As EMIR moves forward to its next milestones, central clearing, one of its major pillars (if not the core of EMIR) , is the next big challenge for all of us, assuming that trade reporting is already analysed and now in a testing phase.
With the departure of Ian Axe, Michael Davie has become CEO of LCH Ltd, with Jacques Again, Chairman of LCH Group, becoming Interim Executive Chairman of LCH Group, bridging Ltd and SA in Paris.
One of the major differences between EMIR and DFA is that under EMIR, both counterparties have the responsiblity to report using a single UTI.
Previously SEFs and market participants assumed the SEF mandate would come in in a somewhat manageable fashion for a subset of clearing mandated products ("required transactions") with obligations only really biting for C2D trading late Q4 / early
A commercial law firm Nabarro LLP has put together a short Q&A on EMIR, answering the following questions:
CME saw a 62% increase in trade volumes in September, nice for them.
Eurex are steadily signing up members for their OTC clearing services, the current list looks like this:
I have an iPad 3, and the new iOS 7 is pants. There's a keyboard delay / lag bug, and the general response to swipes is unreliable. There's plenty of discussion on-line about the issues, it's an iDisappointment that doesn't "just work".
LCH Group will be meeting their EMIR requirements for trade reporting by delivering data to UnaVista, a service from their parent company the LSE.
The third (and final) phase of mandatory clearing under the Dodd-Frank Act began on Sep 9, 2013. See the CFTC announcement.
Click to enlarge, good as a desktop background (Large download though)
ESMA have quietly updated their timeline to show that the earliest a Trade Repository will be approved is November 7th (a prediction only), therefore the earliest start date for any asset class in Europe will be the 12th Feb 2014 being 90 days + 5
London, September 11, 2013 – Clarus Financial Technology today announces SDRFIX, a new index for a post-reform world. The SDRFIX index is based on actual transactions data sourced from the US Swaps Data Repository (SDR), DTCC DDR.
Nearly 2 weeks ago, Tullet Prebon announced their SEF filing with the CFTC, which inspired me to do some research into the SEF registrations to date.
Interesting commentary on the relative rates of growth in Client Clearing volumes at LCH and CME. Free with registration, or first click free.
Swap Data Repositories are required to publicly disseminate derivatives transactions in real-time, with real-time defined as "as soon as technologically practicable".
The text of footnote 15 (page 12) in the Summary Of The Proposal