Industry group considers changes to the standard cleared derivatives execution agreement, following concerns that dealers have the unilateral right to terminate rejected cleared trades
A combination of hard work, caution and some luck saw the industry through the second of the three US clearing deadlines on June 10. But while it was a triumph for many, it proved testing for some. ...
Some banks believe capital is - or will be - needed to support guarantees to clients
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More Joe Rennison articles
Regulators want capital and margin rules to encourage central clearing, but analysis suggests costs may currently be higher in the cleared world
Supervisors should ask dealers to prove they are favouring standardised products, says Fed official
US clearing rules do not exempt SPVs, but industry is split on whether other exemptions - for unclearable swaps - would apply
Small banks, big needs
Clearing – and present danger
FCMs do not have capacity to sign up all category 2 firms, market participants warn – and swap futures stand to benefit
Some client trades have not been cleared within 60 seconds
The days either side of the first US clearing deadline saw last-minute decisions by clients and regulators, operational niggles and some illegality. The industry expects breaches of the rules to get...
Firms that trade index and single-name CDSs will see margin requirements increase
Stop-gap margin solution would force most firms to post twice as much collateral as CCP members
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