Introduction On 16 August 2016, ISDA published the “2016 Variation Margin Protocol” (the “VM Protocol”), designed to assist counterparties in amending CSA documentation so as to comply with Working Group on Margin Requirements (WGMR) rules as impl
A recent Office of Financial Research paper by Samim Ghamami and Paul Glasserman asks “Does OTC Derivatives Reform Incentivize Central Clearing?” Their answer is, probably not.
In this video of the webinar, originally broadcast on the 28th of June, our panel discusses the latest research into the effects of mandatory clearing and bilateral margining on your collateral management activity. This item is the full length composite version with all three parts.
The BIS are trying to invent a taxonomy to uniquely name OTC products, not a trivial undertaking, as the unqiueness is itself driven by the attributes of the product.
The latest CCP notional showing increases, decreases and new CCPs globally. New to this snapshot is ICE Futures in Europe and the US. The effects of trade compression in the OTC market can be seen along with competitive changes to some CCPs.
Venues, dealers, brokers, asset managers and clearing houses – are facing a regulatory crossword puzzle, with some significant penalties for getting any of the words wrong. Many of the challenges start with the applicability of the rules. There are actually three parameters which govern that applicability. The first is the regulatory venue of the investment firm or firms. Second is the regulatory venue and status of any customer for the services. And finally there is the regulatory venue of the instrument(s) involved. When we start combining those parameters, we get a dizzying array of possibilities.
Where else can you get such useful insight into the OTC markets for free? Articles in Rocket 7 cover MiFID II Data Quality, Staying Ahead of Reporting Regulations, Concerns about Meeting the Bilateral Margin Regulations Deadlines, The Role of your OMS, Automated Documentation Tools, The ISDA Working Group on Uncleared Margin Regulations, All-to-All Trading, and more.
The PDF (downloadable) edition of Rocket 7 is now available. If you're a registered reader, you can download it here for free.
Recently the CFTC fined Barclays $800k for supervision failures related to clearing and exchange fee processing.
In this video our panel discusses the latest research into the effects of mandatory clearing and bilateral margining on your collateral management activity. Part 3 covers Future building blocks, Poll 4 - What is the state of collateral optimisation at your firm?, The Collateral value chain, The Asset shortfall.
In keeping with my passion and theme of 'Chaos to Clarity', I want to decode CFTC's Straight Through Processing (STP) 10 minutes rule which has gone into effect on August 1, 2016.
At a recent webinar hosted by Riskfocus we discussed trade reporting. There is no end of research extoling the grim realities or lamenting the high costs and negative impacts of Trade and Transaction Reporting, unfortunately, it’s not going away. We thought it was time to explore the positive perspective. In this enhanced recording of a live event on June 30th we asked four firms with varying stakes in the Trade and Transaction Reporting domain to discuss the perceived, achieved and potential positives to be gained from this unavoidable obligation. Watch the recording of the event with added video, audio and slides to understand the positive opportunities that come directly or indirectly from trade reporting.
In this video our panel discusses the latest research into the effects of mandatory clearing and bilateral margining on your collateral management activity. Part 2 covers Preparations for the Uncleared Margin rules at Commerzbank, Poll 2 - What is Your biggest problem preparing for the uncleared margin rules?, Trends in Collateral Management, The economics of collateral, Centralising Collateral Management and Poll 3 - Does your firm have a program to centralise collateral management?
A very important post from DRS on the European timing of the un-cleared margin rules - they did well to interpret the fog of communication from the European Commission.
The Financial Conduct Authority (FCA) has today published its second consultation paper (CP16/19) on the implementation of the Markets in Financial Instruments Directive II (MiFID II) in the UK.
Speak to anyone who knows a thing or two about the infrastructure that the modern world is built on – roads, rail, power generation and supply, etc – and they will tell you that often the biggest obstacle to its improvement is the ‘legacy’ issue.
The world has changed significantly since we launched the Duco Cube service in April 2013: ‘best of breed’ hosted services have gained traction and are helping firms across the finance industry to cut costs, cope
In this video our panel discusses the latest research into the effects of mandatory clearing and bilateral margining on your collateral management activity. Part 1 covers: The background to cash as collateral; Regulatory and market initiatives; Fragmentation of the OTC market; The uncleared margin regulations and Poll 1 - How familiar are you with the Uncleared margin rules?
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