ICE

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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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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ICE Europe to enter OTC Rates Clearing | LCH and Eurex Quaking in their Boots

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According to a story at eFN, ICE have made their chess move to position themselves to compete with a combined ETD & OTC clearing offering. Since buying LIFFE the move into Rates clearing would seem a logical move, given that Eurex and CME have built their platforms on the same basis. Whether ICE will also provide the facility to cross-margin between ETD and OTCS is not mentioned, but surely the next step.

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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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From Chaos to Clarity | The Journey of CDS Portfolio Margining Regulation

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OTC Clearing is the most complex business that I have been involved with in over 10 years in the Financial Services Industry. Complex due to the uncharted terrain of rules, regulations, their interpretations, sheer number of market participants, Technology and operational systems and processes. Safe to say that Clearing has the maximum number of touch points than any other financial transaction. Not everyone can stomach the continued chaos and pace of change. Some of us thrive on it though! This is my attempt to shift from Chaos to Clarity in the OTC Clearing Space.

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CFTC guidance on SEF access may be a game changer for OTC market infrastructure

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A number of significant trends have been in place since the Lehman insolvency and the G20 Leaders summit at Pittsburgh in September 2009. The G20 'commitments' to reform the OTC derivatives market have been made real via the Dodd Frank and EMIR regulatory reforms. These regulatory mandates have spelled out significant changes to the market model and the associated market infrastructure.

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Weekly Roundup | Clearing | 17 February 2014

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Clearing Houses Criticise Push for More Transparency

Clearing houses have pushed back against plans by global securities regulators to force more transparency into the industry, arguing that their operations and market confidence could be damaged by publication of sensitive data. FT: Clearing Houses Criticise Push for More Transparency.

 

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2013, The Year the Swap Market Changed

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As 2013 draws to a close, I summarise the major changes in what has been a momentous year in the Swap Market.

  • Trade Reporting
  • Mandatory Clearing
  • Electronic Trading
  • Volcker Rule
  • 2014 and Longer Term
  • Horizontal or Vertical Integration

For the full article, please see 2013, The Year the Swap Market Changed.  

 

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