SEF

Compressions by ISDA: New entrants, new products and big results

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ISDA's most recent research paper (attached below) provides evidence of the increased activity in compressions, particularly those to reduce the number of interest rate swaps. BIS attributes to compressions the 10% reduction in IRS notionals in the second half of 2014. According to ISDA, the incentive to reduce capital requirements under Basel combined with the new technology solutions, are the main drivers of the increased activity.

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Trade Counts by SEF

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As SEFs compete for volume, the number of swaps processed is one metric to monitor growth on the platforms.  This competitive analysis displays where market participants are transacting and in what size. 

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Weekly Roundup | 6th July 2014

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ICAP’s i-Swap platform sets new US Dollar interest rate swap volume record in June

http://t.co/LdXaDBMoqi

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Weekly Roundup | Regulation & Trading | 16 April 2014

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European Regulation

To Delegate, or Not to Delegate?

Q1 2014 has been an extremely eventful time for Europe, not least in terms of regulatory compliance. Finextra: To Delegate, or Not to Delegate?

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SEF MAT weeks 4 and 5 | US reportable IRS fixed float volumes

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A brief update - SEF MAT weeks 4 and 5 numbers show fixed float IRS fairly stable.  Using any one week to form conclusions is questionable.  A March weekly average compared with January weekly average shows the downward trend of US reportable EUR and GBP and the stubborn refusal of USD to shift proportionately on SEF consistent with my prior posts.  Also we can start to compare swapfutures vs IMM/MAC swaps volume - courtesy of Amir's helpful post - so far there's a real race it would seem.

What do the Numbers Say

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CFTC guidance on SEF access may be a game changer for OTC market infrastructure

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A number of significant trends have been in place since the Lehman insolvency and the G20 Leaders summit at Pittsburgh in September 2009. The G20 'commitments' to reform the OTC derivatives market have been made real via the Dodd Frank and EMIR regulatory reforms. These regulatory mandates have spelled out significant changes to the market model and the associated market infrastructure.

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Weekly Roundup | Regulation & Trading | 18 March 2014

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European Regulation

Attached Document (see below)

SwapClear - Customer Protection - Your Options Under EMIR.

 

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Weekly Roundup | Trading & Post-Trade Processing | 10 March 2014

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Trading

SEF Trading: Volumes Find Balance in Week 2

Following a precipitous drop in Week 1 of mandatory trading, rate swap volumes on SEFs rebounded in Week 2. Meanwhile, evidence suggests investors increasingly are testing the swap futures waters. Tabb Forum: SEF Trading: Volumes Find Balance in Week 2.

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