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March 2014

   
'Articles' "Fixed rate full allotment reverse repo will become the Fed’s central policy tool" | Barclays research note 04 March 2014 | Jon Skinner

"We believe that the fixed rate full allotment (FRFA) reverse repo will become the Fed’s central policy tool" says Barclays Joe Abate in a research note last Friday.  I'm wondering if a Fed monetory policy shift from Fed Funds to FRFA rates will also prompt the shift of interest rate benchmarks from unsecured to secured funding rates.

February 2014

   
'Articles' UBS's first agency IRS execution on NEO | IFR article 28 February 2014 | Jon Skinner

The first IRS executed on UBS NEO agency exeuction platform happened last week.  Perhaps agency execution is off to a slow start but it's a start nonetheless.  Agency execution's success seems to partly depend on each SEFs relative implementation priorities and competitive strategy.

   
'News' DB adjusts legal structure | Fed intermediate holding company rules 26 February 2014 | Jon Skinner

FT reported (subs. required) and Reuters re-reported (free) that Deutsche Bank (DB) is adjusting its structure to curtail US balance sheet and the associated capital redundancies introduced by the new Fed intermediate US holding company rules.

   
'Articles' Seriously? Penny Davenport says....plus 10 steps to career success. 26 February 2014 | Penny Davenport

Did you watch the 2014 Winter Olympics? Its true that I am quite mad about sport (as long as I’m not doing it) but there is always something magical about the Olympic Games.

   
'Articles' US IRS volumes - SEF MAT cliff or steady decline? 26 February 2014 | Jon Skinner

A couple of recent pieces suggested a dramatic downturn in SEF IRS trading in week 1 of MAT.   Such short-term effects may be shown significant by more weeks of data but my analysis suggests there is a steady decline since the beginning of the year across both on and off SEF IRS implying that Basel III and Dodd-Frank ET rules are more the causes.

   
'Articles' MIFID II CCP competition "reaction overblown" | Goldman in Financial News 25 February 2014 | Jon Skinner

Goldman's research group suggests that market excitement is overblown about MIFID II allowing participants to select their choice of CCP rather than the one currently dictated by an exchange or other trading platform.

   
'News' ISDA | 2014 Compliance Calendar 21 February 2014 | Bill Hodgson

ISDA have published a handy compliance calendar that covers many of the main regulations and their predicted timing.

   
'Articles' Darrell Duffie | Central Clearing and Collateral Demand 21 February 2014 | Bill Hodgson

A paper from Darrell Duffie on the demand for collateral due to new regulations regarding clearing of CDS contracts.

   
'News' Site Update | Hide, Save, Registration and IE8 20 February 2014 | Bill Hodgson

Today sees more functions added to the website which lead towards the end goal, including Hide, Save, Month bars and Registration

   
'Articles' Blast Off for SEFs | Did the Market Move for You? 19 February 2014 | Amir Khwaja
As the first Made Available to Trade (MAT) for SEF trading came into effect on Feb 15, 2014, due to the Javelin submission, I decided to look at the data as reported to the DTCC US SDR as shown in SDRView.
What is now Mandatory to trade On SEF?
   
'News' Greece’s derivatives market adopts LSE reporting service 17 February 2014 | Maria Leontiou

In an interesting move 3,000 Greek counterparties will become indirect customers of LSE UnaVista via their delegated reporting service, as reported at Banking Technology:

   
'Articles' ESMA letter to EC | When is it too late for such questions? 17 February 2014 | Maria Leontiou

I was going through some articles these days to get the Market's heartbeat and find out more about the first day of Reporting when I came across ESMA's press release on Friday which, in short, reveals one of the many gaps of this Regulation. 

   
'Jobs' DTCC Derivatives Data Quality Analyst | New York 16 February 2014 | Bill Hodgson

The data quality analyst will work closely with DTCC Development, DerivSERV Operations, Product and Project Managers. The candidate must be able to interact with a large customer base consisting of Global Banks, Swaps Execution Facilities (SEF’s) and Designated Contract markets (DCM’s).

   
'Articles' CFTC causes ironic eTrading paper trail | Risk article 13 February 2014 | Jon Skinner

Further to pushing eTrading offshore through footnote 88 of its SEF rules, another footnote (195) was clarified by CFTC to demand SEFs become a central source of paper ISDA master agreements for non-cleared products executed on their platforms - says a Risk article (subs. required).

   
'Articles' Bloomberg adds sponsored access - Agency Execution lift off? | FT article 13 February 2014 | Jon Skinner

Bloomberg's announcement Wednesday published in the FT(subs. required) that it is going to allow sponsored access into its SEF may be another key step in the emergence of agency execution as a new way for buy side firms to trade swaps.

   
'Jobs' Senior Project Manager – International Partnerships – Exclusive role 13 February 2014 | Bill Hodgson
£75,000 to £85,000
 
A leading market infrastructure firm has a lucrative opportunity to join their international projects team.
 
   
'Articles' A handy summary of SEF MAT scope / schedule 12 February 2014 | Jon Skinner

We now know nearly everything we need to know about the SEF go live schedule (apart from what the outcome will be on packaged trades).  Here's a handy summary.

   
'Articles' EMIR Trade Reporting | In Case of Emergency Break Glass 12 February 2014 | Bill Hodgson

If you are a firm who is not yet prepared for reporting all derivatives (that means ISDA OTC and Exchange Traded) to a Trade Repository, here's some emergency steps you can take:

   
'News' Clarus Financial Technology announces SEFView 11 February 2014 | Amir Khwaja

Chicago, February 11, 2014 – Clarus Financial Technology today announces the release of SEFView, its new service for tracking Swap Execution Facility (SEF) volumes.

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