March 2014

'News' Eurex OTC Clearing & Individual Client Asset Segregation Whitepaper 27 March 2014 | Byron Baldwin

OTC Clearing & Individual Client Asset Segregation Whitepaper

'Articles' SEF MAT weeks 4 and 5 | US reportable IRS fixed float volumes 26 March 2014 | Jon Skinner

A brief update - SEF MAT weeks 4 and 5 numbers show fixed float IRS fairly stable.  Using any one week to form conclusions is questionable.

'Articles' CFTC guidance on SEF access may be a game changer for OTC market infrastructure 24 March 2014 | Jake Pugh

A number of significant trends have been in place since the Lehman insolvency and the G20 Leaders summit at Pittsburgh in September 2009. The G20 'commitments' to reform the OTC derivatives market have been made real via the Dodd Frank and EMIR regulatory reforms. These regulatory mandates have spelled out significant changes to the market model and the associated market infrastructure.

'Articles' How was your day today? 23 March 2014 | Maria Leontiou

I am not sure how your day was today but mine had a special bonus! A stroll under the dazzling sun along Vouliagmeni's coast lines, a suburb beach not that far from Athens city centre.

I hope you enjoy the photo.

'Articles' Portfolio Compressions: Winners and Losers | Part 1 of 3 21 March 2014 | Diana Higgins

Portfolio compressions can be useful to manage counterparty risk in derivative transactions. This article is the first of 3 parts and examines how companies can benefit from the mark-to-market credit exposure perspective, and some potential downsides.

'News' Site Features Update 20 March 2014 | Bill Hodgson

Small but important site updates today - expect to see the introduction of Premium content going forward

'News' Updated ESMA Q&A on EMIR 20 March 2014 | Bill Hodgson

The ESMA EMIR Q&A was updated this morning with the following questions:

'Jobs' Management Consultant - Capital Markets / Investment Banking Change Consultant 19 March 2014 | Bill Hodgson

Our client is looking for Senior Manager/Director level management consultants with a track record of successful delivery of new client programmes

'News' ESMA Mandatory Clearing | Parallel Streams and Arbitrage 19 March 2014 | Bill Hodgson

ESMA have removed their lovely timeline chart and replaced it with a simplified table:

'News' The Clock Starts Ticking Towards European Mandatory Clearing | OMX Authorised 18 March 2014 | Bill Hodgson

The clock starts ticking towards mandatory clearing in Europe.

'Events' TSAM 2014 in London | March 25th 17 March 2014 | Bill Hodgson
TSAM (Technology Strategy and Asset Management) is one of the biggest conference events of the year - have a look at the speaker line up and agenda.
'Events' TradeTech Paris | 8th and 9th April 17 March 2014 | Bill Hodgson
If you are part of the Equity market then TradeTech in Paris is coming up soon, details below.
When: 8th & 9th April 2014
'Articles' SEF MAT Week 3 numbers hide lack of real progress 13 March 2014 | Jon Skinner

Another week is in the books and last week US reported IRS volumes perked back up close to averages.  Drilling down does not flatter SEF progress however given off SEF volumes increased substantially more than on SEF and only USD SEF MAT volumes increased.  The most important improvement factors (CLOB, standardization) are not easy to guage but anecdotally are going very slowly.

'Articles' How Big is OTC really? Part 2: OTC shrank 20% in H1 2013 13 March 2014 | Jon Skinner

OTC shrank by ~20% in six months: from $25tn at end 2012 to $20tn market value by end H1 2013. Not yet clear why.

'Articles' Collateral Management | The Next Big Challenge 12 March 2014 | Maria Leontiou

Now that Reporting for Europe has come into effect I am looking further into the next challenges that await for us just around the corner and I would like to share some thoughts in this post and in others coming soon on what I believe will be one

'Articles' SEF MAT Week 3, Volumes Up and Up 12 March 2014 | Amir Khwaja

There have been a number of recent articles commenting on the lower volumes of USD Interest Rate Swaps, for example 

'News' EMIR Supervisors College Process Has Teeth | Eurex Clearing Announces Authorisation Delay 12 March 2014 | Bill Hodgson

Eurex Clearing's application to be recognized as CCP under EMIR has been temporarily set back...

'Articles' DTCC reporting suit proceeds - should CFTC concede? | Reuters article 11 March 2014 | Jon Skinner

A judged trimmed DTCC's lawsuit against CFTC's determination on CME rule 1001 but allowed the core of the action to proceed, according to a Reuters article.   Paradoxically the CFTC may be glad in the long run to concede the suit: if that is it serious about meaningful systemic risk information becoming available to it in any kind of reasonable time frame.

'Articles' Does Basel III create buy side liquidity risk? | IFR Article 10 March 2014 | Jon Skinner

IFR produced another article bemoaning the liquidity problems in the secondary credit bond market.  An illustrative statistic is bank inventory: 2007 US$235bn; now "a mere" US$37bn.  Aside from the day-to-day market liquidity challenge, have regulatory capital rules indirectly created a significant increase in buy side liquidity risk?