A dual track system to pave the way for a new benchmark tied more closely to objective data? At least this is what Martin Wheatley, the UK regulator leading efforts to reform the London Interbank Offered Rate, has told the Financial Times.
Not unexpected but interesting, the DTCC project to automate the full end-to-end lifecycle of margin calls, the Margin Transit Utility, has gathered steam, with Euroclear intending to support the service, and therefore streamline the entire busine
The CFTC have said they (the commissioners) will vote on SEF rules on the 16th, which includes a minimum of two quotes rather than five for the first 12 months, then rising to three.
If you need to run VaR on your laptop for fun, it will get easier this year... Now Is a Horrible Time To Buy a Laptop.
A really good update by Herbert Smith Freehills LLP over at Lexology about EMIR and three areas of change that will mostly affect Non Financial counterparties and
The NY Times yesterday printed an article (subs.
Attended the annual markit customer conference in London today, titled Financial Markets Reform.
Reuters noted that DTCC filed suit against CFTC over SDR reporting as previously threatened following
The SEC announced its ET proposal - the first rule-making since Mary Jo White took the helm.
The IOSCO panel is nearing a recommendation which looks set to push hard for transaction based benchmarks to replace those currently set by panels of dealers / banks. Some press is here:
In its quarterly refunding announcement, the US Treasury announced it has selected a T-Bill based index to provide floating rates for its new FRN issuance program
A briefing on avoiding the wrong correlation between your counterparty and your exposures.
Yet another news article scaring the pants off ordinary people by suggesting that Notional = Value, and that Collateral = Zero. It's a shame, the comments show how taken-in people are when the underlying facts aren't presented properly.
Stuck to find a definition of "altiplano" ? Look no further, 130+ pages of home grown definitions making you walk and talk like Jamie Dimon ;-)
A paper explaining how CCPs allocate losses to members in a default.
Interesting paper on how a CCP achieves protection.
UniCredit, plus DBS in Singapore and Nordea in Sweden have all adopted a "don't trade with the US" approach to Dodd Frank. TJ Lim, Head of Capital Markets at UniCredit announced their strategy at the ISDA AGM last week.
With OIS rates below low, in some cases the interest on your cash posted under a CSA can go negative, i.e. you pay to post. ISDA has been working on a clarification on this, and might issues a protocol.