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Clearing

USD Swaps Market vs Futures Market Size

What is the biggest market in USD Rates? Are futures bigger than swaps? Are cash bonds even bigger? We build on important research from both CME and the CFTC to try to answer those questions. We look at Clarus data to measure the DV01 traded in both swaps and futures in long-end USD Rates. We […]

ISDA Response to ESMA and EC on Proposed Technical Standards on Brexit-related Novations

ISDA sent a letter to ESMA and the European Commission commenting on the proposed technical standards on Brexit-related novations. ISDA welcomes these standards that seek to give relief from the margining and clearing requirements to OTC derivative contracts that are transferred (novated) from a UK to an EU counterparty.  However, the fact that the relief is contingent on the event of a no-deal Brexit makes it operationally difficult for firms to enter into agreements to novate contracts.

Eurex clears first swap transaction for U.S. end clients

Eurex Clearing, one of the world’s leading central counterparties (CCP), has cleared its first swap transaction for end clients domiciled in the U.S. Citi is the first futures commission merchant (FCM) offering client swap clearing through Eurex Clearing. Eight fund companies have already joined Citi to take advantage of this service.

FIA-IIF-ISDA response to FSB CCP Equity DP

The International Swaps and Derivatives Association (ISDA), The Futures Industry Association (FIA) and the Institute of International Finance (IIF), collectively the Associations, represent the largest number of participants in national and global clearing, banking and financial markets. The Associations appreciate this opportunity to comment on the discussion paper “Financial resources to support CCP resolution and the treatment of CCP equity in resolution” (the discussion paper).

2018 CCP Market Share Statistics

In this article I look at 2018 CCP market share for OTC Derivatives in Credit, FX and Interest Rates, in the same format as I used for my 2017 CCP market share statistics article. Clarus CCPView has daily volume data published by each CCP, which is filtered, normalised and aggregated to allow meaningful comparison of market share statistics and I have […]

It’s All About the Risk

If you want proof that big changes have occurred in the derivatives market, look no further than our regular SwapsInfo trading statistics. The latest figures show that 88% of interest rate derivatives trading volume reported to US swap data repositories was cleared in 2018.

ISDA Publishes Best Practice Recommendations for CCPs

The International Swaps and Derivatives Association, Inc. (ISDA) has published a set of best practices for central counterparties (CCPs), aimed at ensuring greater consistency in risk practices at CCPs across the globe.

Corentine Poilvet-Clediere appointed Head of RepoClear and Collateral Management, LCH SA

Responsible for LCH SA’s euro-denominated debt and repo clearing business

RepoClear continues to grow and expand its service

LCH, a leading global clearing house, today announced that Corentine Poilvet-Clediere has been appointed Head of RepoClear and Collateral Management, LCH SA, effective immediately. Based in Paris, Corentine is responsible for LCH SA’s euro-denominated debt and repo clearing service, RepoClear, as well as the clearing house’s collateral management function.

ISDA Publishes Best Practice Recommendations for CCPs

ISDA has published a set of best practices for central counterparties (CCPs), aimed at ensuring greater consistency in risk practices at CCPs across the globe.

The recommendations follow a default at Nasdaq Clearing last September, which exceeded the defaulting member’s margin and default fund contribution and required the use of mutualized resources – the second such event in five years. The paper highlights steps that can be taken to minimize the potential for a member default to impact other members and the financial system as a whole, except in an extreme stress event.

CCP Best Practices

Welcome to 2019 - The OTC Space has been busy with other projects, but I couldn't miss passing on this one from ISDA. Does anyone else find it interesting that ISDA has taken on the role of reminding CCPs how to do their job properly?

I would think regulators themselves should be reminding CCPs of these sensible guidelines. Given the flood of clearing regulations, is there some doubt that CCPs can do their job?

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