A lack of critical mass
Draft European Securities and Markets Authority rules on indirect clearing caused uproar when they appeared in June. The regulator removed the most controversial elements in its final text, but dealers are still in the dark about the capital treatment...
Preventing a clearing contract crunch
Not clear yet
Powering up for clearing
Regulator has not given clearing houses enough freedom to calculate margin requirements, critics say - and Europe's CCPs may have to charge more for futures than their US rivals
Industry estimates of clearing costs met with scepticism
Auto-collateralization as a liquidity-saving mechanism - (In)efficient investment in financial market infrastructure - Estimating the intraday liquidity risk of financial institutions - Is collateral becoming scarce?
Indirect clearing will not be compulsory, sources say – and a controversial 30-day guarantee for indirect clients will also be removed
Licensing agreement could be worth up to 20% of revenues from patented contract, and is seen as an attempt by Goldman Sachs to hedge its bets as new rules threaten OTC market profits
Industry group was not convened as Esma drew up draft clearing rules
Unclear on clearing
Dealers expect new rules to hit the profitability of their business, but fewer expect to be able to pass the costs along – and more are anticipating a big drop in OTC trading volumes
Eurex is latest clearing house to enter Asian market
Clearing members would be forced to guarantee trades executed by their clients' clients - on terms the member firms have not agreed
Proposals to require derivatives users to post initial margin on uncleared trades will cause many end-users to stop using derivatives, say a majority of survey respondents
In the balance?
International regulators and central banks trying to avoid "nightmare" of fragmented clearing system
Singapore becomes the first exchange in Asia to implement Iosco principles
Taking on the Street
'Fair and unconflicted' but under pressure