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March 2015

   
'Articles' SA-CCR: risk-sensitive FCM capital but still no IM offset 21 March 2015 | Jon Skinner
Regulators have declared their intent to implement the Standardized Approach for measuring Counterparty Credit Risk (SA-CCR) in critical parts of Basel III capital rules.  This starts to go live at the beginning of 2017 for default fund capital and the leverage ratio implementation will follow.  
 
Here I take a high-level view of the effects on capitalization of clearing members house and client portfolios and whether capital rule changes are likely to make client clearing a commercially sustainable business.
   
'Articles' The SEC Weighs in on Swaps Reporting – Part 2 19 March 2015 | George Bollenbacher

In my last article I reviewed the SEC’s final and proposed rules on transaction reporting by market participants. In this article I will look at the final rule on SDRs, and make some observations on the effectiveness of current and future reporting regimes.

   
'Articles' OTC Clearing & posting Eligible Collateral for Initial Margin Requirements 18 March 2015 | Byron Baldwin

One of the biggest challenges for both the Buy Side and Sell Side with the introduction of mandatory OTC Clearing is the posting of the required collateral for initial margin requirements at the clearing house on a daily basis.

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'News' Bilateral Margin Rules Move to 2016 18 March 2015 | BIS Feed

The timing of the Bilateral Margin rules has moved to September 2016, along with a phase in period for the requirement to exchange Variation Margin.  

Key changes:

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'Articles' Top tips to turbo-charge your personal productivity 18 March 2015 | Penny Davenport Feed

From London Loves Business, 10th February 2015

   
'News' New Paper from Albert Menveld at VU University Amsterdam | IM May Not Be Sufficient For Crowded Markets 17 March 2015 | Bill Hodgson

Research paper on 'crowded trades' suggests under-margining in certain cleared market scenarios.

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'Articles' The time zone conundrum 13 March 2015 | JDX Consulting Feed

 In a world where money never sleeps and banks continue to seek cost savings by offshoring their operations – where is the best place to base your OTC confirmations team?

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'Articles' Little delay for new swaps rules 11 March 2015 | Financial Times | Clearing and Settlement Feed

CFTC chair Timothy Massad said dealers would gain only a few extra months to comply


Bill: This refers to the bilateral margin rules, you need a subscription to read the full story but the one line summary gets to the point.

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'Articles' Barclays in SunGard cost savings deal 09 March 2015 | Financial Times | Clearing and Settlement Feed

Utility provider will offer a more efficient way for banks and brokers to deal with regulation

   
'News' UK wins right to continue to clear euro denominated products 06 March 2015 | Jon Skinner

The UK won the right to continue to clear euro denominated products when the ECJ ruled on March 4th in its favor.

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'News' Financial services firms still cagey about cloud computing 06 March 2015 | Feed

 

   
'Articles' Through a Glass Darkly – Transparency for Non-Equities Under MiFID II/MIFIR 05 March 2015 | George Bollenbacher

With all the discussion about Dodd-Frank, Volcker Rule, Basel III and EMIR, it’s easy to forget the last piece of the puzzle, Europe’s Markets in Financial Instruments Directive 2, Europe’s Markets in Financial Instruments Regulation, and Regulato

   
'Articles' Are remaining G-SIB shortfalls of Basel III capital more problematic than it seems? 05 March 2015 | Jon Skinner

At an eight month lag to the base reported data it is based on, BCBS's half yearly Basel III monitoring report was published recently looking at banks' progress towards meeting Basel III capital and liquidity rules.  On the surface the report seems to have a pretty positive message. Reading between the lines and combining with other information there is a more interesting story behind the numbers on what it will take to meet the minimum ratios.  

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