Standard messaging using FIX for SEFs, full story below.
John & Sally play a game of netting. John also nets with Susan and doesn't tell Sally, naughty John.
Nick Dunbar author of The Devil's Derivatives, and a recommended read, describes his own encounters with banking in Cyprus: click here
Thomas has been at Eurex for some time, and I worked for him on the launch of their CDS Clearing service.
Markit have launched their solution to managing trading limits in the new SEF based execution environment. There's no additional information to describe the solution unfortunately.
Interesting posts by Bill on SwapClear publishing daily settlement prices
The FT got to it quicker than me - the Bank of England has published their 2012 review of Payment Systems, including those of CCPs in the UK. The report mentions an IT failure at LCH, see box below.
An interesting analysis by the law firm Jones Day on the potential impact of the U.S.
On client clearing notional outstanding, Swapclear has so far outcleared CME in IRS so far by a factor of more than 4 fold ($4.62 trn vs. $1.01 trn as of March 13th). Note: CME client clearing will be less than $1.01trn to the extent of their dealer to dealer clearing volumes.
Too much information… |. Noah expounds on the state of the market, for anyone who hasn't visited his blog before, click on over for a legal view of the OTC world.
Until snow goes away everyone, enjoy a photo from Alonnisos island in Sporades.
ESMA moves to avoid CME rule 1001 in Europe, and will give the reporting party precedence in decided where to report their derivatives business.
Not literally referring to extra-large US citizens, the definition of "US Person" by the CFTC could cause many entities currently exempt from Dodd Frank, to get going and be part of it by June.
What do the hundreds of trillions mean and how can we compare this with other markets?
These past few days the media have all been about Cyprus' bailout plan.
TrueEx has registered as a designated contract market (distinct from a SEF) for interest rate swaps and has signed a clearing deal with CME for IRS clearing.
Earlier this week, LCH.Clearnet SwapClear started to publish daily settlement rates for key interbank/OIS swap rates in seventeen different currencies (see
Anyone else looked at the page below? I believe this shows you the closing prices at SwapClear, and hence the first time anyone has put out publicly data which tells you where the market (yield) is in these products.
If a non-European (or non-US) CCP doesn't apply for recognition under EMIR or Dodd Frank, banks in the EU or US may be blocked from being members of those CCPs. See article at Risk, subscription required.
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