Articles by Joe Rennison
US funds fear inability to clear amortising swaps
A prohibition on taking cross-border risk could force some category two participants to stop trading amortising swaps from June 10
Clearing chaos: US OTC industry braces for June deadline
Clearing – and present danger
Finance ministers warn US on extraterritoriality
Letter to US Treasury secretary says OTC rules should be applied within national borders only. Signatories include French, German, UK finance ministers
Op risk fears as OTC clearing gathers steam
The OTC market's complex new structure will lead to operational glitches, conference participants warn
Firms will be shut out of OTC market at June US clearing deadline
FCMs do not have capacity to sign up all category 2 firms, market participants warn – and swap futures stand to benefit
New clearing rules have already been broken, FCMs say
Some client trades have not been cleared within 60 seconds
Swaps vs futures: OTC market speaks out
Swaps vs futures: OTC market speaks out
Late nights and illegality – but start of clearing in US goes well
The days either side of the first US clearing deadline saw last-minute decisions by clients and regulators, operational niggles and some illegality
Futurisation debate shifts to block trading rules
Different block trading thresholds for economically equivalent swaps and futures could hand exchanges a decisive advantage in the ongoing futurisation fight. But some market participants argue the disparity is fair, as do some regulators. Joe Rennison…
Ice blames SEC as it drops single-name CDS clearing plans
Firms that trade index and single-name CDSs will see margin requirements increase
SEC's last-minute CDS margin fix sparks buy-side anger
Stop-gap margin solution would force most firms to post twice as much collateral as CCP members
SEC slammed for CDS cross-margin hurdle
CDS users face collateral hike because SEC rule means clearing members are not yet able to offer CDS cross-margining to their clients – but there are hopes of a last-minute exemption
Zombie firms are first Dodd-Frank major swap participants
Only registrants to date are MBIA and Cournot Financial Products – firms that have not traded derivatives since 2008
Bank capital models need more consistency: OCC's Pasch
Regulators planning follow-up to trading book study that revealed huge variation in modelled RWA numbers
CFTC's Gensler: Industry is ready for March 11 clearing deadline
Preparations are "running very smoothly" says CFTC chairman, ahead of first clearing deadline
US agencies "extremely focused" on Volcker rule, says Dept of Treasury
Overseer of Volcker rule work says five US agencies should produce a single rule – and are not planning to harmonise it with Europe's ring-fencing proposals
Brokers lift the lid on swaps-to-futures confusion at Ice
When swaps become futures
Barnier: US will implement Basel III
Europe's internal markets commissioner dismisses suggestions that US will retreat from new rules, but says "technical delays" are possible on both sides of the Atlantic
OTC market faces up to CCP-dependent pricing
Spot the differentials
Futurisation forces hundreds of traders to sit exams
Swaps-to-futures switch at Ice – plus hedge fund regulatory changes – behind threefold jump in numbers taking futures trading exam
MexDer: The Mexican swaps wave
The Mexican swaps wave
Derivatives trader 2.0: Sun is setting on old-school risk-takers
Traders of the lost art
OTC Derivatives Clearing Summit Europe: Lack of dealer involvement may hamper OTF move
A portion of the European derivatives market will eventually be required to trade on OTFs – but change will be hampered without bank involvement, panellists say
Bundle in the jungle: Cut-price OTC clearing threatens competition
Bundle in the jungle