Articles by Robert Mackenzie Smith
Banks save €3.5bn in swaptions compression drive
Capitalab removes €1.3 trillion notional, cutting capital requirements
CME set to launch swaptions clearing in Q2
Uncleared margin rules the driver; may also impact CME-LCH basis
Freddie Mac reviews $600bn hedge book as losses mount
Swap spread inversion contributed to derivatives losses of $2.7 billion in 2015
AllianceBernstein credit aggregator tackles bond illiquidity
Internal liquidity aggregator helps cut credit trading costs
Dealer algos strike back in swaps market showdown
Auto-quoting starting to take root as incumbents try to keep pace with Citadel
CFTC proposal to expand swap data reporting criticised
Increasing the number of reporting fields ‘doesn’t necessarily add a ton of value’, market participants argue
Non-banks push direct liquidity streams in US Treasuries
Dealers could save millions in broker fees and transaction costs, non-banks claim
Barclays ousts head of rates trading
Yarian out after UK bank announces major shake-up of global investment banking operations
Interview: Zar Amrolia on liquidity provision
Former co-head of Ficc at Deutsche Bank believes non-banks will become essential source of liquidity for banks
Aggregators accuse Sefs of unfair pricing
Bloomberg and Tradeweb charge 'unreasonable’ connectivity fees, two platforms claim
Treasury repos may hit 20bp under DTCC liquidity plan
Repo CCP's committed liquidity facility could force price hike
Banks eye Traiana for EM forex netting service
Industry turns to utility as CLS emerging markets push stalls
Fears mount over CCP client porting
Shrinking pool of FCMs could undermine efforts to port client positions in a default
All-to-all liquidity 'is not the panacea' – FIA panel
New trading venues seen as an alternative to dealer liquidity in OTC markets
US Treasury calls for more transparency in cash markets
Officials seek better data "to understand the dynamics of these markets"
Massad: more fines on the way for swap reporting violations
CFTC chairman takes aim at banks falling foul of swap reporting requirements
Lack of average pricing holding back Clobs, says buy side
Sefs, FCMs and CCPs not interested in finding a solution, however
CFTC parks Sef name give-up issue
"For the time being, we're not taking any action," says Massad
Sefs brand market abuse enforcement role ‘a non-starter’
CFTC signals softening on position limits monitoring, however
BoE questions unfunded CCP default fund top-ups
Funds would have to be replenished during period of stress
Credit Suisse dismisses talk of clearing retreat
Biggest US swaps FCM has cut commodities presence and plans "no further strategic changes"
FSOC in 'no rush' to regulate HFTs
More work to be done in understanding market structure changes, says Pinschmidt
SEC's White urges rules rethink for US Treasury venues
Current regime gives platforms easier ride on transparency
Chicago Fed official calls out CFTC, SEC over HFT regulation
“You cannot have 80% of the market being just HFT,” says Ranjan