April 2013

'News' MacIRS: SIFMA/ISDA standardized swaps initiative 24 April 2013 | Jon Skinner

The following articles describe the announcement made by ISDA and SIFMA jointly at the Singapore ISDA meeting today: Risk.net

'News' CFTC’s Gensler on Libor | Is it the end? 23 April 2013 | Maria Leontiou

It seems that what until now has only been an open sceptisism on Mr Gensler's side, is now considered to be the strongest indication that regulators are more than eager to replace LIBOR with an alternative benchmark. As Mark Carney, the future Ban

'News' CME SDR data leak 22 April 2013 | Bill Hodgson

The CME SDR sprang a leak,story here affecting DE Shaw & others. Update: more from Reuters, it was futures data not OTC, 500 trades.

'News' It's all about data | Mark Davies, Head of Avox speaks 21 April 2013 | Maria Leontiou

A really good piece on the importance of data and their critical role to the efforts of regulators and market participants to ensure that the financial markets are underpinned by a robust infrastructure in order to monitor and offset risk effectiv

'News' Is there a way to avoid regulatory arbitrage? Vol 2 21 April 2013 | Maria Leontiou

A few days ago I did this post on Elisse Walter's speech on regulation of cross-border OTC derivatives. On A

'News' Javelin Capital Markets goes to London | Market infrastructure 20 April 2013 | Maria Leontiou

New kid on the block (of SEFs).... Javelin Capital Markets has announced that it has opened an office in London and will register as a SEF once the SEF rules are finalized.

'News' Standardised OTC swaps (TrueEx) to launch within weeks - Risk.net 19 April 2013 | Bill Hodgson

Sunil Hirani who created CreditEx, now part of ICE, has built a new trading market TrueEx, and registered as a Designated Contract Market (DCM) with the CFTC.

'News' Nutty Professor: Financial meltdown was caused by too many bankers taking cocaine 18 April 2013 | Bill Hodgson

He really is a Nutt. I wish banning cocaine in banks was the regulatory response to 2008 - it would be much easier to implement.

'News' KISS Chilton: The Understatement of the Millenium and “Crazy” Bart Rides Again…. | 18 April 2013 | Bill Hodgson

I saw this speech by Bart and couldn't be bothered to expose you all to his madness, but Noah did it for me, so read on...

'News' Quants and Analysts, Beware! | 88% of Spreadsheets Contain Errors 18 April 2013 | Ben Larah

It has long been known in the financial industry that "spreadsheet risk" is a huge source of operational error.

'News' ECB: TOP FLOOR game | Play For Free 18 April 2013 | Bill Hodgson

The game-ification of the world is now well understood - battle against minor challenges, get power ups, meet the end of level big boss, and finally complete the game.

'News' A Guide to Swap Reporting Under Dodd Frank | Roles and Dates 18 April 2013 | Bill Hodgson

Over at the Futures Industry website, Davis Polk have built a table which sets out who reports what and when, also see the footnotes, dates can change.

'News' Daniel L. Doctoroff: Where's the Futures Trade Repository? | CEO of BBG 17 April 2013 | Bill Hodgson

Check the story via the link, the CEO and President of Bloomberg sets out his stall to precede the court action on margin requirements for Deliverable Swap Futures.

'News' Financial Stability Board | Progress Update 17 April 2013 | Bill Hodgson

The fifth progress report by the FSB is out, and shows a great deal of participation but a long way to go. The area of greatest activity is Trade Reporting, and in line with the recent IOSCO report have this warning:

'News' Bloomberg sues CFTC over derivatives rules - FT.com 16 April 2013 | Bill Hodgson

What's the difference if you take interest risk wrapped in a bond, a swap or a a future? BBG starts the process of exploring the sense in the CFTC deciding what's liquid in a default, and therefore how long the IM holding period should be.

'News' Omgeo expands ProtoColl | Regulatory Compliance 15 April 2013 | Maria Leontiou

Post-trade vendor specialist Omgeo has announced the expansion of ProtoColl, its collateral and margin management product, to cater for regulatory measures.

'News' Is this LIBORgate 2? | ISDAFix and ICAP 15 April 2013 | Jon Skinner

The Bloomberg article here and the FT article

'Articles' Swapfutures vs. swaps - buy-side views 15 April 2013 | Jon Skinner

Some comments from buy side firms and SEFs on the CFTC's and CCP's differential treatment of economically equivalent swaps and swapfutures are contained

'News' ISDA, IIF, AFME and SIFMA Blast Proposed Margin Rules 15 April 2013 | Bill Hodgson

A letter from the above four trade associations spells out the consequences on imposing Initial Margin requirements on un-clearable OTC products. The letter was sent to the Chairman of the BIS Stefan Ingves, Mark Carney at BoC, William Dudley at t