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
Stewart Macbeth has many talents, he appears to have propelled the dance team at DTCC to new heights with 7 gold medals.
CME in a recent SEC filing noted that it plans to offer clearing for MXN
As a result of some CFTC dialogue and comment letters on the topic, we seem to be homing in on consensus around LIBOR only spot-starting and MAC/IMM swaps.
Re-submitted MAT letters
Gensler Gives Wall Street Two Months to Meet Overseas Policy
Firms Lack Resource To Manage Regulatory Risk
Europe’s OTF to Follow the US’s SEF? Lessons in Electronic Swaps Trading
It's been a few months since we last updated the CCP
Following the success of Tony Russell's UTI article, it seems apparent that implementing new identifiers will be a major area of d
Pretty useful overview of regulatory activity coming up, something for everyone there.
At Capco we have had a few thoughts on the take-up of electronic swap trading in the US and the implications on Europe with their upcoming version of swap trading under MiFIR - which probably will be mandated from 2015 onwards.