bill Hodgson

Henner Brüner is a Consultant in Capco’s Capital Markets Frankfurt practice, he explains why "quad party" or "physical segregation" is desirable for buy-side clearing clients but complex and costly to implement.

   
'News' Volcker market-making / CVA trading impacts | Risk article 13 December 2013 | Jon Skinner

This Risk article (subs.) lays out in more clarity the Volcker rule impacts and in particular market-making and CVA trading. Given the rule runs to 900 or so pages, no doubt there are more unintended consequences, buried footnotes and hidden gotchas to crawl from the woodwork as we proceed towards compliance in July 2015 (with full compliance possibly phased through July 2017). For now though in outline this is starting to make sense.

   
'News' Could US CCPs pay 25bps on cash collateral at today's interest rates? The plot thickens 13 December 2013 | Bill Hodgson

Josh at SFM / Finadium has uncovered a potential competitive advantage for US CCPs, click to read more (free registration may be required) 

   
'News' Compression, SDR and TrueEx SEF 12 December 2013 | Amir Khwaja

My interest in writing this article was sparked by the 11 December press release from TrueEx announcing t

   
'News' The first FCM faller | BNY bags client clearing 11 December 2013 | Jon Skinner

According to this IFR story, BoNY Mellon has cut its OTC clearing b

   
'News' Will the CFTC disrupt Japan domestic IRS liquidity? | Japan update 09 December 2013 | Jon Skinner

There are two Japan-related CFTC no action relief (NAR) deadlines approaching:

   
'News' ET call home | Further CFTC prevarication 04 December 2013 | Jon Skinner

Chairman Gensler recently pushed out guidance that trades booked between two non-US person entities but arranged, negotiated or executed by US personnel would be subject to CFTC regulations (as well as of course being subject to local regulations

   
'News' DTCC Wins Gold Award driven by Stewart Macbeth 04 December 2013 | Bill Hodgson

Stewart Macbeth has many talents, he appears to have propelled the dance team at DTCC to new heights with 7 gold medals.

 

   
'Articles' Mexican Peso Interest Rate Swaps 03 December 2013 | Amir Khwaja

CME in a recent SEC filing noted that it plans to offer clearing for MXN

   
'News' MATerial consensus - now when is the live date? | SEF CFTC Submissions Converge (part 2) 03 December 2013 | Jon Skinner

As a result of some CFTC dialogue and comment letters on the topic, we seem to be homing in on consensus around LIBOR only spot-starting and MAC/IMM swaps.

Re-submitted MAT letters

   
'News' Weekly Roundup | US Regulation | 3 December 2013 02 December 2013 | Jon Skinner

The CFTC

 Gensler Gives Wall Street Two Months to Meet Overseas Policy

   
'News' Weekly Roundup | Risk Management | 3 December 2013 02 December 2013 | Jon Skinner

Firms Lack Resource To Manage Regulatory Risk

   
'News' Weekly Roundup | Trading & Post-Trade Processing | 3 December 2013 02 December 2013 | Amir Khwaja

Trading

Europe’s OTF to Follow the US’s SEF? Lessons in Electronic Swaps Trading

November 2013

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