March 2014

'News' Updated ESMA Q&A on EMIR 20 March 2014 | Bill Hodgson

The ESMA EMIR Q&A was updated this morning with the following questions:

'Jobs' Management Consultant - Capital Markets / Investment Banking Change Consultant 19 March 2014 | Bill Hodgson

Our client is looking for Senior Manager/Director level management consultants with a track record of successful delivery of new client programmes

'News' ESMA Mandatory Clearing | Parallel Streams and Arbitrage 19 March 2014 | Bill Hodgson

ESMA have removed their lovely timeline chart and replaced it with a simplified table:

'News' The Clock Starts Ticking Towards European Mandatory Clearing | OMX Authorised 18 March 2014 | Bill Hodgson

The clock starts ticking towards mandatory clearing in Europe.

'Events' TSAM 2014 in London | March 25th 17 March 2014 | Bill Hodgson
TSAM (Technology Strategy and Asset Management) is one of the biggest conference events of the year - have a look at the speaker line up and agenda.
'Events' TradeTech Paris | 8th and 9th April 17 March 2014 | Bill Hodgson
If you are part of the Equity market then TradeTech in Paris is coming up soon, details below.
When: 8th & 9th April 2014
'Articles' SEF MAT Week 3 numbers hide lack of real progress 13 March 2014 | Jon Skinner

Another week is in the books and last week US reported IRS volumes perked back up close to averages.  Drilling down does not flatter SEF progress however given off SEF volumes increased substantially more than on SEF and only USD SEF MAT volumes increased.  The most important improvement factors (CLOB, standardization) are not easy to guage but anecdotally are going very slowly.

'Articles' How Big is OTC really? Part 2: OTC shrank 20% in H1 2013 13 March 2014 | Jon Skinner

OTC shrank by ~20% in six months: from $25tn at end 2012 to $20tn market value by end H1 2013. Not yet clear why.

'Articles' Collateral Management | The Next Big Challenge 12 March 2014 | Maria Leontiou

Now that Reporting for Europe has come into effect I am looking further into the next challenges that await for us just around the corner and I would like to share some thoughts in this post and in others coming soon on what I believe will be one

'Articles' SEF MAT Week 3, Volumes Up and Up 12 March 2014 | Amir Khwaja

There have been a number of recent articles commenting on the lower volumes of USD Interest Rate Swaps, for example 

'News' EMIR Supervisors College Process Has Teeth | Eurex Clearing Announces Authorisation Delay 12 March 2014 | Bill Hodgson

Eurex Clearing's application to be recognized as CCP under EMIR has been temporarily set back...

'Articles' DTCC reporting suit proceeds - should CFTC concede? | Reuters article 11 March 2014 | Jon Skinner

A judged trimmed DTCC's lawsuit against CFTC's determination on CME rule 1001 but allowed the core of the action to proceed, according to a Reuters article.   Paradoxically the CFTC may be glad in the long run to concede the suit: if that is it serious about meaningful systemic risk information becoming available to it in any kind of reasonable time frame.

'Articles' Does Basel III create buy side liquidity risk? | IFR Article 10 March 2014 | Jon Skinner

IFR produced another article bemoaning the liquidity problems in the secondary credit bond market.  An illustrative statistic is bank inventory: 2007 US$235bn; now "a mere" US$37bn.  Aside from the day-to-day market liquidity challenge, have regulatory capital rules indirectly created a significant increase in buy side liquidity risk?

'Articles' How Money Moves Between Banks | Correspondent Banking and Such Like 10 March 2014 | Bill Hodgson

How does money really physically move between different banks in different currencies? It's not just a SWIFT message.

'News' The Many Ways to Compress a Portfolio | SwapClear Announcement 10 March 2014 | Bill Hodgson

There are many ways to reduce a portfolio and simply it for operational and economic purposes

'Events' TSAM Europe 2014 | 25th March | London 10 March 2014 | Bill Hodgson

Europe’s biggest event on buy-side strategy, performance, operations & technology

'News' SwapClear Segregation Models 07 March 2014 | Bill Hodgson

SwapClear announces it's four permutations of EMIR segregation models

'Jobs' Commodity Treasury Manager / Senior Manager 07 March 2014 | Bill Hodgson
Location: London
Start: ASAP
Salary / Rate: Negotiable 
Job role responsibilities:

Skills / experience required:

'News' Beware Your Position in the CCP Default Waterfall 07 March 2014 | Bill Hodgson

Members of the Korean Exchange surprised by the order in which a broker default was funded

'News' C2D vs D2D split preserved despite SEF MAT | Bloomberg article 05 March 2014 | Jon Skinner

It's worth reading this article: "Swaps revolution falling flat" from Bloomberg.  In a nutshell it says that after 2 weeks of SEF MAT, the split between dealer-to-dealer (D2D) and client-to-dealer (C2D) has been preserved.  I'm still wondering whether it will ever happen.