May 2013

'News' Safe and profitable markets? | FTSE Global Markets 21 May 2013 | Bill Hodgson

My next piece in FTSE GM - a bit of a rant but considerable truth in the reality of reforming the capital markets.  Are we really any safer? Will the markets be profitable? Do we need more Trade Repositories? Answers just a click away.

'News' EMIR developments | Round up 21 May 2013 | Maria Leontiou

RTS defining contracts with ‘direct, substantial and foreseeable effect’

'News' CFTC Commissioners Expiry Dates | Not a Job For Life 20 May 2013 | Bill Hodgson

Being a limey I forgot to think that the 5 CFTC commissioners don't stay in their jobs for life, here's when they are due to either retire, or be extended:

'Events' O'Malia speech - useful synopsis of what's not yet regulated 20 May 2013 | Jon Skinner

A way through the fog of CFTC Title VII final rules, exemptive orders and no action letters is offered by Commissioner O'Malia's speech to Energy Risk 2013.

'News' The echo of CFTC’s approval on Final SEF Rules 17 May 2013 | Maria Leontiou

Yesterday, the CFTC met to vote on final rules for swap execution facilities (SEFs).

'News' SEC advise EC and ESMA to consult on EMIR equivalency 16 May 2013 | Maria Leontiou

"European authorities should consult on their approach to determining whether foreign derivatives regimes are equivalent to the European Market Infrastructure Regulation (EMIR) because these decisions have the power to break up the over-the-

'News' First FCM completes production testing with CreditLink | Market Infrastructure 15 May 2013 | Maria Leontiou

Things are moving fast in US and the first FCM has completed its production testing with CreditLink.

'News' Allen & Overy on EMIR 15 May 2013 | Maria Leontiou

Allen & Overy published a short summary of EMIR key points and make some noteworthy comments.

'News' OTC Derivatives, Bilateral Trading and Central Clearing | David Murphy | Palgrave Macmillan 15 May 2013 | Bill Hodgson

On the 26th of July, open your wallet for the next book with a chapter by myself on the mechanics of clearing, plus a whole lot from David Murphy too.

'News' Clarus Financial Technology Launches SDR View 14 May 2013 | Amir Khwaja

London, May 14, 2013Clarus Financial Technology today announced the release of SDR View, its Swaps Data Repository viewer application. This is publicly available at

'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.