The issue of contractual continuity in the over-the-counter (OTC) derivatives market following the exit of the UK from the EU (referred to Brexit) is a subject of considerable concern to firms and their clients and counterparties and should, we be
Following on from the CloudMargin "Seven Considerations about Initial Margin" and the ISDA paper, we summarise key points from the ISDA paper which also need consideration.
Through seven key considerations, this paper explores the IM regulations and challenges to be tackled from the perspective of a collateral management and OTC derivatives operations leader. It is designed to help the reader understand what to consider, within a specific timeframe, and how to meet their compliance date across the areas of law, risk, operations and technology.
TFE has released our new white paper, sponsored by DTCC. In the paper we discuss the vital role of trade repositories for transaction reporting. SFTR has designated TRs as essential elements of compliance by acting on behalf of firms to consume, validate, normalise and store the vast amounts of transaction data involved.
2018 is set to be a transformative year for transaction cost analysis. Driven by new regulatory requirements coming into force the first week of the year, such as the revised Markets in Financial Instruments Directive (MiFID II) and the European Union’s new rules on packaged retail investment and insurance-based products (PRIIPs), the need for transparency improvements and reliable audit trails in trading and investment products has taken multi-asset-class TCA mainstream.
In response to the global financial crisis of 2008-2009, the G20 agreed to a financial regulatory reform agenda covering the over-the-counter derivatives
We have now had six SOFR swap trades hit the SDRs. Both Basis vs Fed Funds and Outright OIS has traded. All trades have been $50m and one year maturity. It looks like they were all cleared at LCH. The first swap was done on the TP-ICAP SEF.
Bill: ISDA put out an announcement on the new master agreements - I like the commentary from DRS if you click through to their blog post.
An important component of FX trading has always been trading with minimal latency - whether that was being the fastest to trade over the phone, the fastest to use and interpret pricing systems, or using the fastest technology to consume data, and
Bill: A long document, the gist of which is this: ESMA says, will the NCAs please not take any action to make Pension schemes clear their trades until the European rule making process completes the 'EMIR 2' / REFIT programme of work.
The checklist of post-crisis reforms now has neat ticks alongside each item. Clearing of standardized derivatives – tick.
Interbank offered rates (IBORs) play a central role in financial markets, and act as reference rates to hundreds of trillions of dollars in notional amount of derivatives and trillions of dollars in bonds, loans, securitizations and deposits.
The European Parliament votes to move forward with changes to EMIR
15 JUNE 2018
BY KEITH PRITCHARD
Without giving away the story in the FT - it seems that the Eurex scheme to provide incentives to clear Swaps in Frankfurt is beginning to bear fruit. Subscription needed, follow the link below.
Bill: I already know of one firm who has implementing the CDM on their roadmap - are there others?
Bill: The PDF provided on the ISDA website examines refinements to the way IM is calculated for uncleared business.
The September 2019 Uncleared Margin deadline (and the 2020 date) will bring many more firms in-scope for exchanging IM.
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