May 2014

'Offers' The Greeks and Hedging Explained | Reader Offer and Sample Chapter 30 May 2014 | Bill Hodgson

I know you think this about garden design in southern Europe, but instead it's the mysterious measurements needed to understand trades with optionality. 

'News' Rocket - Launch | The New OTC Space Magazine | Soon 28 May 2014 | Bill Hodgson

A new magazine is coming - "Rocket" from The OTC Space

'Articles' Smooth Sailing Ahead? | Future Regulatory Sqaulls To Come 28 May 2014 | Paloma Migone

Regulatory reforms have been at the forefront since the global financial crisis hit nearly six years ago – and it won’t be taking the back seat for a while yet. 

'News' New Magazine | Calypso Intelligence 28 May 2014 | Bill Hodgson

Calypso have launched their new magazine "Ci" over at their new site for on-line reading here or sign up for a

'Articles' CFTC Examines DCOs and SEFs 27 May 2014 | Sol Steinberg

CFTC Examines DCOs and SEFs

'Articles' CCP Feature Comparison Matrix | SIFMA AMF 26 May 2014 | Maria Leontiou

I am quite swamped these days trying to gather all sorts of data on CCPs and their offerings and to my surprise I came across this pretty useful matrix in XLS format, a comparison analysis actually, on this page on the 

'News' European CCP Authorisation | May 23rd 23 May 2014 | Bill Hodgson

Two more CCPs have been authorised by ESMA under EMIR.

'News' Eurex Clearing records second consecutive landmark day 23 May 2014 | Ricky Maloney

Yesterday Eurex Clearing had a second consecutive landmark day. After 30 IRS trades on Wednesday, including the first USD cleared trades, yesterday was a record volume day.

'Offers' The Executive Guide to Enterprise Risk Management 22 May 2014 | Bill Hodgson

Managing a successful business is about pursuing the appropriate business strategy based on the threats and opportunities that exist given the company's financial and managerial capabilities.

'News' First USD IRS Trade Cleared at Eurex 22 May 2014 | Ricky Maloney

News Flash: Eurex clears our first USD IRS and also becomes the second largest OTC CCP in Europe.

'News' 8th ESMA Q&A on EMIR 22 May 2014 | Bill Hodgson

The ESMA EMIR Q&A has been updated to version 8, the new or modified questions are listed below. They seem to be addressing 'long tail' issues and don't appear to create any new operational implementation details.

'Articles' How Ready Are Firms for Mandated European Clearing? | Make Your Voice Heard 20 May 2014 | Bill Hodgson

One of the questions which many in Europe would like to understand, is how ready (or not) firms are to participate in central clearing, especially now that ESMA are working through the regulatory process to begin mandatory clearing.

'Articles' Moving from VaR to ES | What Difficulties are Involved? 19 May 2014 | Ben Larah

According to a Risk Magazine article (subscription required), medium-sized financial institutions are going to have a tough time moving from Value at Risk (VaR) to Expected Shortfall (ES) for the purposes of calculating trading-book capital requirements.

'News' RBS to Wind Down OTC Client Clearing Business 19 May 2014 | Bill Hodgson

The only way cost is going for OTC products is up - and the result will see structural changes to the firms operating in the OTC market.

'Articles' Tail-Wagging-the-Dog | Structured Products Edition 16 May 2014 | Ben Larah

A recent article in

'News' Procyclicality of Risk Based Initial Margin Models | Bank of England Research 16 May 2014 | Bill Hodgson

The Bank of England have published a study into the way IM models work when reacting to stressed market conditions, comparing models such as VaR, Historic Simular VaR and HSVaR with an Exponentially Weighted Moving Average (EWMA) filter.

'News' ISDA and FIA Europe Publish European Cleared Derivatives Execution Agreement 15 May 2014 | Maria Leontiou

The International Swaps and Derivatives Association, Inc.

'Articles' Demystifying FVA 14 May 2014 | Ben Larah

There has been some confusion recently over Funding Value Adjustment (FVA).