John Philpott follows up part 1 of his article on enterprise regulatory change with some useful ideas on the tension between horizontal and vertical models of managing change in a complex business.
ESMA is responsible for maintaining a list of National Competant Authorities around Europe, these organisations will participate in the 'College' process of CCP re-authoristion during this year.
As expected ESMA have reacted to the refusal of the one year delay to ETD reporting by publishing more information via their Q&A process.
We alerted you to the launch of a new business CloudMargin a while back, they have published their first white paper setting out some thoughts on the effect of clearing on the market.
The readership of the site is growing, a typical day sees 500 unique visitors who in one month consume over 25,000 pages from the site. Over 800 people (and growing) elect to receive a daily email summarising the previous days stories.
Time has come to move on to EMIR Trade Reporting - Part 2 (EMIR Trade Reporting Part 1 is here).
As 2013 draws to a close, I summarise the major changes in what has been a momentous year in the Swap Market.
Technology Complexity: An Early-Warning System to Prevent Costly Fails
If you were short of data on the OTC market, the CFTC will satisfy your needs from now on. Their new Weekly Swaps Report aggregates data from ICE, CME and DTCC to provide a snapshot of the cleared and un-cleared OTC market.
Henner Brüner is a Consultant in Capco’s Capital Markets Frankfurt practice, he explains why "quad party" or "physical segregation" is desirable for buy-side clearing clients but complex and costly to implement.
This Risk article (subs.) lays out in more clarity the Volcker rule impacts and in particular market-making and CVA trading. Given the rule runs to 900 or so pages, no doubt there are more unintended consequences, buried footnotes and hidden gotchas to crawl from the woodwork as we proceed towards compliance in July 2015 (with full compliance possibly phased through July 2017). For now though in outline this is starting to make sense.
My interest in writing this article was sparked by the 11 December press release from TrueEx announcing t
According to this IFR story, BoNY Mellon has cut its OTC clearing b
There are two Japan-related CFTC no action relief (NAR) deadlines approaching:
On November 7th ESMA authorized four Trade Repositories to offer their services to Europe's entities and ESMA's updated version of EMIR implementation timeline showed the 12th of February as the start date for trade reporting, for all derivative a
On 1 September, ESMA issued its advice to the Commission on declaring countries o
Chairman Gensler recently pushed out guidance that trades booked between two non-US person entities but arranged, negotiated or executed by US personnel would be subject to CFTC regulations (as well as of course being subject to local regulations