Clearing

Cross Margining at Eurex Clearing | An Explanation | Part 1 of 3

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This is part one of three parts, a long article with my explanation of how the Eurex cross-margin solution has been built, how it operates and how this can benefit members of Eurex Clear. Part 2 will cover margin modelling and combining OTC and ETD products in a single margin model along with hedge ratios and practical considerations. Part 3 will contain estimates of the benefits and next steps.  Eurex and I are always keen to hear feedback on these articles, and the underlying issues - please make contact via the comments, or direct via my profile on the site.

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Who's Picking up the Tab? | CCP Investment & Operating Costs

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A recent Risk Magazine article describes an alarming piece of legislation came into force last month.

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EMIR : A Progress Report

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The problem is that the rules jump straight to the solution rather than defining success criteria for reducing systemic risk in the global capital markets.

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The Indirect Costs of Central Clearing

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The all-in cost of participating in the OTC derivatives market is about to go up sharply – either through central clearing, or as a result of the new BIS (Bank for International Settlements) margin requirements for non-cleared derivatives, effective from December 2015

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CCP Feature Comparison Matrix | SIFMA AMF

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I am quite swamped these days trying to gather all sorts of data on CCPs and their offerings and to my surprise I came across this pretty useful matrix in XLS format, a comparison analysis actually, on this page on the SIFMA site under the heading "Central Clearing Counterparty (CCP) Matrix" . It is supposed to be a tool for asset managers but I would say it can prove very helpful to all Buy - Siders. 

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First USD IRS Trade Cleared at Eurex

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News Flash: Eurex clears our first USD IRS and also becomes the second largest OTC CCP in Europe.

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Ten (10) Tips to understand credit risk to Central Counterparties (CCPs)

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HanMag Securities recent default has shown that clearing can mitigate credit risk, but is not perfect. Managing and valuing credit risk to Central Counterparties (CCPs) is a must, particularly with new regulations. This article lists 10 checking points to analyse credit risk to CCPs.

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Eurex Clearing prolongs deadline for fee waiver application | Get it While it Lasts

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Not surprisingly, Eurex Clearing has extended the date for the fee waiver application to 30 May .

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OTC equivalency: A regulatory tug-of-war?

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On 1 September, ESMA issued its advice to the Commission on declaring countries outside the EU to be equivalent under EMIR.  The good news is that at long last we should have some certainty on what approach to expect.  The bad news: we are in for years of frustration as practitioners attempt to nit-pick their way through the new cross-border requirements.

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