With a twist of the knife the EU parliament has added salt to the wound: any firm not paying the FTT will be legally not-entitled to 'own' the receipt of any securities, therefore making the trade null and void.
Tom Osborn at Risk covers the continued push by dealers to open the door to an ISA model which allows for a single collateral account (rather than one per ISA), keeping operations simpler and cheaper for the Clearing Members, and ultimately the Cl
The futures business at LIFFE has now switched from LCH to ICE over the weekend, bringing to a close a 30 year relationship. At the same time a new chapter opens with the NLX business aiming to capture exchange business to be cleared at LCH.
On 25th June 2013, ISDA has sent its members the pre-publication draft of the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol, asking them to provide their comments by Tuesday, 9 July.
The FIA Magazine has an article about the EMIR seg models (see link below, free), and summarises them here, I have my own views below on the hierarchy of models, but here's their summary:
Pushing exotic interest rate products through central counterparties is proving to be a tall order and could even endanger financial stability, industry participants have warned, as they wrestle with the complexity of clearing more bespoke over-th
Eurex have laid down an offer that any Member or Client who signs up by Dec 31st this year, then gets clearing largely free for two years.
In a tribute to an idea first raised on this very website on April 1st this year, the FSB has agreed:
An interesting move by ISDA - one for all Risk managers to get involved with, as the margin approach for non-cleared trades may (or will) have a massive impact.
Bovespa in Brasil have developed an approach to calculating margin which considers portfolio hedges and the timing of close-out to produce a model which more easily integrates multiple assets classes in clearing.
Frances Coppola argues that provision of banking for regular people on the high street is fundamentally broken, and must require government guarantees to survive, hence the implication that a government sponsored entity (GSE) to provide basic curr
ISDA produces its Market Analysis to correspond with the release of the Bank for International Settlement’s (BIS) semi-annual statistical release. The BIS’s most recent release covered the period ending December 31, 2012.
A really comprehensive paper by CME was published this month (June), which amongst others, emphasises the benefits of cross margining, saying that $1 billion in initial margin savings have been achieved. It also shows examples of savings achieved
Rehypothecation can be very bad and be the devil which cannot be controlled and can become a monster which can eat up every one.
On Tuesday 25th June, 2013, at 9am EST, I shall be hosting a webinar on the study "The Cost of Clearing: A Buy-Side Investiga
Following on from my blog post of Day 3, I wanted to provide an update of Week One and also take a longer view; the Year to Date.
For those of us that consume website updates using RSS and a reader client, there is only a short space of time before Google rips out the most useful product they offer (apart from search).
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