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Funding and Capital Economics

SwapClear Q&A | More Information on the Cross Margin Announcement

A little more on the recent cross-margin announcement

Will leverage ratio cause an FCM concentration crisis?

 
Risk magazine editor Duncan Wood makes a good point in his article The invisible incentives of clearing (subs. required) - the FSB / BIS ignored leverage ratio effects in concluding that incentives are in place for clearing both on banks self-clearing their trades and on FCMs clearing trades for clients.  In this post I look at the FCM capital cost problem and whether changes to bank capital rules alone can deliver an economically sustainable future for FCMs.

TSAM Congress & Expo | 17th March | 10% discount for OTC Space Readers

The world's leading event for developing efficient Investment Management companies is coming around again, and for registered readers a special code for 10% discount on tickets.

Managing liquidity

Matthew Spiegel, finance professor at Yale School of Management likens financial institutions’ view of liquidity to manufacturers’ view of inventory: the most liquid or easiest to move inventories are the easiest to manage. Now, as financial institutions move into the new Dodd-Frank world, they are more incentivized than ever to manage liquid inventories of financial products.

BOCA 2015

Every year in March, 1,000 senior-level executives from brokerage firms, asset management firms, international exchanges and regulatory bodies convene in Boca Raton, Florida for the leading strategic conference on the global exchange-traded industry landscape. The three-day conference format contains informative session topics, along with ample networking opportunities and social events.

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MIFID II: harmonization mandates new business models in the OTC space

When the first iteration of the Markets in Financial Instruments Directive (MiFID) was implemented in November 2007,
it transformed the marketplace for equities. It introduced the concept of multilateral trading facilities (MTFs), and helped to lower transaction costs, narrow bid-ask spreads and accelerate trading times in equity markets, as was envisaged by the European Commission. However, MiFID has also had unintended effects on the market, by increasing market fragmentation through the proliferation of trading venues and the emergence of dark pools..

Rocket Edition 3 | Blast Off Approaching

The team here at The OTC Space are pleased to announce the upcoming launch of Rocket 3. With all original content, we're confident it's going to be popular; the last edition got lots of positive feedback. The launch date is set for March, and the following article titles provide a teaser as to what can be expected:

Portfolio Compression - Techniques to Manage EMIR and Other Regulatory and Trading Risks

Due for publication at the start of April, Portfolio Compression is the one-stop guide for trade compression, applicable to all derivatives, with a particular focus on energy trading products.

MAC swaps: not yet needed by dealers

MAC swaps are touted by some as a major contribution to swap market liquidity but how is the project progressing?  Tod Skarecky of ClarusFT takes a look in his latest ClarusFT blog post.   My sense is banks focus is elsewhere for now.

TABB Fixed Income Conference: tackling reduced trading liquidity in corporate bonds and OTC

Following January 2014's TABB Fixed Income conference: "BREAKING RATES", the Thursday January 29th TABB conference "PERFECT STORM NAVIGATING THE CONFLUENCE" held promise of answering the question of whether the market has dealt with the marked withdrawal of dealer market making capacity from the cash and derivatives markets in response to Basel III constraints.
 

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