January 2014

'Articles' FX NDF Trading on SEF platforms | ClarusFT 15 January 2014 | Amir Khwaja


This articles looks at Non-Deliverable FX Forwards data for USD/BRL, USD/INR, USD/CNY & USD/KRW currency pairs. It analyses trading volumes by On SEF vs Off SEF and Cleared vs UnCleared.

JPY Cleared Swaps 'Articles' JSCC and Clearing of Yen Interest Rate Swaps 15 January 2014 | Amir Khwaja

For a while now I have wanted to look into what is happening outside the US in terms of clearing of interest rate swaps. The news late last year that Japan Securities Clearing Corporation (JSCC), was awarded 

'Jobs' New Business Sales Executives - London and North America (2 roles) 14 January 2014 | Bill Hodgson

CloudMargin, an exciting new entrant to the collateral management world is looking to expand the sales team to cope with unprecedented growth. We are looking for 2 sales executives, one based in

'Articles' Models for Enterprise Regulatory Change | Part 2 12 January 2014 | Bill Hodgson

John Philpott follows up part 1 of his article on enterprise regulatory change with some useful ideas on the tension between horizontal and vertical models of managing change in a complex business.

'News' Who Authorises and Supervises CCPs in Europe? 12 January 2014 | Bill Hodgson

ESMA is responsible for maintaining a list of National Competant Authorities around Europe, these organisations will participate in the 'College' process of CCP re-authoristion during this year.

December 2013

'News' CloudMargin | WhitePaper | Thoughts for Cleared Participants 19 December 2013 | Bill Hodgson

We alerted you to the launch of a new business CloudMargin a while back, they have published their first white paper setting out some thoughts on the effect of clearing on the market.

'News' Site Update | 2013 in Review 18 December 2013 | Bill Hodgson

The readership of the site is growing, a typical day sees 500 unique visitors who in one month consume over 25,000 pages from the site. Over 800 people (and growing) elect to receive a daily email summarising the previous days stories.

'News' Weekly Roundup | Market Infrastructure & Technology | 16 December 2013 15 December 2013 | Bill Hodgson

Technology Complexity: An Early-Warning System to Prevent Costly Fails

'Articles' Quad-Party Clearing – a Winner’s Curse? - Capco Blog 15 December 2013 | Bill Hodgson

Henner Brüner is a Consultant in Capco’s Capital Markets Frankfurt practice, he explains why "quad party" or "physical segregation" is desirable for buy-side clearing clients but complex and costly to implement.

'News' Volcker market-making / CVA trading impacts | Risk article 13 December 2013 | Jon Skinner

This Risk article (subs.) lays out in more clarity the Volcker rule impacts and in particular market-making and CVA trading. Given the rule runs to 900 or so pages, no doubt there are more unintended consequences, buried footnotes and hidden gotchas to crawl from the woodwork as we proceed towards compliance in July 2015 (with full compliance possibly phased through July 2017). For now though in outline this is starting to make sense.

'News' Could US CCPs pay 25bps on cash collateral at today's interest rates? The plot thickens 13 December 2013 | Bill Hodgson

Josh at SFM / Finadium has uncovered a potential competitive advantage for US CCPs, click to read more (free registration may be required) 

'News' Compression, SDR and TrueEx SEF 12 December 2013 | Amir Khwaja

My interest in writing this article was sparked by the 11 December press release from TrueEx announcing t

'News' The first FCM faller | BNY bags client clearing 11 December 2013 | Jon Skinner

According to this IFR story, BoNY Mellon has cut its OTC clearing b

'News' Will the CFTC disrupt Japan domestic IRS liquidity? | Japan update 09 December 2013 | Jon Skinner

There are two Japan-related CFTC no action relief (NAR) deadlines approaching: