Swap execution facilities (“SEFs”) could provide an invaluable platform for creative disruption in the derivatives market! The format needs some modification to give entrepreneurial innovation room to breathe. As all parts of the US financial services regulatory system undertake a review of the effectiveness and appropriateness of current regulation I shared my observations on implementing the Dodd-Frank rules for (“SEF”) with the Commodity Futures Trading Commission (“Commission”). I recommended that the Commission consider permanently establishing a “lighter touch” temporary registration which would include several meaningful modifications to its current Rules which if implemented will foster – or at least not discourage – marketplace innovation.
January shed some light on the European regulatory reporting timelines but provided a mixture of both relief and pressure.
Sebastian J A de-Ramon, William Francis and Qun Harris
The jump of $150bn at ForexClear is believed to be from the introduction of margining for FX products, a sudden enthusiam to clear them. Shanghai CCP are doing well with OTC rate swaps having added $306bn of notional. Both JSCC and LCH actively use compression methods to eliminate notional hence the drops above. All units in millions of USD, so 1000 below means 1 billion of USD.
How much is it worth paying to restore trust in banks and financial markets? Well, I suppose you first have to establish how much trust in those institutions was lost as a result of the 2008 financial crisis.
Both the business and popular press have spent a lot of time and ink recently covering what appears to be a never-ending set of random changes in the financial markets.
WIRED Money 2017 brings together the innovators, inventors and entrepreneurs defining the future of the finance industry: OTC Space Registered readers can access a 20% discount on registration.
America’s leading and premier risk and regulation Convention returns to the New York Hilton Midtown over four days: OTC Space registered readers can access a 15% discount code.
The effects of MiFID on the financial markets will be profound and impact almost all aspects of how the markets are managed. The distribution and consumption of research is no exception to this, with the new framework that is being finalised under investor protection causing many sleepless nights to those firms who are attempting to interpret this into pragmatic infrastructure. This directly affects banks as research producers, and asset managers or pension funds as research consumers.
1st of September highly likely to be the final cut-off for meeting OTC derivatives margin requirements. Samuel Riding, Editor, Regulation Asia
In January 2017, ESMA published its Final Report Review of the Regulatory and Implementing Technical Standards on reporting under Article 9 of EMIR, the implementation of which is scheduled for November 1, 2017; the deadline for backloading has be
Many firms need to create or modify ISDA CSA agreements to achieve compliance around the world with the Uncleared Margin Regulations (UMR). This survey will give you an insight into what other firms are doing to become compliant. We will reveal the results live at a webinar and explain the options for carrying out the repapering and implementing your agreements.
Following the 2008 Financial Crisis, multiple regional sets of regulations (EMIR, Dodd-Frank) mandated OTC markets migrate from bilateral to cleared processing. As rules were written and regulations in the U.S. and Eurozone have come into effect over the past 7 years, the Basel Committee on Banking Supervision threw a levered wrench into mandatory client clearing for FCMs which has lead us to a crossroad in derivative market clearing infrastructure.
Razor Risk will also provide high level demonstrations of their “off the shelf” solution that will sit between existing Market Risk and Front Office pricing tools so that the firm can maintain BAU processes whilst preparing for the Fundamental changes that BCBS 352 will require. The Webinar is targeted at all involved stakeholders, bringing together the major drivers behind Business Users (Risk Managers), Front Office Capital Consumers, FRTB Programme Managers and Technology Implementation Teams whether the firm is going for a Standardised Approach (SA) or a combination of SA and Internal Model Approvals (IMA).
The March 14, 2017 DerivSource article by Lynn Strongin Dodds focuses on the momentum behind the standardization and use of ISINs as the unique identifier for Swaps in MiFID II Trade Reporting, as well as the challenges that still remain, which ac
For the last 10 years financial services have been absorbing a relentless torrent of regulatory change that has, amongst other things, tested and changed operating models, demanded ever more detailed reporting and drained resources from and impeded other business improvement initiatives. This is especially hard for firms with international operations who have to comply across numerous business lines and multiple jurisdictions.
With three streams running throughout the day, including 'Fundamental Review of the Trading Book', 'Capital Management', and 'Credit Risk'. OTC Space registered readers can access a 15% discount on registration.
Rachel Wolcott’s March 3 Article in Thomson Reuters ACCELUS highlights the fact that firms who see the EU’s apparent leniency with smaller counterparties in complying with the March 1 Variation Margin deadline as an indication of future leniency s
The debate is slowly bubbling to the service and the realisation finally growing across investment banking that banks will not survive in rapidly changing capital markets unless they transform to meet the new regulatory landscape and accompanying business and market challenges. That might not be new in itself, but what is different now is the growing recognition that this can only be achieved by a change of culture within the banks, which will only succeed if it is driven across the organisation by strong leadership. And that leadership will have to embrace a technology transformation that drives costs down through the automation and simplification of creaky, complex and archaic IT systems, while also adding in the more sophisticated data management and analytic capabilities demanded by today’s circumstances.
The March 13, 2017 Thomson Reuters ACCELUS article by Rachel Woolcot entitled “Regulatory reporting gets regtech makeover; complexity and costs prompts firms to rethink approach” focuses on how technology companies are preparing a new generation o
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