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Clearing

LCH and UK CCPs Swerve a No-Deal Disaster (For Now)

Relieved CCP Man

LCH faced with issuing a 'notice of retirement' for its UK clearing services will benefit from the European Commission granting a temporary equivalence status to UK CCPs.

Managing risks of a no-deal Brexit in the area of central clearing

New Patent on Risk Monitoring : An Issue for CCPs and FinTech Vendors?

A new patent covering the risk monitoring of multiple cleared CCP accounts may conflict with CCPs and other FinTech vendors from providing similar functions.

European banks mull leaving UK derivatives market | CCP Notice to Close Out Coming?

Rising concern among executives about access to clearing houses after Brexit


Bill: Epic consequences for UK CCPs in late November or early December if there is no Brexit deal enabling clearing into the UK. Worth a read.

Could the Nasdaq default happen in Rates markets?

What could cause a Rates CCP to lose €100m from the Default Fund? We look at 10y IRS in NOK vs SEK. We find that liquidity add-ons prevent very large positions from being under-margined. Nevertheless, we present a scenario that causes a €74m loss. And then we explain why we really shouldn’t worry about it! […]

Default at Nasdaq Clearing

Last week’s default at Nasdaq Clearing in the power market, generated a lot of press, both because member defaults are few and far between events at CCPs and the fact that it coincided with the ten year anniversary of the Lehman’s bankruptcy. There are few analogies that we can draw between the two events; the […]

ISDA Responds to ESMA Consultation on Clearing Obligation

ISDA has published a response to the European Securities and Markets Authority’s consultation on extending... Read more ISDA Responds to ESMA Consultation on Clearing Obligation

Consultation Paper no.6 on the Clearing Obligation under EMIR

A very long paper which in short asks: Should the exemptions from the Clearing Obligation for a third-country entity which is part of a consolidated group based in the EU, be extended? The answer is almost certainly Yes, but I'll allow you to submit your own feedback.

Excerpt:

Two big UK banks shift some euro clearing from London to Frankfurt

Without giving away the story in the FT - it seems that the Eurex scheme to provide incentives to clear Swaps in Frankfurt is beginning to bear fruit. Subscription needed, follow the link below.

Shift gives Germany’s Deutsche Börse larger foothold in the euro clearing market

FIA IDX 2018

idx

Get on down to the FIA IDX show in London, amongst the biggest capital markets events in the year. OTC Space and Brandex Publishing will be there, come and chat about our future plans.

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