March 2013

'Articles' Cyprus, Land of Structured Products 25 March 2013 | Bill Hodgson

Nick Dunbar author of The Devil's Derivatives, and a recommended read, describes his own encounters with banking in Cyprus: click here

'News' New CEO for Eurex | Thomas Book 25 March 2013 | Bill Hodgson

Thomas has been at Eurex for some time, and I worked for him on the launch of their CDS Clearing service.

'News' Markit Credit Centre Hub Launch (Don't say push or ping) 25 March 2013 | Bill Hodgson

Markit have launched their solution to managing trading limits in the new SEF based execution environment. There's no additional information to describe the solution unfortunately.

'News' Analysis of Pricing of Cleared and Un-Cleared Swaps from the US DTCC SDR 25 March 2013 | Amir Khwaja

Interesting posts by Bill on SwapClear publishing daily settlement prices

'News' LCH.Clearnet in ‘major’ year-end IT outage - FT.com 25 March 2013 | Bill Hodgson

The FT got to it quicker than me - the Bank of England has published their 2012 review of Payment Systems, including those of CCPs in the UK. The report mentions an IT failure at LCH, see box below.

'Articles' Have you assessed the impact of OTC regulation on your business? 25 March 2013 | Maria Leontiou

An interesting analysis by the law firm Jones Day on the potential impact of the U.S.

'Articles' Do current client clearing volumes indicate the outcome of the IRS CCP race? 25 March 2013 | Jon Skinner

On client clearing notional outstanding, Swapclear has so far outcleared CME in IRS so far by a factor of more than 4 fold ($4.62 trn vs. $1.01 trn as of March 13th).  Note: CME client clearing will be less than $1.01trn to the extent of their dealer to dealer clearing volumes.

'News' Too much information… | Derivatives Ninja 25 March 2013 | Bill Hodgson

Too much information… |. Noah expounds on the state of the market, for anyone who hasn't visited his blog before, click on over for a legal view of the OTC world.

'News' Would you rather be here? Vol2 22 March 2013 | Maria Leontiou

Until snow goes away everyone, enjoy a photo from Alonnisos island in Sporades.

'News' Clearstream and Bloomberg partner on tri-party repo processing 22 March 2013 | Maria Leontiou

The new regulatory framework has opened up many new windows of opportunity for market opportunities such as this 

'News' ESMA backs swaps reporting choice | Pre & post trade reporting | thetradenews.com 22 March 2013 | Bill Hodgson

ESMA moves to avoid CME rule 1001 in Europe, and will give the reporting party precedence in decided where to report their derivatives business.

'News' Broader US person definition could cause clearing avalanche, participants warn - Risk.net 22 March 2013 | Bill Hodgson

Not literally referring to extra-large US citizens, the definition of "US Person" by the CFTC could cause many entities currently exempt from Dodd Frank, to get going and be part of it by June.

'Articles' Under the Sea | Gazprom to Rescue Cyprus? 22 March 2013 | Maria Leontiou

These past few days the media have all been about Cyprus' bailout plan.

'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