Firms use Validate.Trade to test reporting software to reduce the cost and risk of change to pre-validate trade reports before they fail at the ARM, TR or SDR resulting in better control and compliance!
Users have been voting with their clicks as to the most interesting articles, and we've developed a list to show you which 30 articles have been the most popular. This list is as-of January 1st, and shows our all time most viewed articles. We've also provided a list of our most popular articles in November & December 2016, and will continue to update these lists.
For many, today is the first working day of 2017, which is also the original start date of MiFID II, before it was delayed by a year. With an eventful year behind us, what can we expect in the coming months, both on paper and in reality?
Thank you to our readers, contributors and sponsors during 2016.
New into the chart in this edition is BME and Shanghai clearing. BME covers rate swaps, OIS and FRAs, Shanghai cover rate swaps. Leaving the chart is SwapClear LLC, reported as wound down in the last edition. Overall most CCPs have gained notional, with reductions in IRS at CME and SwapClear, assumed to be a result of compressing gross notional to reduce capital requirements. If you take out the figures in Rates from CME and SwapClear, the total increase in cleared interest rate products is $6.5trn, a big increase, showing that the market continues to turn over large amounts of rate risk globally.
Bank Underground is about to take a hard-earned festive break. But before the blog goes off on its Christmas holidays, it’s time for the now annual tradition of the Bank Underground Christmas Quiz. Test your knowledge on our ten festive themed q
Did you know that a group of senior buy- and sell-side people meet in private each year to freely debate the state of the OTC market, and hear from regulators on the future direction of regulations?
CCPs were recently introduced for standard derivatives to remove counter-party risk from trades. Should the buyer or seller default, then the CCP will take over his trade commitment. CCPs thus effectively insure counter-party risk. Traders are therefore expected to continue to trade at times of elevated counter-party risk. A liquidity dry-up is thus avoided and, with it, the potential for an all-out crisis.
Bill: The ClarusFT article covers the fine detail of intra-day topups to SwapClear and why timing changes were necessary. If you have never looked at the detail of intraday margin calls then this is the article to read.
by Alan McIntyre
The December 8, 2016 Article in TheTradeNews entitled “Out Of The Shadows” keys in on the impact of MiFD II reporting that will be felt by Buy Side firms that have been reliant on Delegated Reporting under EMIR.
This is the second white paper in our series addressing the margining and collateral challenges facing the banking industry. The first paper examined the regulatory timelines and emerging vendor utility ecosystem. In this paper we look at potential disruption to the business operating model facing sell-side and buy-side firms caused by BCBS/IOSCO regulations relating to the margining of non-cleared OTC derivatives. We provide a framework for understanding which areas will be impacted and suggest an approach for planning your response.
Those of you who have come to an ISDA conference, read our comment letters or, indeed, read this blog over the past several years know that cross-border harmonization matters a lot to us and our members.
Clarus tools calculate margin under LCH, CME and ISDA SIMM™. It is a natural question to compare the three models. There are interesting differences across currencies and tenors. We find that SIMM is up to 37% higher than at a CCP. At last….!
MessageAutomation grows their engagement with Andile in South Africa.
Build a car engine from scratch, and it’s a fair bet that it won’t be purring the first time it’s switched on. That doesn’t mean the engineer has failed, and it doesn’t mean the whole thing needs to be smashed up.
In the second part of Karl Wyborn's article on The Future of Collateral Management, he forecasts the type of solutions firms need going forward. Collateral Management is moving from being a necessary function to a regulated compliance task, hence a greater level of focus on how firms carry out their risk mitigation role.
The incoming Trump administration has promised to “dismantle the Dodd-Frank Act.” In previous posts, we’ve described the technical mechanisms that an incoming administration can use to undo regulation put into place by the previous administration (see How Regulatory Rollback Works and More than Just Midnight Regulations).
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