Infrastructure
Isda – understanding the impact of Emir/Dodd-Frank protocols on Asia
Europe and the US have launched a number of initiatives as part of their drive to regulate the OTC derivatives markets. Jacqueline Low from the International Swaps and Derivatives Association explains how the organisation has responded with a series of…
Standardisation needed in Sef reporting conventions
Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity
Timing tension – Europe clearing deadline set to slip
Mandatory clearing in Europe is widely expected to start from next year, but the complex authorisation process, combined with the variety of collateral segregation models, means the start date for some clients could be much later. Tom Osborn reports
Risk USA: Few options to manage CCP exposure, says RBS chief credit officer
Senior executives at RBS have weighed up the bank's potential exposure to CCPs
Start of EU clearing mandate could drag into 2015
Nick Sawyer, editor-in-chief of Risk, and Risk staff writer Tom Osborn discuss the timeline for clearing in Europe, and the tensions this could create with other regulators
CCP frontloading: the pricing nightmare
The pricing nightmare
Asia OTC markets at risk from lack of global CCP framework
HKMA concerned over the development of cross-border equivalence regulation
Asic hopeful of receiving substituted compliance from CFTC
Australian securities regulator positive about receiving US approval for the domestic regulatory regime
Corep and Finrep: data overload?
The start of Europe’s new risk reporting regime was delayed by the drawn-out legislative debate on CRD IV, but that hasn’t given the industry much more time to prepare. Technical detail was published in July, just five months ahead of the 2014 start date…
Leverage and CCP capital proposals will hurt clearing – Risk.net poll
Four fifths of respondents to a new Risk.net poll think proposed changes to the leverage ratio and CCP capital rules will make it uneconomical to become a clearing member
Sefs, shutdowns and no-action confusion
The new Sef trading regime came into force on October 2, but a flurry of last-minute no-action letters has left platforms confused – and there is no one at the CFTC to answer their questions. Peter Madigan reports
Hong Kong lags on Esma equivalence
Esma unable to grant equivalence on Hong Kong's OTC clearing regime as framework is not yet in place
No plans to change haircuts on US Treasury collateral, CME says
CME Group has no plans to alter haircuts on US Treasury bills, despite some concern that politicians will fail to avert a US default on October 17
Lack of Esma clarity delays progress on FX trade reporting
Questions raised by Isda concerning trade reporting workflows have not yet been answered, delaying preparations for the start of mandatory trade reporting early next year
JSE's rand swap clearing hopes in the balance
Local dealers believe domestic clearing would bifurcate derivatives netting sets
An evaluation of interest rate risk tools and the future of asset/liability management
Sponsored statement: Moody's Analytics
Clearing: Third time lucky
The third US clearing deadline caused relatively little fuss. But the problems that emerged ahead of the first two deadlines haven’t entirely been solved, and some firms sought to postpone their first cleared transactions. Joe Rennison reports
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
CFTC relief welcomed but concerns remain as Sef rules begin
A string of no-action relief letters issued ahead of today's deadline have been welcomed, but some participants believe they still don't go far enough
Sefs: Ready or not, here they come
Ready or not, here they come
ECB’s Russo: indirect clearing model needs work
Clarification call on capital charges that apply to indirect clearing
Sef execution agreement requirement angers buy side
Buy-side firms complain about the documentation burden ahead of the October 2 Sef deadline
Industry forced to rethink reporting after Esma rejects GFMA proposal
Forex participants must reconsider their approach to dual reporting under Emir, after Esma rejects industry proposal
Gensler not ruling out targeted Sef relief
CFTC chairman recognises difficulty in meeting October 2 Sef deadline, but says platforms need to be targeted in requests