Over the coming 18 months many firms who choose not to join a CCP directly, will need to choose a Clearing Member (CM) to provide them with access to a CCP.
An intelligent article explains the poor progress made in getting Non Financial Companies, and the very large FCs to be prepared by using the relevant ISDA protocols, and engaging with LEIs.
A great paper from DTCC which paints a scary picture of the many ways our capital markets could be destabilised, including:
There has been much recent press on the investigations into ISDAFIX and whether this will turn-out to be similar to the LIBOR rigging
Bloomberg have integrated the Initial Margin calculations from SwapClear into their trading platform.
If you need a convenient way to browse EMIR documents, the UK FCA has a site which is handy, and somewhat easier to navigate than the ESMA site.
The Angelica gigas has finally popped it's flower heads - they've been emerging slowly over the past few weeks. Our garden is bee friendly, you can see why in the photos. Bill.
Concerns from Asia about providing CCP services into Europe, expressed in a letter from IOSCO to ESMA.
Those of you that read my previous post on the Block Trade Rule will know that on July 30th we move
Great write up for the site: It’s all geek to me: The OTC derivatives swamp | Dialogue.
ICE CLEAR EUROPE TO INTRODUCE CLIENT CLEARING FOR INDEX AND SINGLE NAME CDS ON OCTOBER 7, 2013; OVER EUR 12 TRILLION IN EUROPEAN CDS CLEARED TO DATE via Intercontine
Conclusion of this two part regulatory thriller. Readers are invited to send in their diagrams of what the cleared OTC market might look like once CCPCCPs are introduced into the market.
Interesting commentary on combining futures into an OTC portfolio at CME
Commentary by SFM on a piece in IFR about the idea of processing OTC products in a non-CCP centralised platform with net margin.
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In advance of a longer piece, here's the links to presentations by the various CCPs on how their EMIR segregation models work:
Analysis from Finadium over at their SFM blog: Deliverable Swap Futures: are they living up to the hope and the hype