May 2013

'Articles' EMIR and Non Financials. A "love to hate" relationship.... 08 May 2013 | Maria Leontiou

A really good update by Herbert Smith Freehills LLP over at Lexology about EMIR and three areas of change that will mostly affect Non Financial counterparties and

'News' NYT criticizes Mary Jo White's ET rule - hasty? 06 May 2013 | Jon Skinner

The NY Times yesterday printed an article (subs.

'News' markit conference - the highlights 03 May 2013 | Amir Khwaja

Attended the annual markit customer conference in London today, titled Financial Markets Reform.

'News' Another CFTC lawsuit 03 May 2013 | Jon Skinner

Reuters noted that DTCC filed suit against CFTC over SDR reporting as previously threatened following

'News' SEC proposal: Has the ET common sense eagle landed in the US? 02 May 2013 | Jon Skinner

The SEC announced its ET proposal - the first rule-making since Mary Jo White took the helm.

'News' Which transaction based benchmarks might replace LIBOR? 02 May 2013 | Jon Skinner

The IOSCO panel is nearing a recommendation which looks set to push hard for transaction based benchmarks to replace those currently set by panels of dealers / banks.  Some press is here:

'News' US Treasury picks T-Bills index for FRN issuance 01 May 2013 | Jon Skinner

In its quarterly refunding announcement, the US Treasury announced it has selected a T-Bill based index to provide floating rates for its new FRN issuance program

April 2013

'Articles' InteDelta InSight on Specific Wrong-way Risk | InteDelta 30 April 2013 | Bill Hodgson

A briefing on avoiding the wrong correlation between your counterparty and your exposures.

'News' At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World (Hint: Not JPMorgan) | Zero Hedge 30 April 2013 | Bill Hodgson

Yet another news article scaring the pants off ordinary people by suggesting that Notional = Value, and that Collateral = Zero. It's a shame, the comments show how taken-in people are when the underlying facts aren't presented properly.

'News' 2013 Glossary of Financial Terms | Sapient Global Markets 30 April 2013 | Bill Hodgson

Stuck to find a definition of "altiplano" ? Look no further, 130+ pages of home grown definitions making you walk and talk like Jamie Dimon ;-)

'Articles' Bank of England | Financial Stability Paper No 20: Central counterparty loss-allocation rules 29 April 2013 | Bill Hodgson

A paper explaining how CCPs allocate losses to members in a default.

'Articles' Bank of England| Financial Stability Paper No 19: Central counterparties and their financial resources 29 April 2013 | Bill Hodgson

Interesting paper on how a CCP achieves protection.

'News' UniCredit to shun US derivatives trading - FT.com 28 April 2013 | Bill Hodgson

UniCredit, plus DBS in Singapore and Nordea in Sweden have all adopted a "don't trade with the US" approach to Dodd Frank. TJ Lim, Head of Capital Markets at UniCredit announced their strategy at the ISDA AGM last week.

'News' Isda AGM: Industry to address negative interest rates under CSA - Risk.net 27 April 2013 | Bill Hodgson

With OIS rates below low, in some cases the interest on your cash posted under a CSA can go negative, i.e. you pay to post. ISDA has been working on a clarification on this, and might issues a protocol.

'News' NASDAQ's horizontal fixed income push 26 April 2013 | Jon Skinner

Three separate items which together indicate a concerted strategic move by NASDAQ into fixed income electronic execution partnering with "horizontal" derivatives CCPs:

'Articles' Do clearing mandates actually work? 26 April 2013 | Jon Skinner

In an environment where bilateral and cleared trades are more appropriately risk mitigated through bilateral margin, CCP margin and guarantee funds and Basel III capital, fragmentation costs and increases in systemic risk due to regulatory clearin

'News' US banks begin to support European peers over Fed onshore capital and liquidity proposal for foreign banks 26 April 2013 | Jon Skinner

Goldman and JP have started to support EU banks lobbying against the Fed proposal to require US banks to hold more capital

'News' ISDA AGM 2013 | Virtually There 25 April 2013 | Bill Hodgson

For the many who couldn't attend this years ISDA AGM, below is a round up of the key stories. If any of the attendees have anecdotes, incriminating pictures or gossip, please send it over.