The last few years have seen many anti-abuse cases brought against traders, spanning LIBOR, insider dealing and others. We have also seen some anti-abuse cases in commodities and energy, for example the case where the CFTC and FERC investigated a North America based oil company in 2015 for gas price index manipulation. However, many cases have not resulted in fines. Examples of this include the alleged NBP price manipulation of 2012 and the “Chocfinger” case in 2010, neither of which resulted in convictions.
Many financial institutions and buy side firms in particular are seeking ways to leverage the work required in achieving MiFID II compliance by adopting a much more strategic approach to all of their regulatory trade & transaction reporting requirements.
On Tuesday, 28th June, I posted a blog post about the impact of Brexit on OTC swaps cleared margin. We anticipated that the impact of Brexit would progressively increase in magnitude over the subsequent days.
FRTB isn't just a bag of maths, like any regulation it gives firms choices to make about how they organise and run their trading desks. David Chen from TMX explains how in this free webinar.
European Supervisory Authorities say to the European Commission on the bilateral margin rules, in brief, WTF? You had plenty of time and participation to get this done.
Wind down of SwapClear LLC in the US
There's a lot of legal words in the PDF below, but the short answer is that Danish retirement pension plan is right to apply for a permanent exemption from clearing and reporting under EMIR and has been granted an exemption as requested.
Posted by Christopher Leonard, Akin Gump Strauss Hauer & Feld LLP, on Thursday, June 30, 2016
In the European market the relationships between exchanges and CCPs are currently driven by commercial decisions, with MiFID 2, this is supposed to change.
French president moves to block London clearing of euro trades
In the run-up to the Brexit vote, many firms trading OTC interest rate swaps were understandably worried about the impact of short term market volatility on the margin that they would need to post to their clearing houses.
Given the large moves in Swap rates that we highlighted in our BREXIT Day One and Day Two blogs, I thought it would be interesting to look at the impact on Swap margins.
Harmonization and coordination are easy enough to identity as objectives, but harder to achieve. Regulators can take a lot of credit, then, for their efforts to develop a coordinated global margining framework for non-cleared derivatives.
London is the world centre of the complex plumbing of markets, but leaving the EU complicates that
Confounding all elite prognostication (more on this aspect below), British voters repudiated their self-anointed better-thans and voted to leave the EU.
Statement from Agustín Carstens, Chairman of the Global Economy Meeting, on the implications of the EU referendum in the United Kingdom (25 June 2016)
Posted by Alec J. Burnside, Cadwalader, Wickersham & Taft LLP, on Friday, June 24, 2016
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