A really good piece on the importance of data and their critical role to the efforts of regulators and market participants to ensure that the financial markets are underpinned by a robust infrastructure in order to monitor and offset risk effectiv
A few days ago I did this post on Elisse Walter's speech on regulation of cross-border OTC derivatives. On A
New kid on the block (of SEFs).... Javelin Capital Markets has announced that it has opened an office in London and will register as a SEF once the SEF rules are finalized.
Sunil Hirani who created CreditEx, now part of ICE, has built a new trading market TrueEx, and registered as a Designated Contract Market (DCM) with the CFTC.
He really is a Nutt. I wish banning cocaine in banks was the regulatory response to 2008 - it would be much easier to implement.
I saw this speech by Bart and couldn't be bothered to expose you all to his madness, but Noah did it for me, so read on...
It has long been known in the financial industry that "spreadsheet risk" is a huge source of operational error.
The game-ification of the world is now well understood - battle against minor challenges, get power ups, meet the end of level big boss, and finally complete the game.
Over at the Futures Industry website, Davis Polk have built a table which sets out who reports what and when, also see the footnotes, dates can change.
Check the story via the link, the CEO and President of Bloomberg sets out his stall to precede the court action on margin requirements for Deliverable Swap Futures.
The fifth progress report by the FSB is out, and shows a great deal of participation but a long way to go. The area of greatest activity is Trade Reporting, and in line with the recent IOSCO report have this warning:
What's the difference if you take interest risk wrapped in a bond, a swap or a a future? BBG starts the process of exploring the sense in the CFTC deciding what's liquid in a default, and therefore how long the IM holding period should be.
Post-trade vendor specialist Omgeo has announced the expansion of ProtoColl, its collateral and margin management product, to cater for regulatory measures.
The Bloomberg article here and the FT article
A letter from the above four trade associations spells out the consequences on imposing Initial Margin requirements on un-clearable OTC products. The letter was sent to the Chairman of the BIS Stefan Ingves, Mark Carney at BoC, William Dudley at t
"In Financial Reform, Keep It Simple Like Glass-Steagall". This title caught my eye as I was
OTC clearing processes are officially up and running since March 11th for the US category 1 firms, but at the same time operational risk fears build up as market participants strive to fine tune all parts of the clearing chain.
It's Friday so I had to post something for the weekend. In the ASX default rules for futures, below is page 118, one of the easier ones to read, I like it's simplicity and clarity of purpose.
Over at the BIS website is a new paper (here) from the CPSS / IOSCO committees on how they see access to data in Trade Repositories being handled, and mainly the purpose