World’s biggest swaps dealers create infrastructure hub to cut down on swaps trading disagreements
There are many buzzwords in the OTC clearing lexicon at the moment. “Equivalence”, “resolution and recovery”, “cost of capital” among them. But one you don’t hear a lot is “portability”. In 2009 and 2010 there was plenty of talk on this subject, how it was supposed to work and how it is achieved. Today, after clients have gone live or have been briefed many times on the mechanics of clearing we all tend to take it for granted.
Following the statement made by Steven Maijoor, chair of ESMA, at the Economic and Monetary Committee last month, no information has been published on many of the proposed changes to MiFID II/MiFIR that could affect the commodities market.
With Greece now in “arrears” with the International Monetary Fund (IMF), albeit not an “event of default”, but the recurring negotiations between the Eurozone governments and the Greek Government failing to reach agreement, the risks of a Greek ex
The European Supervisory Authorities (ESAs) launched on 10th June 2015 a second consultation on draft Regulatory Technical Standards (RTS) outlining the framework for the risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of the European Market Infrastructure Regulation (EMIR).
An instructive cartoon on the foundations of ICE and CME
The government act restricting banking activity has a heavy outcome for mistakes made on payments.
With the current situation in Greece becoming even more critical, what could 'grexit' do to your OTC derivatives portfolio?
BIS press release on the presentation of the 85th Annual Report, 28 June 2015. There is something deeply troubling when the unthinkable threatens to become routine ...
A new partnership to transform OTC documentation
4sight Financial Software and consultancy The Field Effect have published a complimentary whitepaper on Synthetic Finance using equity swaps such as total return swaps and portfolio swaps.
CME Clearing Europe has appointed Tina Hasenpuch as its new CEO, taking over from Lee Betshill who is moving to its US arm.
Bill: Well done Tina...
EurexOTC Clear Enhanced Netting & Compression Services - Buy Side and Sell Side alike will be able to benefit from the introduction of Fee Netting and Rate Blending compression functionalities to bring down the gross notional position of an IR
Bill: If you haven't studied that mystical subject of Herstatt risk, or understand why CLS came into being, then this blog post from the BoE might help explain it:
Blog posts on LinkedIn Pulse by myself from May & June with useful infographics that assist with understanding collaterial efficiency, synthetic euro asset swaps, cross margining, client asset protection, and more.
As I have said in past articles, and since every swaps market participant and every swaps market regulator recognizes that transaction reporting has been something of a disaster, we are all waiting to see what the regulators will do about it. Recently, two swaps regulators went in somewhat different directions on this subject.
Earlier this year, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) announced revisions to the framework for margin requirements for non-centrally cleared derivatives, giving participants a bit more time until we see the end of the OTC markets as we know them in late 2016.
Get the secret 'underground' views of Bank of England staff
The recent publication by the Volcker Alliance of a series of papers on reforming the financial regulatory structure makes interesting reading. You may or may not agree with their conclusions, but I, for one, can’t help but think that there are some important questions about structural reform lurking just under the surface, that were either not asked or were subsumed in these papers. So let’s get them out on the table and see where they lead us.
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