Clearing
Risk USA: Margin for OTC products is too high, says Pimco's De Leon
New rules would see OTC markets over-margined, while futures may be under-margined - and there could be systemic implications
CDS market faces iTraxx clearing obstacle
Restructuring credit events would cause non-clearable contracts to spin out of cleared index trades
Going vertical: Dealers mimic futures exchanges
Vertical rush
Clearing members fear $5 billion intra-day funding burden
The intra-day funding burden
Banks look for tech solution to collateral crunch
Crunch solutions
KDPW_CCP: Trying to find a niche in OTC clearing
Finding a niche
OTC Derivatives Clearing Summit Europe: Corporates could be source of eligible assets for clearing
Cash-rich corporates could replace capital-constrained dealers as providers of collateral transformation services, according to one asset manager
OTC Derivatives Clearing Summit Europe: EU clearing mandates unlikely before August 2013
The first clearing mandates are unlikely to be in place in Europe before August 2013, says Bank of England’s head of payments and infrastructure division
Rule changes make it harder for small firms to use CCPs - Risk.net poll
Esma's decision to make indirect clearing an optional service could leave smaller firms without clearing access, according to a poll of Risk.net readers
CFTC’s clearing timeline prompts backloading "meltdown"
A re-reading of the CFTC's phase-in rules for central clearing is prompting alarm among buy- and sell-side firms
Lack of critical mass in biomass
A lack of critical mass
Indirect clearing: The capital conundrum
Draft European Securities and Markets Authority rules on indirect clearing caused uproar when they appeared in June. The regulator removed the most controversial elements in its final text, but dealers are still in the dark about the capital treatment…
Standard docs may not prevent clearing contract crunch
Preventing a clearing contract crunch
Client clearing: Soaring volumes disguise scary workload
Not clear yet
Gazprom Marketing & Trading: Powering up for clearing
Powering up for clearing
Final Esma clearing rules too rigid, CCPs say
Regulator has not given clearing houses enough freedom to calculate margin requirements, critics say - and Europe's CCPs may have to charge more for futures than their US rivals
Energy Risk Europe: EC official questions energy industry estimates of clearing costs
Industry estimates of clearing costs met with scepticism
Indirect clearing to be overhauled in final Esma rules
Indirect clearing will not be compulsory, sources say – and a controversial 30-day guarantee for indirect clients will also be removed
CME’s new swap future uses Goldman Sachs patent
Licensing agreement could be worth up to 20% of revenues from patented contract, and is seen as an attempt by Goldman Sachs to hedge its bets as new rules threaten OTC market profits
Esma sidelined consultative group during rule-writing
Industry group was not convened as Esma drew up draft clearing rules
Unclear on clearing in Germany
Unclear on clearing
Regulation to hit bank profitability - Risk survey
Dealers expect new rules to hit the profitability of their business, but fewer expect to be able to pass the costs along – and more are anticipating a big drop in OTC trading volumes