CME

The History of CME and ICE in a Cartoon | Mentions Streetwise Professor

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An instructive cartoon on the foundations of ICE and CME

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CCP Notionals Scoresheet

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An update to our collation of the CCP notional figures. as of February.

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Everything you need to know about swap futures | The Trade

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The Trade magazine recently published this handy infographic, which gives a high-level summary of the different IR Swap Futures contracts available. The infographic is based on the original OTC Space post Swap Futures | A Compari

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Pure Agency: Reducing Client Clearing Bank Capital Burdens

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With adjustments to Basel III nearing completion, it's not clear whether client clearing ROE can be rendered sustainable by clearing fee increases alone.  Here I look at a way to reduce capital burdens of bank clearing members by eliminating client-driven exposures whilst keeping banks providing client clearing - the Pure Agency client clearing model.

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February Regulatory Update

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For the second year in a row, President Obama is requesting a massive increase in funding for the CFTC. In his 2016 budget blueprint, the president seeks $322 million for the CFTC, a 29% increase from this year’s $250 million. The budget plan must still pass Congress, which will hold hearings soon. I doubt, however, that the entire amount will be approved.

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Swap Futures | A Comparison of Products

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Since CME and Eris Exchange launched their swap-futures contracts in late 2012, the number of exchanges offering (or planning-to-offer) their own variations of the swap-future has grown.

Given the number of offerings (and potential offerings) available to investors, I've created a set of tables comparing and contrasting the products on offer.

I will keep the tables updated as more information on the proposed swap-futures contracts becomes available. 

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Battle Lines Are Drawn | Who Will Win in Rates?

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My latest article in the Calypso Ci Magazine is out, where consideration is given to the competitive position between the five big Exchange / Clearing verticals, including ICE, CME, LSEG, Nasdaq and Eurex. You can read the article over at the Ci website here, or we'll publish it later on this too.

Update: Supplementary Information About Eurex Repo

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CME Swaptions Clearing

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Risk Magazine recently broke the news that CME will be launching clearing for IR swaptions by November 3rd, pending CFTC approval.

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LCH-CME Switch Trades and Margin Management

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Recently we have started to see stories on large LCH-CME Switch trades (aka Basis Swaps) starting to be traded.

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CME Europe Launches Deliverable Swap Futures

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CME launches their DSF product within their European Entity and CCP.

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