Market Infrastructure

ISDA Common Domain Model Goes Open Source

The ISDA Common Domain Model has moved to version 2, and is now accessible by anyone including non-ISDA members.

Key Trends in the Size and Composition of OTC Derivatives Markets

ISDA has published a new research paper that analyzes recent trends in the size and composition of over-the-counter (OTC) derivatives markets, using the latest data from the Bank for International Settlements (BIS) and ISDA.

MarkitSERV Hokey Cokey - Are They In or Out?

Having reported that MarkitSERV was up for sale, it now appears that idea has been parked.  Hat tip to Virginie O'Shea it was announced on an earnings call that the the sale has been withdrawn.

Opportunities for standardisation in Securities Finance post SFTR

Opportunities for standardisation in Securities Finance post SFTR

FIA IDX 2018


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.

Fortuna - The World's First OTC Blockchain Platform

Fortuna (https://www.fota.top), a start-up based in Singapore aims to revolutionise the OTC market and solve “several core problems” along the way. According to their whitepaper the OTC market:

R5FX Trading in Emerging Markets and the Link to Shanghai

This is a follow up to the announcement about going live with a link to Shanghai here, and explains more widely what R5FX are trying to achieve.

R5FX is a marketplace dedicated to emerging market trading, with price distribution that is not restricted by bilateral credit, enabling clients to access the entire FX market. It provides increased speed and access, meaning you can price your customers more accurately and hedge your risk more effectively.

ESMA raises concerns on fees charged by CRAs and Trade Repositories

ESMAs review of TRs (as shown in the fact sheet summary below), indicates that clients do not find it easy to compare pricing across TRs. ESMA doesn't offer any action plan at this point, only to share these observations, and perhaps behind the scenes work with TRs to make price comparisons easier.

MIFID II – Why ISINs for OTC Derivatives are Bad for Transparency

Anyone who is a regulator or public observer of the OTC market should read this blog post to see why the current design of an ISIN for a rate swap isn't helping the goal of transparency.

One of the goals of MiFiD II is to improve transparency of price and volume in financial markets and the implementation date of January 3, 2018 finally gave me an opportunity to look at the post-trade data made publicly available by Trading Venues and Approved Publication Arrangements (APAs). This data relies on ISINs for OTC […]

The Impact of a No-Deal Brexit on the Cleared Derivatives Industry | FIA Analysis

FIA no brexit deal

The consequences of a 'no deal' Brexit on CCPs and TRs in the UK is perhaps catastrophic unless other arrangements are made. This FIA impact analysis is an excellent resource on the scenario and mitigations that FIA would like to see put in place.