Clearing certainty: Hubs hit heavy weather

Unclear over clearing hubs


With just over a month until swap execution facilities (Sefs) can open for business in the US, it’s still not clear how users will know – at the point of execution – that their trades will be within the risk limits set by a futures commission merchant (FCM) and a central counterparty (CCP), and will therefore be accepted for clearing. Markit and Traiana claim to have the answer – both are launching new, centralised credit-checking facilities – and can point to public support from Sefs and FCMs

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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