See the quote below, read the PDF, then enjoy your weekend. 300? WTF. Sorry. Update from the FSB: http://www.financialstabilityboard.org/publications/r_130308.pdf
Scott O'Malia doesn't mince his words, he's critical in a forensic take-down of the process for defining the reporting requirements within his own organisation. He abstained from the vote regarding CME-1001, his press release explains why.
Exclusive to The OTC Space for now, a new reporting service from Deutsche Börse to facilitate accurate reporting of ETD and OTC business executed or cleared within the DB group.
DTCC (Larry Thompson) may go after the CFTC or CME if he feels there is a case, with CME automatically delivering cleared OTCs into their own SDR. But, on rule 1001 they put this:
NASDAQ OMX intend to provide it's members connectivity into the other TRs such as DTCC or REGIS-TR to route ETD & OTC reporting data, sort of a consolidated feed service. See link below.
The DTCC public SDR portal now shows trades from Rates, Credit, Equities, FX and Commodities. Have a look at Fixed-Fixed IR Swaps - can anyone explain what purpose a fix-fix swap serves? Is it like a currency swap without the notional exchanges?
Like the "big bang" for CDS which moved them to standard coupons, "The nonbinding proposal would see some of Wall Street's biggest customers trade interest-rate swaps on the same payment dates and coupons, rendering the contracts more like futures
I got a letter in the post alerting me to the fact that the clearing business in Sweden will become a standalone legal entity. They reference EMIR but it would make a sale easier?
Tom at Capco sent in a re-re-revised ESMA / EMIR timeline, see the usual page. Official Timeline for EMIR | The OTC Space.
Based on the data published by DTCC, ClarusFT has put together an interactive query database tool, see link below. DDR Views | Clarus Financial Technology.
Notional outstanding for NDFs at CME appears to have tailed off to zero. This can't be what was hoped for. OTC FX Clearing Service.
Here is the status of CCPs and SDRs for OTC products. Data for the CCPs is from the respective websites, data for the SDRs is from the recent FSB (mid-2012) progress report. Click on the charts to enlarge. Update on Feb 13th
Update December 12th
Given today's story at Risk Magazine about SwapClear tuning their IM model for a low interest rate environment, it's interesting that more or less all the other CCPs use a similar model (for Rates), and perhaps will be looking again at whether the
I found another Swap Data Repository, to add to the list updated recently. If you need to ensure you report to all relevant SDRs, you need to know the full list.
For those that know what PAI is, the first part of this post can be skipped, the rest of the post is my understanding of why PAI is applied to OTC portfolios, and not Futures.
Below is an update on the state of CCPs, SEFs and SDRs from public information. The research was carried out by a SK Lim, a consultant from www.jdxconsulting.com for myself.
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