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April 2013

   
'News' UniCredit to shun US derivatives trading - FT.com 28 April 2013 | Bill Hodgson

UniCredit, plus DBS in Singapore and Nordea in Sweden have all adopted a "don't trade with the US" approach to Dodd Frank. TJ Lim, Head of Capital Markets at UniCredit announced their strategy at the ISDA AGM last week.

   
'News' Isda AGM: Industry to address negative interest rates under CSA - Risk.net 27 April 2013 | Bill Hodgson

With OIS rates below low, in some cases the interest on your cash posted under a CSA can go negative, i.e. you pay to post. ISDA has been working on a clarification on this, and might issues a protocol.

   
'News' NASDAQ's horizontal fixed income push 26 April 2013 | Jon Skinner

Three separate items which together indicate a concerted strategic move by NASDAQ into fixed income electronic execution partnering with "horizontal" derivatives CCPs:

   
'Articles' Do clearing mandates actually work? 26 April 2013 | Jon Skinner

In an environment where bilateral and cleared trades are more appropriately risk mitigated through bilateral margin, CCP margin and guarantee funds and Basel III capital, fragmentation costs and increases in systemic risk due to regulatory clearin

   
'News' US banks begin to support European peers over Fed onshore capital and liquidity proposal for foreign banks 26 April 2013 | Jon Skinner

Goldman and JP have started to support EU banks lobbying against the Fed proposal to require US banks to hold more capital

   
'News' ISDA AGM 2013 | Virtually There 25 April 2013 | Bill Hodgson

For the many who couldn't attend this years ISDA AGM, below is a round up of the key stories. If any of the attendees have anecdotes, incriminating pictures or gossip, please send it over.

   
'News' MacIRS: SIFMA/ISDA standardized swaps initiative 24 April 2013 | Jon Skinner

The following articles describe the announcement made by ISDA and SIFMA jointly at the Singapore ISDA meeting today: Risk.net

   
'News' CFTC’s Gensler on Libor | Is it the end? 23 April 2013 | Maria Leontiou

It seems that what until now has only been an open sceptisism on Mr Gensler's side, is now considered to be the strongest indication that regulators are more than eager to replace LIBOR with an alternative benchmark. As Mark Carney, the future Ban

   
'News' CME SDR data leak 22 April 2013 | Bill Hodgson

The CME SDR sprang a leak,story here affecting DE Shaw & others. Update: more from Reuters, it was futures data not OTC, 500 trades.

   
'News' It's all about data | Mark Davies, Head of Avox speaks 21 April 2013 | Maria Leontiou

A really good piece on the importance of data and their critical role to the efforts of regulators and market participants to ensure that the financial markets are underpinned by a robust infrastructure in order to monitor and offset risk effectiv

   
'News' Is there a way to avoid regulatory arbitrage? Vol 2 21 April 2013 | Maria Leontiou

A few days ago I did this post on Elisse Walter's speech on regulation of cross-border OTC derivatives. On A

   
'News' Javelin Capital Markets goes to London | Market infrastructure 20 April 2013 | Maria Leontiou

New kid on the block (of SEFs).... Javelin Capital Markets has announced that it has opened an office in London and will register as a SEF once the SEF rules are finalized.

   
'News' Standardised OTC swaps (TrueEx) to launch within weeks - Risk.net 19 April 2013 | Bill Hodgson

Sunil Hirani who created CreditEx, now part of ICE, has built a new trading market TrueEx, and registered as a Designated Contract Market (DCM) with the CFTC.

   
'News' Nutty Professor: Financial meltdown was caused by too many bankers taking cocaine 18 April 2013 | Bill Hodgson

He really is a Nutt. I wish banning cocaine in banks was the regulatory response to 2008 - it would be much easier to implement.

   
'News' KISS Chilton: The Understatement of the Millenium and “Crazy” Bart Rides Again…. | 18 April 2013 | Bill Hodgson

I saw this speech by Bart and couldn't be bothered to expose you all to his madness, but Noah did it for me, so read on...

   
'News' Quants and Analysts, Beware! | 88% of Spreadsheets Contain Errors 18 April 2013 | Ben Larah

It has long been known in the financial industry that "spreadsheet risk" is a huge source of operational error.

   
'News' ECB: TOP FLOOR game | Play For Free 18 April 2013 | Bill Hodgson

The game-ification of the world is now well understood - battle against minor challenges, get power ups, meet the end of level big boss, and finally complete the game.

   
'News' A Guide to Swap Reporting Under Dodd Frank | Roles and Dates 18 April 2013 | Bill Hodgson

Over at the Futures Industry website, Davis Polk have built a table which sets out who reports what and when, also see the footnotes, dates can change.

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