April 2014

'News' SGX Offers Exposure to Malaysian Ringgit and Thai Baht IRS 08 April 2014 | Bill Hodgson

SGX has added new cleared OTC IRS contracts in Malaysian Ringgit and Thai Baht IRS but settled in USD

'Articles' Crowded Trades Hidden Risk for CCPs 07 April 2014 | Albert Menkveld Feed

Bill: Although this post dates back to April 2014, the topic of concentration risk within a CCP is still valid, I am surprised this research didn't pick up more comment at the time of publication, as it seems to numerically show under-margining in

'News' Another CCP Achieves Authorisation 03 April 2014 | Bill Hodgson

A 2nd CCP is now authorised under EMIR

'Articles' Credit, Concentration and Wrong Way Risk 02 April 2014 | Ricky Maloney

To safeguard the overall integrity of the Clearing House (Eurex) and to protect the mutualizing Clearing Fund, we conduct an internal credit assessment of all counterparties and perform continuous monitoring of credit, concentration and wrong-way

'News' Collateral Management Requirements Build Over Time | BBH 02 April 2014 | Maria Leontiou

I was reading a quite interesting piece this morning from Stephen Bruel at Brown Brothers Harriman on how Collateral Management has evolved the last few years, the impact of central clearing on it and how challenges in collateral management are bu

'News' April 1st 01 April 2014 | Bill Hodgson

Check the date on the last two articles on the CFTC and ESMA

'News' New ESMA Q&A "Supplement" | A Hard Road Ahead 01 April 2014 | Bill Hodgson

A supplementary Q&A from ESMA sets out further challenges for firms to implement trade reporting.

March 2014

'News' Measuring Global Bank Complexity | Federal Reserve Bank of New York 31 March 2014 | Bill Hodgson

I came across one item in a series from the NY Fed on bank complexity - the charts demonstrate an aspect of Banks which we often overlook - that they contain many affiliates as a result of SPVs, or for other commercial purposes.

'Articles' Ten (10) Tips to understand credit risk to Central Counterparties (CCPs) 31 March 2014 | Diana Higgins

HanMag Securities recent default has shown that clearing can mitigate credit risk, but is not perfect. Managing and valuing credit risk to Central Counterparties (CCPs) is a must, particularly with new regulations. This article lists 10 checking points to analyse credit risk to CCPs.

'Articles' Seriously? Penny Davenport says….plus 10 steps to career success 29 March 2014 | Bill Hodgson
Goals, goals, goals. The English Premiere League is delivering a thrilling conclusion to the 2013 / 2014 season.
'News' ESMA Publishes a List of Authorised CCPs and OTC Derivatives 27 March 2014 | Bill Hodgson

ESMA published their official list of CCPs and their products.

'News' Eurex OTC Clearing & Individual Client Asset Segregation Whitepaper 27 March 2014 | Byron Baldwin

OTC Clearing & Individual Client Asset Segregation Whitepaper

'Articles' SEF MAT weeks 4 and 5 | US reportable IRS fixed float volumes 26 March 2014 | Jon Skinner

A brief update - SEF MAT weeks 4 and 5 numbers show fixed float IRS fairly stable.  Using any one week to form conclusions is questionable.

'Articles' CFTC guidance on SEF access may be a game changer for OTC market infrastructure 24 March 2014 | Jake Pugh

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.

'Articles' How was your day today? 23 March 2014 | Maria Leontiou

I am not sure how your day was today but mine had a special bonus! A stroll under the dazzling sun along Vouliagmeni's coast lines, a suburb beach not that far from Athens city centre.

I hope you enjoy the photo.

'Articles' Portfolio Compressions: Winners and Losers | Part 1 of 3 21 March 2014 | Diana Higgins

Portfolio compressions can be useful to manage counterparty risk in derivative transactions. This article is the first of 3 parts and examines how companies can benefit from the mark-to-market credit exposure perspective, and some potential downsides.

'News' Site Features Update 20 March 2014 | Bill Hodgson

Small but important site updates today - expect to see the introduction of Premium content going forward

'News' Updated ESMA Q&A on EMIR 20 March 2014 | Bill Hodgson

The ESMA EMIR Q&A was updated this morning with the following questions: