With new regulations on central clearing, margining and collateral segregation coming into effect, the role of the custodian is arguably more important than ever. Custody Risk includes news, analysis and research on the latest industry developments.
Numbers compiled by Isda show huge drop - other sources claim smaller fall. Dealers say people "are tiptoeing their way in".
Market participants detect new mood on cross-border issues: "The two clearing regimes aren't really compatible, but neither side wants to start a shooting war"
Several Asian exchanges looking to set up similar deals to leaked ASX/CME proposal
Two companies say they have not been able to report to the DTCC's repository, and stopped trading swaps as a result
Review of overlooked sector follows £22.9 million penalty for overcharging customers
"We need a solution," says Esma spokesman
Emails to customers cite backlogs in rates and exchange-traded derivatives - users say repository has been "victim of its own success"
Second-quarter start date slated by the Japan-based clearing house
Finnish issuer expects to hand out 10,000 identifiers, but had only reached 1,166 last week - and the story is similar elsewhere
Regulators have agreed a solution in row over client asset segregation, according to five industry sources
Regulators have left industry to come up with Emir trade identifiers - a huge mistake, according to one corporate treasurer
SGX still the only Asian exchange with US regulatory approval
European proposal limits risk management tools to clearable swaps only, preventing options-based hedges
Number of legal entity identifiers is sitting at 83,337 – well short of the required total, which is estimated at anything from 100,000 to one million
Some clearing houses are pushing up margin requirements to address procyclicality concerns - but no change is planned at CME or Eurex
Market participants relying on regulatory forbearance, Isda chief executive tells legal conference
Unlikely that any Japan or Australia banks will follow suit
The FCA and EC diverge over whether certain forex derivatives are subject to mandatory reporting
First CNY interest rate swaps cleared in China
The trio join five other banks in offering to report clients' trades to a trade repository on their behalf
Cash collateral can only reduce derivatives exposure if it matches the currency of the underlying swap, threatening existing CSAs and even the new standard CSA
Funds cite inability to post non-cash variation margin as grounds for further relief
Industry sources have welcomed CFTC decision to extend no-action relief for its non-US swap dealer requirements and to consult on definitions
Current netting statutes only apply to clearing members and not the CCP itself