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Latest on Derivatives
Jump: inside the secretive e-trading giant
Execs at the Chicago prop firm wish the whole world was a Clob, but as bilateral volumes rise, they’ve decided to go with the flow
More carrot, less stick in US Libor transition
Risk USA: US regulators take softer approach than UK counterparts
SGX to exit swaps clearing business
Decision will leave some contracts without a CCP from next April
Latest
Quotes
Anyone who says that as an industry we can novate all those positions from London to EU-based entities in time for go-live is wrong
Compliance director at a large US dealer
It’s idiotic. It’s absolutely insane. We get RFQs with 10-plus participants
Head of rates at one European bank
There is a chance that the reform of Euribor will be successful. In my view, in this case, contracts can continue referencing Euribor
Cornelia Holthausen, ECB
Editor's Choice
Day one of a no-deal Brexit: swaps and chaperones
Banks, trading platforms, repositories tee up EU entities – and dread the repapering crunch that would follow
Big Figure
Margins of error
Clearing house CME reported two margin breaches totalling $79 million in the first quarter of the year. The CME attributed the shortfalls to increased volatility, without identifying either the parties or the positions involved. The bigger of the two breaches, $47 million in size, was the largest since public disclosure began in 2015.
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Comment
Swaps data: OTC margin up; futures margin down
Swaps data: the big get bigger in cleared swaps
Our Take
How replication simplifies pricing of vol exotics
Let regulators manage no-deal risks