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March 2015

   
'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.  

   
'News' SwapClear Q&A | More Information on the Cross Margin Announcement 05 March 2015 | Bill Hodgson

A little more on the recent cross-margin announcement

   
'Articles' Brandywine Global and SunGard 05 March 2015 | Ted Allen

Brandywine Global Selects SunGard’s Apex Collateral to Support Margin Workflow Operations and Regulatory Reporting

   
'Articles' Will leverage ratio cause an FCM concentration crisis? 04 March 2015 | Jon Skinner
 
Risk magazine editor Duncan Wood makes a good point in his article The invisible incentives of clearing (subs. required) - the FSB / BIS ignored leverage ratio effects in concluding that incentives are in place for clearing both on banks self-clearing their trades and on FCMs clearing trades for clients.  In this post I look at the FCM capital cost problem and whether changes to bank capital rules alone can deliver an economically sustainable future for FCMs.
   
'News' European Court of Justice Ruling on ECB CCP Policy 04 March 2015 | Bill Hodgson

The outcome of a long running legal battle over an ECB policy to require CCPs clearing EUR to locate themselves within the Eurozone is announced.

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'Articles' Victory for UK on eurozone clearing banks 04 March 2015 | Financial Times | Clearing and Settlement Feed

Good coverage by the FT on the ECJ ruling - political background which goes right up to George Osborne the Chancellor on how the opposite outcome could hasten a British exit from the EU.

   
'Jobs' Clearing & DTCC Reporting Expert needed in Hong Kong 03 March 2015 | Bill Hodgson

This role is for a consultancy who wishes to remain anonymous at this stage, but has a funded role they need to fill:

   
'Events' Eurex Clearing / Bloomberg OTC Clearing / Securities Lending Event, Dubai 02 March 2015 | Byron Baldwin

SECURITIES LENDING CCP & OTC CLEARING
Bloomberg & Eurex Clearing event
Join us for the Bloomberg & Eurex Clearing event on Securities Lending CCP & OTC Clearing

   
'Events' TSAM Congress & Expo | 17th March | 10% discount for OTC Space Readers 02 March 2015 | Samantha Hodgson

The world's leading event for developing efficient Investment Management companies is coming around again, and for registered readers a special code for 10% discount on tickets.

   
'Articles' Managing liquidity 01 March 2015 | Sol Steinberg

Matthew Spiegel, finance professor at Yale School of Management likens financial institutions’ view of liquidity to manufacturers’ view of inventory: the most liquid or easiest to move inventories are the easiest to manage. Now, as financial institutions move into the new Dodd-Frank world, they are more incentivized than ever to manage liquid inventories of financial products.

February 2015

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'News' ISDA comments on improving the quality of data collected under derivatives trade reporting rules 28 February 2015 | Energy Trading Regulation Feed

ISDA have issued this paper which provides comment on what they see are the issues around the various derivatives trade reporting initiatives which came into being following the declaration made at the 2009 G20 Pittsburgh Summit (and which led to

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'News' 26Feb/Implementation monitoring of the PFMI: Level 2 assessments for central counterparties and trade repositories in the European Union, Japan and the United States 26 February 2015 | BIS Feed

G.McDermid: Press release about CPMI and IOSCO issuing the Implementation monitoring of the PFMI: Level 2 assessments for central counterparties and trade repositories in the European Union, Japan and the United States.

   
'Events' Trading Show - West Coast 2015 26 February 2015 | Samantha Hodgson

West Coast's leading quant, automated trading, and big data event.

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'News' ESMA updates list of authorised CCP and Public Register – Nasdaq OMX Clearing AB gets extension of authorisation for FX derivatives 25 February 2015 | ESMA Feed

The European Securities and Markets Authority (ESMA) has published today an update of its list of central clearinghouses (CCPs) which are authorised under the Euro

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'Articles' JP Morgan warns on swaps clearing 24 February 2015 | Risk Magazine Feed

 Gordon McDermid: JP Morgan concludes on the uneconomic nature of client clearing in the current regulatory envrionment and warns of potential consequences 

   
'Events' FOW Trading - Amsterdam 2015 24 February 2015 | Samantha Hodgson

FOW returns to Amsterdam on 17 March 2015 continuing in its successful expanded format to look at the central themes affecting the Dutch market.

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