Infrastructure
Sefs questioned on plans for erroneous trades
Swap execution facilities have been rushing to meet an October 2 deadline for registration, but more thought is needed on how platforms will deal with trade failures, say conference participants
Swap futures start-up needs dealer support, says buy side
New London-based platform has buy-side fans, but no publicly declared backing from market-makers
Non-US platforms shun US banks over Sef rules headache
Isda conference in New York hears some trading platforms outside the US are turning away US persons to avoid registering as a Sef
Resolution planning leaves banks facing subsidiary dilemma
Time management
The CCP price: users fear modelling mishaps
The CCP price
European CCP rules stricter than US, says Eurex Clearing chief
Thomas Book, chief executive of Eurex Clearing, says it remains to be seen whether the standards for central counterparties set in Europe will be matched around the globe
Clearing certainty: Hubs hit heavy weather
Unclear over clearing hubs
The slow growth of cross-product margining
The slow growth of cross-product margining
CCP regulation needs to be regional, not national: SGX
SGX head of clearing risk urges greater cooperation among region's regulators
Upfront on clearing
Sponsored forum: OTC derivatives clearing
Single-name CDS clearing held up by fears over SEC regime
Temporary rules for portfolio margining by clients are set to expire in December. Hedge funds say they will stay on the sidelines until they know what happens next
CME default fund contributions likely to rise following CFTC move
A change in CFTC rules could lead to clearing members having to increase default fund contributions at CME and other US CCPs
Why CCPs are the new rating agencies – and pose the same risks
A clear alternative?
Risk Australia: Clearing broker collateral replacement mechanisms could put asset managers in breach of client mandates
Third-party collateral requirements not acknowledged in current standard clearing broker contracts
CPSS, Iosco and FSB publish reports on FMIs
CPSS and Iosco says member states are making ‘substantial progress’ towards establishing their principles for financial market infrastructures
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
Awaiting the arrival of the 'meta' platform
Platforms on parade
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
CME confronts swap future tax fears
Some users of the CME contract have avoided taking delivery of an OTC swap over fears it would be taxed as a loan
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