July 2018

'Articles' Addressing SFTR’s Industry impacts – a new white paper from TFE sponsored by DTCC 25 July 2018 | The Field Effect Feed

TFE has released our new white paper, sponsored by DTCC. In the paper we discuss the vital role of trade repositories for transaction reporting. SFTR has designated TRs as essential elements of compliance by acting on behalf of firms to consume, validate, normalise and store the vast amounts of transaction data involved.

'Events' MiFID II Best Execution: Multi-Asset Class TCA Goes Mainstream 23 July 2018 | Bill Hodgson

2018 is set to be a transformative year for transaction cost analysis. Driven by new regulatory requirements coming into force the first week of the year, such as the revised Markets in Financial Instruments Directive (MiFID II) and the European Union’s new rules on packaged retail investment and insurance-based products (PRIIPs), the need for transparency improvements and reliable audit trails in trading and investment products has taken multi-asset-class TCA mainstream.

'Articles' SOFR Swaps Are Trading! 17 July 2018 | ClarusFT Feed

We have now had six SOFR swap trades hit the SDRs. Both Basis vs Fed Funds and Outright OIS has traded. All trades have been $50m and one year maturity. It looks like they were all cleared at LCH. The first swap was done on the TP-ICAP SEF.

'Articles' ISDA issues new French and Irish law Master Agreements – just because they can 16 July 2018 | DRS LLP Feed

Bill: ISDA put out an announcement on the new master agreements - I like the commentary from DRS if you click through to their blog post.

'Articles' The Need for Speed | FX network latency 10 July 2018 | Bill Hodgson

An important component of FX trading has always been trading with minimal latency - whether that was being the fastest to trade over the phone, the fastest to use and interpret pricing systems, or using the fastest technology to consume data, and

'News' ESMA issues clarifications on the clearing obligation for pension scheme arrangements 03 July 2018 | ESMA Feed

Bill: A long document, the gist of which is this: ESMA says, will the NCAs please not take any action to make Pension schemes clear their trades until the European rule making process completes the 'EMIR 2' / REFIT programme of work.

June 2018

'Articles' Capital Progress 26 June 2018 | ISDA Feed

The checklist of post-crisis reforms now has neat ticks alongside each item. Clearing of standardized derivatives – tick.

'Articles' IBOR Global Benchmark Transition Report 25 June 2018 | ISDA Feed

Interbank offered rates (IBORs) play a central role in financial markets, and act as reference rates to hundreds of trillions of dollars in notional amount of derivatives and trillions of dollars in bonds, loans, securitizations and deposits.

'News' EMIR 2 Progress at the European Parliament 18 June 2018 | Bill Hodgson

The European Parliament votes to move forward with changes to EMIR

'Articles' Distributed Ledger Technology – yes, no or selective implementation? 15 June 2018 | JDX Consulting Feed

15 JUNE 2018

'Articles' Two big UK banks shift some euro clearing from London to Frankfurt 12 June 2018 | Financial Times | Clearing and Settlement Feed

Without giving away the story in the FT - it seems that the Eurex scheme to provide incentives to clear Swaps in Frankfurt is beginning to bear fruit. Subscription needed, follow the link below.

'Articles' A Big Step Towards Efficiency 08 June 2018 | ISDA Feed

Bill: I already know of one firm who has implementing the CDM on their roadmap - are there others?

May 2018

'Articles' Opportunities for standardisation in Securities Finance post SFTR 29 May 2018 | The Field Effect Feed

'Articles' Margin Rules and ISDA SIMM 25 May 2018 | ISDA Feed

Bill: The PDF provided on the ISDA website examines refinements to the way IM is calculated for uncleared business.

'News' ESMA updates Q&A on MiFIR data reporting 25 May 2018 | ESMA Feed

ESMA updates Q&A on MiFIR data reporting

Friday 25 May 2018 14:04
'Articles' The Battle for IM Margin Documentation Automation Moved Forward 24 May 2018 | ISDA Feed

The September 2019 Uncleared Margin deadline (and the 2020 date) will bring many more firms in-scope for exchanging IM.

'Articles' Securities Lending Times TV – SFTR Interview 16 May 2018 | RegTek.Solutions Feed

Why should firms be looking at SFTR now? What should be the main considerations for firms when deciding to delegate reporting or keep in-house? How can Regtek.Solutions help with reporting challenges?

'Articles' IM calculation change imminent-ish 15 May 2018 | DRS LLP Feed

There is mounting pressure to revisit a fundamental aspect of the IM calculation methodology. The BCBS-IOSCO 2015 framework mandates an IM determination based on a 99% VAR over a fixed 10 day liquidation horizon[1].