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March 2015

   
'News' SwapClear Q&A | More Information on the Cross Margin Announcement 05 March 2015 | Bill Hodgson

A little more on the recent cross-margin announcement
   
'Articles' Brandywine Global and SunGard 05 March 2015 | Ted Allen

Brandywine Global Selects SunGard’s Apex Collateral to Support Margin Workflow Operations and Regulatory Reporting
   
'Articles' Will leverage ratio cause an FCM concentration crisis? 04 March 2015 | Jon Skinner
 
Risk magazine editor Duncan Wood makes a good point in his article The invisible incentives of clearing (subs. required) - the FSB / BIS ignored leverage ratio effects in concluding that incentives are in place for clearing both on banks self-clearing their trades and on FCMs clearing trades for clients.  In this post I look at the FCM capital cost problem and whether changes to bank capital rules alone can deliver an economically sustainable future for FCMs.
   
'News' European Court of Justice Ruling on ECB CCP Policy 04 March 2015 | Bill Hodgson

The outcome of a long running legal battle over an ECB policy to require CCPs clearing EUR to locate themselves within the Eurozone is announced.
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'Articles' Victory for UK on eurozone clearing banks 04 March 2015 | Financial Times | Clearing and Settlement Feed

Good coverage by the FT on the ECJ ruling - political background which goes right up to George Osborne the Chancellor on how the opposite outcome could hasten a British exit from the EU.
   
'Jobs' Clearing & DTCC Reporting Expert needed in Hong Kong 03 March 2015 | Bill Hodgson

This role is for a consultancy who wishes to remain anonymous at this stage, but has a funded role they need to fill:
   
'Events' Eurex Clearing / Bloomberg OTC Clearing / Securities Lending Event, Dubai 02 March 2015 | Byron Baldwin

SECURITIES LENDING CCP & OTC CLEARING
Bloomberg & Eurex Clearing event
Join us for the Bloomberg & Eurex Clearing event on Securities Lending CCP & OTC Clearing
   
'Events' TSAM Congress & Expo | 17th March | 10% discount for OTC Space Readers 02 March 2015 | Samantha Hodgson

The world's leading event for developing efficient Investment Management companies is coming around again, and for registered readers a special code for 10% discount on tickets.
   
'Articles' Managing liquidity 01 March 2015 | Sol Steinberg

Matthew Spiegel, finance professor at Yale School of Management likens financial institutions’ view of liquidity to manufacturers’ view of inventory: the most liquid or easiest to move inventories are the easiest to manage. Now, as financial institutions move into the new Dodd-Frank world, they are more incentivized than ever to manage liquid inventories of financial products.

February 2015

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'News' ISDA comments on improving the quality of data collected under derivatives trade reporting rules 28 February 2015 | Energy Trading Regulation Feed

ISDA have issued this paper which provides comment on what they see are the issues around the various derivatives trade reporting initiatives which came into being following the declaration made at the 2009 G20 Pittsburgh Summit (and which led to

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'News' 26Feb/Implementation monitoring of the PFMI: Level 2 assessments for central counterparties and trade repositories in the European Union, Japan and the United States 26 February 2015 | BIS Feed

G.McDermid: Press release about CPMI and IOSCO issuing the Implementation monitoring of the PFMI: Level 2 assessments for central counterparties and trade repositories in the European Union, Japan and the United States.
   
'Events' Trading Show - West Coast 2015 26 February 2015 | Samantha Hodgson

West Coast's leading quant, automated trading, and big data event.
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'News' ESMA updates list of authorised CCP and Public Register – Nasdaq OMX Clearing AB gets extension of authorisation for FX derivatives 25 February 2015 | ESMA Feed

The European Securities and Markets Authority (ESMA) has published today an update of its list of central clearinghouses (CCPs) which are authorised under the Euro
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'Articles' JP Morgan warns on swaps clearing 24 February 2015 | Risk Magazine Feed

 Gordon McDermid: JP Morgan concludes on the uneconomic nature of client clearing in the current regulatory envrionment and warns of potential consequences 
   
'Events' FOW Trading - Amsterdam 2015 24 February 2015 | Samantha Hodgson

FOW returns to Amsterdam on 17 March 2015 continuing in its successful expanded format to look at the central themes affecting the Dutch market.
   
'Events' BOCA 2015 23 February 2015 | Samantha Hodgson

Every year in March, 1,000 senior-level executives from brokerage firms, asset management firms, international exchanges and regulatory bodies convene in Boca Raton, Florida for the leading strategic conference on the global exchange-traded industry landscape. The three-day conference format contains informative session topics, along with ample networking opportunities and social events.
23February
   
'Events' Featured Event The Future of Clearing & Settlement: A Marketforce Conference 23 February 2015 | Samantha Hodgson

The Future of Clearing and Settlement 2015 will bring together key players from Europe’s venues, CCPs, CSDs and user community to explore the strategies being employed to harness the opportunities of this new era. 
22February
   
'Articles' Featured Article MIFID II: harmonization mandates new business models in the OTC space 22 February 2015 | Paul Gibson

When the first iteration of the Markets in Financial Instruments Directive (MiFID) was implemented in November 2007,
it transformed the marketplace for equities. It introduced the concept of multilateral trading facilities (MTFs), and helped to lower transaction costs, narrow bid-ask spreads and accelerate trading times in equity markets, as was envisaged by the European Commission. However, MiFID has also had unintended effects on the market, by increasing market fragmentation through the proliferation of trading venues and the emergence of dark pools..
   
'Offers' The Devil's Derivatives, by Nick Dunbar 20 February 2015 | Samantha Hodgson

The Devil’s Derivatives: The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street… and Are Ready to Do It Again. 30% discount offer for registered readers.
   
'News' Should UK CCPs Move to the Eurozone? 20 February 2015 | Bill Hodgson

The move by the ECB to require CCPs who clear EUR to be based within the EUR zone should be resolved soon, according to this report from Reuters.

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