The topic of margining implementation timetable had received much coverage in the media and generated passionate debate within the industry. ISDA had been advocating for a delay of two years from the point final national rules are published before the requirements become effective. The hopes for a significant postponement were quashed after the CFTC chairman predicted it to be “just a matter of months”1. At the end, the opinions seem to have settled in the middle.
Exactly 12 years ago I wrote about a Greek disappearing act: how in 2001 the country concocted a swap deal with Goldman Sachs to conceal almost €3 billion of debt from its national accounts, to help meet Maastricht ratios.
There seems to be a growing consensus from Banks, Consultancies and Vendors that MiFID2 reporting will be very hard. Importantly avoiding the mayhem associated with EMIR will require a much more strategic approach than either EMIR or Dodd Frank.
Leading Global Banks, Service Providers and Market Infrastructures Create New Hub for End-to-End Margin Processing. This announcement follows on from Project Colin, pictured here.
Rocket 4 is now available as an on-line edition formatted for tablets and computer screens. This edition contains 48 pages of new content, plus bonus articles we couldn't squeeze into the print edition.
The morning sessions will focus on post trade processing for derivatives, while the afternoon sessions will cover liquidity in the new regulated market. A 20% discount is available to OTC Space readers, see bottom of the article for the code.
World’s biggest swaps dealers create infrastructure hub to cut down on swaps trading disagreements
There are many buzzwords in the OTC clearing lexicon at the moment. “Equivalence”, “resolution and recovery”, “cost of capital” among them. But one you don’t hear a lot is “portability”. In 2009 and 2010 there was plenty of talk on this subject, how it was supposed to work and how it is achieved. Today, after clients have gone live or have been briefed many times on the mechanics of clearing we all tend to take it for granted.
Following the statement made by Steven Maijoor, chair of ESMA, at the Economic and Monetary Committee last month, no information has been published on many of the proposed changes to MiFID II/MiFIR that could affect the commodities market.
With Greece now in “arrears” with the International Monetary Fund (IMF), albeit not an “event of default”, but the recurring negotiations between the Eurozone governments and the Greek Government failing to reach agreement, the risks of a Greek ex
The European Supervisory Authorities (ESAs) launched on 10th June 2015 a second consultation on draft Regulatory Technical Standards (RTS) outlining the framework for the risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of the European Market Infrastructure Regulation (EMIR).
An instructive cartoon on the foundations of ICE and CME
The government act restricting banking activity has a heavy outcome for mistakes made on payments.
With the current situation in Greece becoming even more critical, what could 'grexit' do to your OTC derivatives portfolio?
BIS press release on the presentation of the 85th Annual Report, 28 June 2015. There is something deeply troubling when the unthinkable threatens to become routine ...
A new partnership to transform OTC documentation
4sight Financial Software and consultancy The Field Effect have published a complimentary whitepaper on Synthetic Finance using equity swaps such as total return swaps and portfolio swaps.
CME Clearing Europe has appointed Tina Hasenpuch as its new CEO, taking over from Lee Betshill who is moving to its US arm.
Bill: Well done Tina...
EurexOTC Clear Enhanced Netting & Compression Services - Buy Side and Sell Side alike will be able to benefit from the introduction of Fee Netting and Rate Blending compression functionalities to bring down the gross notional position of an IR
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