Infrastructure
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
Sefs find liquidity comes at a cost
Banks have been reluctant to pick winners and losers from the array of new derivatives trading platforms being set up, but with Citi and Morgan Stanley taking equity stakes in two venues at the end of last year, it looks like some dealers are finally…
CFTC: O'Malia on a mission to fix Dodd-Frank flaws
With the end of the agency's marathon Dodd-Frank Act rulemaking in sight, CFTC commissioner Scott O'Malia wants to go back and fix what he sees as mistakes. By Peter Madigan
Sefs: Dead on arrival?
Bloomberg is threatening to sue the US Commodity Futures Trading Commission over uneven margin rules that it fears will drive the market away from swaps and into new futures contracts. Peter Madigan reports
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…
Swap regulations hold key to future of OTC algorithmic trading
The arrival of central limit order books in the interest rate swap market has opened the door to algorithmic trading – but only a little. Its future depends on how the over-the-counter market evolves. By Peter Madigan
JSCC to start client clearing by March 2014
Japan’s over-the-counter derivatives clearing house will soon allow member banks to offer client clearing and it also plans to merge with another domestic clearing house, according to a senior official.
Ice blames SEC as it drops single-name CDS clearing plans
Firms that trade index and single-name CDSs will see margin requirements increase
Risk & Return Cape Town: Treasury official calls for clarity on CCP equivalence
Lack of clarity on CCP equivalency leaves South African rules in limbo, says National Treasury's Natalie Labuschagne
Extraterritorial clash continues for clearing houses
While the Group of 20 nations want to see progress with financial regulatory reforms, individual authorities around the world are reluctant to relinquish domestic sovereignty over standards for central counterparties. Luke Clancy reports
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
White paper: How the right trade modelling platform can enhance performance and reduce risk
The success of a trading company's value chain relies heavily on modelling platforms that can perform an array of tasks such as developing forward curves and calculating risk sensitivities effectively. As a result, these models need to provide a set of…
Newedge to offer OTC clearing in Asia
Broker seeks to broaden its Asia offering by adding OTC IRS clearing in Singapore
CFTC's Gensler: Industry is ready for March 11 clearing deadline
Preparations are "running very smoothly" says CFTC chairman, ahead of first clearing deadline
Special report: Collateral
The changing regulatory climate has transformed collateral management from a necessary if unglamorous part of the back office to a fundamental strand of firms’ risk management requirements
Rise in CCPs may spur collateral fragmentation
Currency controls
Central clearing obligations cause collateral headaches in Asia
Collateral thinking
New clearing world
Sponsored Q&A: Eurex Clearing
ASX to use cross-margining efficiencies in battle for Australia clearing market
Australian domestic clearing house hoping to use lower margin costs as a means to win market share
NDF traders face up to Sef reality
Non-deliverable forwards are likely to be mandated to be traded on swap execution facilities before any other foreign exchange products, but are traders ready?