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Clearing

CPMI-IOSCO Quantitative Disclosures 4Q 2018

Clearing Houses 4Q 2018 CPMI-IOSCO Quantitative Disclosures are now available, so lets look at what the data shows, similar to my CCP Disclosures 3Q 2018 article. Summary: IM for CDS Clearing shows the highest growth, up 27% YoY IM for IRS and ETD both with decent growth, 9% and 13% YoY Most clearing services with higher IM, a […]

CCP Clearing’s Expansion in the Asia-Pacific Region

The path to central clearing in Asia has been slow and uneven. The four major exchanges in Australia, Japan, Hong Kong and Singapore are much farther along the road than other regional exchanges – yet they are all moving at their own pace and it is unlikely that the other countries will catch up anytime soon. Lynn Strongin Dodds reports.

CCP Recovery and resolution: Incentives Analysis

The International Swaps and Derivatives Association (ISDA), The Futures Industry Association (FIA) and the Institute of International Finance (IIF and, together with ISDA and FIA, the Associations) represent the largest number of participants in national and global clearing, banking and financial markets. This incentive analysis is following the Associations’ response to the FSB discussion paper “Financial resources to support CCP resolution and the treatment of CCP equity in resolution” (the discussion paper).

Intercontinental Exchange Extends Global Product Licensing Agreement with Eris Innovation

Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that it has extended its global product licensing agreement with Eris Innovations, an intellectual property licensing company that partners with global exchanges to design futures products based on its patented Eris Methodology.

FIA Warns of Increased Market Fragmentation Caused by Regulation

FIA President and CEO Walt Lukken today released a white paper that expresses FIA’s concerns about increased fragmentation of the global listed and cleared derivatives markets due to inconsistent and duplicative regulatory frameworks. Further, the paper urges regulators to embrace the principles of reliance and regulatory cooperation and makes recommendations on how to avoid increased fragmentation in the regulation of cross-border activity in the global derivatives markets.

LCH Expands Non-deliverable Interest Rate Swaps Offering

  • Brazilian Real, Chilean Peso, Colombian Peso, Taiwan Dollar, and Thai Baht-denominated non-deliverable interest rate swaps now being cleared at LCH
  • Bank of America Merrill Lynch, J.P. Morgan, and Standard Chartered among first participants to clear the new products
  • Members and clients have cleared all five currencies at launch
  • SwapClear now offers clearing for derivatives across 26 currencies

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).

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