May 2013

'News' SwapClear to Comply with Dodd Frank this weekend | Real-time Registration Goes Live 14 May 2013 | Bill Hodgson

The new process for registration of trades to meet the CFTC 60 second rule is planned to go live this coming weekend (May 18th).

'News' UK vs US regulators on Libor | FT article 13 May 2013 | Maria Leontiou

A dual track system to pave the way for a new benchmark tied more closely to objective data? At least this is what Martin Wheatley, the UK regulator leading efforts to reform the London Interbank Offered Rate, has told the Financial Times.

'News' DTCC and Euroclear to Launch Joint Collateral Service | Business Wire 13 May 2013 | Bill Hodgson

Not unexpected but interesting, the DTCC project to automate the full end-to-end lifecycle of margin calls, the Margin Transit Utility, has gathered steam, with Euroclear intending to support the service, and therefore streamline the entire busine

'News' SEF rules vote on May 16th - FT.com 10 May 2013 | Bill Hodgson

The CFTC have said they (the commissioners) will vote on SEF rules on the 16th, which includes a minimum of two quotes rather than five for the first 12 months, then rising to three.

'News' Now Is a Horrible Time To Buy a Laptop 09 May 2013 | Bill Hodgson

If you need to run VaR on your laptop for fun, it will get easier this year... Now Is a Horrible Time To Buy a Laptop.  

'News' Harvard Law School | The Dodd-Frank Act’s Maginot Line: Clearinghouse Construction 09 May 2013 | Ben Larah

Earlier today, Mark J Roe published an abstract to his paper on clearing houses on the Harvard Law Blog (a link to which is 

'Articles' EMIR and Non Financials. A "love to hate" relationship.... 08 May 2013 | Maria Leontiou

A really good update by Herbert Smith Freehills LLP over at Lexology about EMIR and three areas of change that will mostly affect Non Financial counterparties and

'News' NYT criticizes Mary Jo White's ET rule - hasty? 06 May 2013 | Jon Skinner

The NY Times yesterday printed an article (subs.

'News' markit conference - the highlights 03 May 2013 | Amir Khwaja

Attended the annual markit customer conference in London today, titled Financial Markets Reform.

'News' Another CFTC lawsuit 03 May 2013 | Jon Skinner

Reuters noted that DTCC filed suit against CFTC over SDR reporting as previously threatened following

'News' SEC proposal: Has the ET common sense eagle landed in the US? 02 May 2013 | Jon Skinner

The SEC announced its ET proposal - the first rule-making since Mary Jo White took the helm.

'News' Which transaction based benchmarks might replace LIBOR? 02 May 2013 | Jon Skinner

The IOSCO panel is nearing a recommendation which looks set to push hard for transaction based benchmarks to replace those currently set by panels of dealers / banks.  Some press is here:

'News' US Treasury picks T-Bills index for FRN issuance 01 May 2013 | Jon Skinner

In its quarterly refunding announcement, the US Treasury announced it has selected a T-Bill based index to provide floating rates for its new FRN issuance program

April 2013

'Articles' InteDelta InSight on Specific Wrong-way Risk | InteDelta 30 April 2013 | Bill Hodgson

A briefing on avoiding the wrong correlation between your counterparty and your exposures.

'News' At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World (Hint: Not JPMorgan) | Zero Hedge 30 April 2013 | Bill Hodgson

Yet another news article scaring the pants off ordinary people by suggesting that Notional = Value, and that Collateral = Zero. It's a shame, the comments show how taken-in people are when the underlying facts aren't presented properly.

'News' 2013 Glossary of Financial Terms | Sapient Global Markets 30 April 2013 | Bill Hodgson

Stuck to find a definition of "altiplano" ? Look no further, 130+ pages of home grown definitions making you walk and talk like Jamie Dimon ;-)

'Articles' Bank of England | Financial Stability Paper No 20: Central counterparty loss-allocation rules 29 April 2013 | Bill Hodgson

A paper explaining how CCPs allocate losses to members in a default.

'Articles' Bank of England| Financial Stability Paper No 19: Central counterparties and their financial resources 29 April 2013 | Bill Hodgson

Interesting paper on how a CCP achieves protection.

'News' UniCredit to shun US derivatives trading - FT.com 28 April 2013 | Bill Hodgson

UniCredit, plus DBS in Singapore and Nordea in Sweden have all adopted a "don't trade with the US" approach to Dodd Frank. TJ Lim, Head of Capital Markets at UniCredit announced their strategy at the ISDA AGM last week.