Following my post last week, I took a quick look at IRS SEF MAT week 2. It is unclear why there has been no post-MAT shift onto SEFs but perhaps we are seeing a post-MAT shift of EUR offshore.
"We believe that the fixed rate full allotment (FRFA) reverse repo will become the Fed’s central policy tool" says Barclays Joe Abate in a research note last Friday. I'm wondering if a Fed monetory policy shift from Fed Funds to FRFA rates will also prompt the shift of interest rate benchmarks from unsecured to secured funding rates.
The first IRS executed on UBS NEO agency exeuction platform happened last week. Perhaps agency execution is off to a slow start but it's a start nonetheless. Agency execution's success seems to partly depend on each SEFs relative implementation priorities and competitive strategy.
FT reported (subs. required) and Reuters re-reported (free) that Deutsche Bank (DB) is adjusting its structure to curtail US balance sheet and the associated capital redundancies introduced by the new Fed intermediate US holding company rules.
Did you watch the 2014 Winter Olympics? Its true that I am quite mad about sport (as long as I’m not doing it) but there is always something magical about the Olympic Games.
A couple of recent pieces suggested a dramatic downturn in SEF IRS trading in week 1 of MAT. Such short-term effects may be shown significant by more weeks of data but my analysis suggests there is a steady decline since the beginning of the year across both on and off SEF IRS implying that Basel III and Dodd-Frank ET rules are more the causes.
Goldman's research group suggests that market excitement is overblown about MIFID II allowing participants to select their choice of CCP rather than the one currently dictated by an exchange or other trading platform.
ISDA have published a handy compliance calendar that covers many of the main regulations and their predicted timing.
A paper from Darrell Duffie on the demand for collateral due to new regulations regarding clearing of CDS contracts.
Today sees more functions added to the website which lead towards the end goal, including Hide, Save, Month bars and Registration
In an interesting move 3,000 Greek counterparties will become indirect customers of LSE UnaVista via their delegated reporting service, as reported at Banking Technology:
I was going through some articles these days to get the Market's heartbeat and find out more about the first day of Reporting when I came across ESMA's press release on Friday which, in short, reveals one of the many gaps of this Regulation.
The data quality analyst will work closely with DTCC Development, DerivSERV Operations, Product and Project Managers. The candidate must be able to interact with a large customer base consisting of Global Banks, Swaps Execution Facilities (SEF’s) and Designated Contract markets (DCM’s).
Further to pushing eTrading offshore through footnote 88 of its SEF rules, another footnote (195) was clarified by CFTC to demand SEFs become a central source of paper ISDA master agreements for non-cleared products executed on their platforms - says a Risk article (subs. required).
Bloomberg's announcement Wednesday published in the FT(subs. required) that it is going to allow sponsored access into its SEF may be another key step in the emergence of agency execution as a new way for buy side firms to trade swaps.
We now know nearly everything we need to know about the SEF go live schedule (apart from what the outcome will be on packaged trades). Here's a handy summary.
If you are a firm who is not yet prepared for reporting all derivatives (that means ISDA OTC and Exchange Traded) to a Trade Repository, here's some emergency steps you can take:
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