April 2013

'News' Financial Stability Board | Progress Update 17 April 2013 | Bill Hodgson

The fifth progress report by the FSB is out, and shows a great deal of participation but a long way to go. The area of greatest activity is Trade Reporting, and in line with the recent IOSCO report have this warning:

'News' Bloomberg sues CFTC over derivatives rules - FT.com 16 April 2013 | Bill Hodgson

What's the difference if you take interest risk wrapped in a bond, a swap or a a future? BBG starts the process of exploring the sense in the CFTC deciding what's liquid in a default, and therefore how long the IM holding period should be.

'News' Omgeo expands ProtoColl | Regulatory Compliance 15 April 2013 | Maria Leontiou

Post-trade vendor specialist Omgeo has announced the expansion of ProtoColl, its collateral and margin management product, to cater for regulatory measures.

'News' Is this LIBORgate 2? | ISDAFix and ICAP 15 April 2013 | Jon Skinner

The Bloomberg article here and the FT article

'Articles' Swapfutures vs. swaps - buy-side views 15 April 2013 | Jon Skinner

Some comments from buy side firms and SEFs on the CFTC's and CCP's differential treatment of economically equivalent swaps and swapfutures are contained

'News' ISDA, IIF, AFME and SIFMA Blast Proposed Margin Rules 15 April 2013 | Bill Hodgson

A letter from the above four trade associations spells out the consequences on imposing Initial Margin requirements on un-clearable OTC products. The letter was sent to the Chairman of the BIS Stefan Ingves, Mark Carney at BoC, William Dudley at t

'News' Can pitfalls of Central Clearing be avoided? 15 April 2013 | Maria Leontiou

OTC clearing processes are officially up and running since March 11th for the US category 1 firms,  but at the same time operational risk fears build up as market participants strive to fine tune all parts of the clearing chain.

'News' ASX Default Rules Page 118 12 April 2013 | Bill Hodgson

It's Friday so I had to post something for the weekend. In the ASX default rules for futures, below is page 118, one of the easier ones to read, I like it's simplicity and clarity of purpose.

'News' Rearrange: Shutting Horse Door Stable After Repository Bolted Trade Access Data The 12 April 2013 | Bill Hodgson

Over at the BIS website is a new paper (here) from the CPSS / IOSCO committees on how they see access to data in Trade Repositories being handled, and mainly the purpose

'News' Is there a way to avoid regulatory arbitrage? 11 April 2013 | Maria Leontiou

Elisse Walter, Chairman of SEC, (profile here) spoke in Washington D.C, at the American Bar Association Spring Meeting and explained the reason why a middle ground shou

'News' Doctor Tina Speaks | Photo Bombing 11 April 2013 | Bill Hodgson

Dr Tina Hasenpusch of CME (profile here) was about to have her photo taken in Paris when three people got in the way.

'News' Deus Ex Macchiato » Today’s detention 11 April 2013 | Bill Hodgson

Follow DEM's link to the FT analysis of emails regarding the "optimisation" of regulatory capital with the JPMC CIO and the 'whale' trades. Deus Ex Macchiato » Today’s detention.

'News' 2013 Business Cards | The OTC Space 10 April 2013 | Bill Hodgson

For those that have met me in person you may have received one of my photo business cards, my next order is in progress, the new set are shown via the link below.

'News' Central Bank Survey | Optional Moves to CCPs 10 April 2013 | Ben Larah

According to a survey contained in RBS Reserve Management Trends 2013, published on April 8th (£250 per copy), 19 out of 50 central banks are co

'News' SwapClear Fee Structure Updated | Go Ultimate 10 April 2013 | Bill Hodgson

SwapClear have published their new fee schedule which remodels the service fees around amounts of trade activity. Above 30,000 trades per year will cost £2.25m, and levels beneath that provide smaller charges with a cap.

'News' KDPW OTC CCP | Membership Update 10 April 2013 | Bill Hodgson

News in from Poland regarding the KDPW CCP for IRS: Current membership:

'News' Mandatory Clearing: One Month In, What Does the Data Show? 09 April 2013 | Amir Khwaja

An analysis of trade activity data prior to and post the March 11th Dodd-Frank Act mandatory clearing deadline, published today on DerivSource.

'Articles' Getting Ready for Dodd-Frank: A Checklist for Non-Swap Dealers and Non-Major Swap Participants : The Swap Report 08 April 2013 | Bill Hodgson

Handy simple checklist for key milestones this year.