June 2015

'News' The History of CME and ICE in a Cartoon | Mentions Streetwise Professor 30 June 2015 | Bill Hodgson

An instructive cartoon on the foundations of ICE and CME

'Articles' Greek Legislative Act on the Special Bank Holiday : What You Can Pay, What You Can't and the Fines 29 June 2015 | Bill Hodgson

The government act restricting banking activity has a heavy outcome for mistakes made on payments.

'News' OTC Derivatives and Grexit: ISDA Briefing and Background Materials 29 June 2015 | Bill Hodgson

With the current situation in Greece becoming even more critical, what could 'grexit' do to your OTC derivatives portfolio?

'News' 28Jun/Don't let the unthinkable become the new normal, says BIS in 85th Annual Report 28 June 2015 | BIS Feed

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 ...

'News' Deloitte partners with Recommind to launch new data analysis tool for OTC contracts 25 June 2015 | Bill Hodgson

A new partnership to transform OTC documentation

'Articles' Synthetic Finance Whitepaper: Target Operating Models and Technology Challenges 24 June 2015 | Martin Seagroatt

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.

'News' Hasenpusch to take helm at CME Europe 24 June 2015 | The Trade News Feed

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...

'Articles' EurexOTC Clear - Enhanced Netting & Compression Services for the Buy Side & Sell Side 24 June 2015 | Byron Baldwin

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

'Articles' BoE archives reveal little known lesson from the 1974 failure of Herstatt Bank 24 June 2015 | Bank Underground Feed

Bill: If you haven't studied that mystical subject of Herstatt risk, or understand why CLS came into being, then this blog post from the BoE might help explain it:

'Articles' ESMA Gets Semi-Serious About Swaps Reporting - the CFTC, Not So Much 19 June 2015 | George Bollenbacher

As I have said in past articles, and since every swaps market participant and every swaps market regulator recognizes that transaction reporting has been something of a disaster, we are all waiting to see what the regulators will do about it. Recently, two swaps regulators went in somewhat different directions on this subject.

'News' Bank (of England) Underground Blog 18 June 2015 | Bill Hodgson

Get the secret 'underground' views of Bank of England staff

'Articles' The Big Questions About Regulatory Reform 18 June 2015 | George Bollenbacher

The recent publication by the Volcker Alliance of a series of papers on reforming the financial regulatory structure makes interesting reading. You may or may not agree with their conclusions, but I, for one, can’t help but think that there are some important questions about structural reform lurking just under the surface, that were either not asked or were subsumed in these papers. So let’s get them out on the table and see where they lead us.

'Articles' LCH Makes Gains vs CME in USD IRS (8-12 Jun 2015) 16 June 2015 | ClarusFT Feed

Following my blog on CME and LCH: What Happened on May 19 and Jun 12, I wanted to re-visit the data now that we have another week of published volumes.   Weekly Volumes Using CCPView lets look at weekly volumes of gross notional…

'News' The Global Fix for OTC Trade Reporting 16 June 2015 | Bill Hodgson

In an announcement from ISDA, a wide range of trade associations have put forward a framework of principles to guide the development of a better approach to trade reporting. In summary these are:

'Articles' EMIR margin rule changes not marginal 11 June 2015 | DRS LLP Feed

The EBA/ESAs have launched a second consultation on the draft RTS on rules for uncleared margin under EMIR. The consultation contains a number of material changes as a consequence of industry feedback from its April 2014 predecessor.

'Articles' Strategies for securities finance businesses: A Sungard Whitepaper 11 June 2015 | Tom Dibble

The securities finance industry is currently digesting the heavy meal that has been Basel III, CRD-IV, Dodd-Frank and related regional regulatory initiatives impacting the global market.

'News' EMIR : Latest news on IRS Clearing Obligation 11 June 2015 | Benjamin Baron

Dear All,