In the crisis of 2008, known issues of timing and risk within settlement processes caused extreme stress across the industry and led to the failure of major institutions.
Not a small project - defining the products and product lifecycle of the entire OTC market
The new EMIR Regulatory Technical Standard will officially go into effect tomorrow, on the 1st November 2017. However, many Trade Repositories have implemented the new formats slightly earlier (see here).
In February 2007 HSBC gave the first warnings from a major global bank of oncoming sub-prime mortgage losses. In March of the following year, Bear Stearns collapsed. The following September Lehman Brothers failed. The financial sector would never be the same again.
Watch our latest videos on the collateral management landscape, covering five topics. Jenny Nilsson and I discuss regulation, market readiness, the FX rules and more.
Data quality as both a necessity and ideal is not unique to the capital markets, yet little has been written regarding techniques common in other disciplines that can be applied to our world, such as data collection, error/anomaly detection, and data cleansing.
The team here at The OTC Space are pleased to announce the availability of the downloadable PDF edition of Rocket 10 (in the attachments section below). Formatted in landscape to fit your computer or portable device screen, this edition contains inside information on what's happening in the industry. The PDF is attached below, and contains a great set of articles from previous and new authors.
The fine was reduced from £49m as ML responded quickly to the issue. It appears their EMIR reporting approach for ETD didn't actually work or go-live from the start of EMIR reporting on 12th Feb 2014 until nearly 2 years later. Ouch - Bill.
Bill: an 8 hour video - can someone watch it and tell me the highlights?
BNP Paribas Securities Services, the custody and fund administration arm of the French bank, has launched a tri-party collateral management service. In a market dominated for 20 years in Europe by Clearstream and Euroclear, and in the United States for even longer by BNY Mellon and J.P. Morgan Chase, it is bold move. So why make it?
Bill: I took a look at this first release on the CDM and took a while to let the ideas soak in.
For people familiar with the Murex platform, I believe this announcement now means you no longer have to install Murex on your own servers locally, you could run a derivatives business largely in the cloud.
There’s been a lot of recent focus on the impact of Brexit on the derivatives market. That’s no surprise.
An important paper on the allocation of a Unqiue Product Identifier to all OTC derivatives products. A foundation on which regulatory reporting and statistical analysis would be greatly improved.
Bill: The post below starts to tackle the tricky puzzle of breaking out the total IM for a portfolio into the contribution by particular products or desks.
An interesting viewpoint from staff at the Bank of England on the implications of margin on un-cleared portfolios and why achieving risk reduction benefits is all in the details.
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