March 2013

'News' DCMs or SEFs for swap trading 22 March 2013 | Jon Skinner

TrueEx has registered as a designated contract market (distinct from a SEF) for interest rate swaps and has signed a clearing deal with CME for IRS clearing.

'News' Moving on from LIBOR | SwapClear Settlement Prices | Ben Larah - Sapient 21 March 2013 | Bill Hodgson

Earlier this week, LCH.Clearnet SwapClear started to publish daily settlement rates for key interbank/OIS swap rates in seventeen different currencies (see

'News' SwapClear's Final Settlement Pricing | Mark to CCP? 21 March 2013 | Bill Hodgson

Anyone else looked at the page below? I believe this shows you the closing prices at SwapClear, and hence the first time anyone has put out publicly data which tells you where the market (yield) is in these products.

'Articles' The implications of Emir and Dodd-Frank for Asia’s CCPs - Risk.net 20 March 2013 | Bill Hodgson

If a non-European (or non-US) CCP doesn't apply for recognition under EMIR or Dodd Frank, banks in the EU or US may be blocked from being members of those CCPs. See article at Risk, subscription required.

'News' BaFin publishes notification forms for non-financial counterparties 19 March 2013 | Maria Leontiou

Following in the footsteps of the FSA BaFin has now published the German equivalent of

'News' CFTC drowning in new data, O'Malia says | Reuters 19 March 2013 | Bill Hodgson

You can't make it up - be careful what you wish for.

'Articles' CB/GCM Position Limits for Futures or Equities | Question 19 March 2013 | Bill Hodgson

This is going a little off-piste but I'm hoping the wisdom of the crowd will help. I need to understand how the client limits process works in Equities and Futures.

'News' In the papers: Markit set for £4 billion market list 19 March 2013 | Bill Hodgson

Markit set for £4 billion market list after 13 years of rapid growth: Financial data provider Markit was testing the waters and talking to advisers about a float that would value the firm at above £4 billion, according to reports.

'News' ESMA publishes draft RTS on CCP colleges 19 March 2013 | Bill Hodgson

Over here This will be key to how new products reach mandatory clearing.

'News' Gary gets Funky | Video 18 March 2013 | Bill Hodgson

Sourced from http://tabbforum.com/videos/genslers-last-dance (login required, but free) Totally irrelevant but notable, I assume from the recent conference

'Articles' The Evolution of Executing Futures– Part 1 | SingleDealerPlatforms.org 18 March 2013 | Bill Hodgson

A really good history of futures, which illustrates the passion by Gary Gensler to bring OTCs into the same framework.

'News' Streetwise Professor » Gary Knows Best: Not Good Enough, Even for Government Work. 18 March 2013 | Bill Hodgson

An excellent summary of the impasse within the CFTC on SEFs, and the arbitrary setting of holding periods for IM on swap futures.

'News' A few more guests 18 March 2013 | Bill Hodgson

I added three more guest writers, see http://theotcspace.com/profiles/ for more details. The final tally is:

'News' CME IRS Clearing starts today 18 March 2013 | Bill Hodgson

From the FT: @FTTradingRoom: CME Group's European interest rate swaps clearing starts in London today. Debuts with 7 currencies: GBP, EUR, CAD, AUD, CHF, JPY and USD Anyone know who CME have signed up for this? It would be interesting to know.

'News' FT article: BBG threatens to sue CFTC 16 March 2013 | Jon Skinner

FT article: BBG threatens to sue CFTC (subs required) Bloomberg has taken the first step towards suing CFTC over what they see as an un-level play

'News' Welcome to my Guest Contributors 15 March 2013 | Bill Hodgson

A variety of people are making a contribution to the site, each of their posts will show their profile at the bottom of the page.

'News' A view of the office 13 March 2013 | Bill Hodgson

I happen to be working with a client whose office is now right under St Paul's Cathedral. In the photo below (click the link), the entrance to the office can be seen just to the right of the tower down at ground level.