Clearing
Energy firms find Emir thresholds too close for comfort
The European Market Infrastructure Regulation will force non-financial counterparties to clear trades in over-the-counter derivatives once they reach a set of notional thresholds. And despite their original expectations, many energy companies could be…
Hubs will not fix clearing certainty issue, critics claim
Rival services from Markit and Traiana are gaining support, but detractors claim the hubs could be made redundant by CCP credit checks
Cross-margining at CME slowed by practical challenges
Only two FCMs are currently offering margin offsets between interest rate swaps and futures at CME
CME vs LCH.Clearnet: Clients may face CCP-specific pricing, warn FCMs
The two biggest clearing houses for interest rate swaps, CME and LCH.Clearnet, have different margin models – which may affect the prices charged to clients by clearing members. It could also affect the contest between the two venues. Joe Rennison reports
Emir flaws could see futures reporting delayed till 2015
Esma acknowledges industry concerns over delegated reporting provisions and confirms it is considering a one-year delay
Simple, but sensitive: challenges face standard uncleared margin model
Simple, but sensitive
Trade rejections spark clearing document rethink
Industry group considers changes to the standard cleared derivatives execution agreement, following concerns that dealers have the unilateral right to terminate rejected cleared trades
Dealers ask Esma to bless Lsoc-based clearing
Industry wants to know whether an approach based on US standards will meet European requirements
All aboard: The trials and triumphs of the June 10 clearing deadline
A combination of hard work, caution and some luck saw the industry through the second of the three US clearing deadlines on June 10. But while it was a triumph for many, it proved testing for some. Joe Rennison reports
CME finalising plans for swaptions clearing
Swaptions said to have passed CME’s risk committee, and may now be included in CME Clearing Europe’s application to Esma for reauthorisation
Quant Congress Europe: BM&F Bovespa uses close-out model to cut margin
Netting and optimal execution effects may help other CCPs reduce margin requirements, says NYU maths professor Marco Avellaneda
OTC volumes shrink as category two clearing begins in US
Clearing volumes dip as hundreds of new firms are caught by US clearing rules, but activity rebounded on June 11
Fails could jump as category two clearing starts in US, FCMs warn
Hundreds more firms will be required to start clearing in the US today, and FCMs are warning there could be an increase in rejected trades as a result
OTC Derivatives Clearing Summit: Clearing incentives "are not there" - Goldman's Frankel
Regulators want capital and margin rules to encourage central clearing, but analysis suggests costs may currently be higher in the cleared world
Into the unknown: Risk OTC client clearing survey
Into the unknown
US securitisation groups seek clarity on June 10 clearing deadline
US clearing rules do not exempt SPVs, but industry is split on whether other exemptions - for unclearable swaps - would apply
The end of the waterfall: Industry faces up to CCP recovery and resolution
The end of the waterfall
Small banks search for FCMs as June 10 deadline looms
Small banks, big needs
Custody Risk June 2013
Editor's comment - piecing it all together
Eurex warns limiting CCP recovery plans could be "very dangerous"
Clearing houses need flexibility to determine correct course of action, says head of risk at Eurex Clearing