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Clearing

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

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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.

ISDA AGM Round-Up - 8 Announcements with a Focus on Margin

The ISDA AGM generated a wave of content last week which we've assembled into one handy place. Most of the material is focussed on margin for non-cleared products given the changes due in 2019.

The real cost of clearing

The costs of clearing come from many drivers, John explains when a porfolio meets a threshold for IM optimisation and options for bringing cost down.

ICYMI: Save a Million on Clearing Costs Webinar

Feedback from early registrations is that funding IM, CCP fees and operational costs are a concern. Join us to find out how to manage down all of those drivers.

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