The European Supervisory Authorities (ESAs) launched on 10th June 2015 a second consultation on draft Regulatory Technical Standards (RTS) outlining the framework for the risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of the European Market Infrastructure Regulation (EMIR).
An instructive cartoon on the foundations of ICE and CME
The government act restricting banking activity has a heavy outcome for mistakes made on payments.
With the current situation in Greece becoming even more critical, what could 'grexit' do to your OTC derivatives portfolio?
BIS press release on the presentation of the 85th Annual Report, 28 June 2015. There is something deeply troubling when the unthinkable threatens to become routine ...
A new partnership to transform OTC documentation
4sight Financial Software and consultancy The Field Effect have published a complimentary whitepaper on Synthetic Finance using equity swaps such as total return swaps and portfolio swaps.
CME Clearing Europe has appointed Tina Hasenpuch as its new CEO, taking over from Lee Betshill who is moving to its US arm.
Bill: Well done Tina...
EurexOTC Clear Enhanced Netting & Compression Services - Buy Side and Sell Side alike will be able to benefit from the introduction of Fee Netting and Rate Blending compression functionalities to bring down the gross notional position of an IR
Bill: If you haven't studied that mystical subject of Herstatt risk, or understand why CLS came into being, then this blog post from the BoE might help explain it:
Blog posts on LinkedIn Pulse by myself from May & June with useful infographics that assist with understanding collaterial efficiency, synthetic euro asset swaps, cross margining, client asset protection, and more.
As I have said in past articles, and since every swaps market participant and every swaps market regulator recognizes that transaction reporting has been something of a disaster, we are all waiting to see what the regulators will do about it. Recently, two swaps regulators went in somewhat different directions on this subject.
Earlier this year, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) announced revisions to the framework for margin requirements for non-centrally cleared derivatives, giving participants a bit more time until we see the end of the OTC markets as we know them in late 2016.
Get the secret 'underground' views of Bank of England staff
The recent publication by the Volcker Alliance of a series of papers on reforming the financial regulatory structure makes interesting reading. You may or may not agree with their conclusions, but I, for one, can’t help but think that there are some important questions about structural reform lurking just under the surface, that were either not asked or were subsumed in these papers. So let’s get them out on the table and see where they lead us.
Team dynamics is one of the biggest factors affecting business success. Think about it. How much time do you spend struggling with detailed technical problems every week, and how much of your energy is actually sapped by people issues? A dysfunctional team is the single, quickest way to derail a project or to jeopardise a deadline. Here we look at some simple ways to build an effective team and to keep disruption to a minimum.
Following my blog on CME and LCH: What Happened on May 19 and Jun 12, I wanted to re-visit the data now that we have another week of published volumes. Weekly Volumes Using CCPView lets look at weekly volumes of gross notional…
In an announcement from ISDA, a wide range of trade associations have put forward a framework of principles to guide the development of a better approach to trade reporting. In summary these are:
The EBA/ESAs have launched a second consultation on the draft RTS on rules for uncleared margin under EMIR. The consultation contains a number of material changes as a consequence of industry feedback from its April 2014 predecessor.
The securities finance industry is currently digesting the heavy meal that has been Basel III, CRD-IV, Dodd-Frank and related regional regulatory initiatives impacting the global market.