Clearing
Risk waterfall at CME, Ice makes porting harder, dealers say
The need to provide portability could pressure CCPs to lean more heavily on initial margin than default funds to absorb losses
Six Securities Services names Wieland as clearing chief
Urs Wieland has been named CEO of Six Securities Services
Ignoring the perils of portability
The perils of portability
The product no-one wants to sell: portability held up by lack of rules
Under-the-counter derivatives
Launch of interoperability not perfect
Interoperability has launched in cash equities with a system that is good, but not perfect
Lamb discusses CME Clearing Europe's goals
A clear goal
EC's CRD IV says dealers can ignore portability risks
While Basel Committee deliberates, EC proposes 'value of zero' for contingent risks associated with clearing portability
CFTC defends clearing membership capital requirement
Commissioners argue open access is necessary, but might consider raising the $50 million minimum for CCP membership at the end of the consultation period
Buy-side firms call for greater margin security
US FCM omnibus model needs to be strengthened for OTC derivatives, say buy-side participants at a CFTC round table
Half of interest rate swaps now being cleared, says Isda
$601 trillion notional OTC figure reduced to $0.9 trillion gross value after netting, collateral
Firms face heightened op risk while implementing US CCP rules
Through a glass darkly
Isda AGM: CCPs 'thinly capitalised' warns UniCredit's Mustier
In addition to margin requirements, UniCredit's head of corporate and investment banking argues clearing houses might need more capital
Latest ODSG letter shows dealer aims weakened by Dodd-Frank Act
Dealers say they have little appetite for voluntary change when facing big mandatory reforms
Special report – Weighing up Dodd-Frank
What Dodd-Frank means to us: industry participants
Algorithmic trading in energy
The hare and the tortoise
EU Council questions Esma’s power to determine clearing eligibility
Legal precedent suggests European Commission might have to determine which contracts should be cleared under new derivatives rules, rather than Esma as originally planned
LCH.Clearnet confirms FX options clearing for 2011
Annual results confirm significant investment in developing clearing services for FX options
CFTC urged to raise bar for CCP stress tests
Market participants say CFTC proposals should be more detailed, more prescriptive
BoJ’s Miyao pledges continuity of settlements system during planned blackouts
Bank of Japan Policy Board member Ryuzo Miyao says in-house power generation at central bank branches would support settlements systems ahead of planned power shortages
BNP Paribas awarded third-party clearing waiver by SFC; predicts tectonic shift in clearing practices
BNP Paribas Securities Services has secured a waiver from the SFC, which could mark a turning point for the outsourcing of clearing services in Hong Kong
Draft European clearing rules threaten Eurex business model
Analysts warn Council of the European Union proposals could hurt trading revenues at Eurex, as its owner, Deutsche Börse, pursues merger talks with NYSE Euronext
European Parliament has neglected FX exemption question, says UK MEP
Kay Swinburne criticises colleagues in the European Parliament for failing to tackle the question of whether forex contracts need to be subjected to new clearing and reporting requirements
Spotlight on: Jeremy Hill, Royal Bank of Scotland
FX Week speaks to Jeremy Hill, head of FX and money market operations at RBS in London