Financial Market Infrastructures (FMIs)
Clearing houses fear being classified as Dora third parties
As 2025 deadline looms, CCP and exchange members seek risk information that’s usually deemed confidential
Top 10 operational risks for 2024
The biggest op risks for the year ahead, as chosen by senior industry practitioners
Why cyber hack leaves EquiLend down but not out
Users turned to alternative securities lending platforms, but that may not mean lost market share
EquiLend cyber hack exposes trade reporting dependence
Ransomware attack at securities lending platform disrupts regulatory compliance
Geopolitics is harsh terrain for FMIs
Idiosyncratic nature of disputes and flare-ups leaves exchange and infrastructure operators blending metrics with guesswork
FMIs get busy, as supervisors circle
Via new roles and controls, exchanges and clearers hope to “get ahead” of regulatory wave
Information security: too important to leave to the experts?
Holding a trove of sensitive data, FMIs seek greater safety through shared oversight and smarter reporting
Op Risk Benchmarking, round III: the FMIs
Decade of change has seen exchanges and CCPs grow in size and importance, dragging their management of op risk into the regulatory spotlight
Asia moves: Senior hires at Societe Generale, Linklaters and more
Latest job news from across the industry
Clearing members combing rule books after LME lawsuit win
Industry debates whether other CCPs and exchanges would cancel trades if faced with similar crisis
SEC contradicts itself on exchange pricing, say firms
Cboe warns ban on volume-based rebates will not improve pricing for investors
Nickel odium: critics pan BoE role in LME meltdown
Last year’s nickel fiasco calls into question effectiveness of UK supervisory model – and of central bank’s part
Transmission of cyber risk through the Canadian wholesale payment system
The authors investigate how a paralyzing cyber attack on one or more banks would spread to other banks through the Canadian wholesale payment system and simulate various scenarios, evaluating the total disruption to the payment system.
Institutions see everything to play for in UK’s DLT sandbox
Industry welcomes flexible issuance limits, but rues derivatives’ exclusion as a missed opportunity
FMIs pose greatest challenge for operational resilience tests
Risk Live: Calls for large-scale industry exercises to plan what happens if major CCPs go down
Token effort is no blockchain boon for illiquid assets
Cash-like tokenised instruments find takers; initiatives based on less liquid assets struggle to take off
Market blocked in by volume caps on European DLT regime
Limited scope of pilot project risks holding back issuer and depository participation
Top 10 operational risks: Focus on cyber risk
All firms fear data breach; smaller banks also concerned over IT disruption
The customer settlement risk externality at US securities central counterparties
This paper highlights an externality in the clearing of customer securities trades, and it examines the potential benefits and costs of alternative clearing approaches.
Futures standards body seen as first step to utility
FIA project could usher in new hub to connect trading parties and guard against derivatives logjams, experts say
Barclays looks to woo CCPs with CDM prototype
Plan to save billions in post-trade costs relies on the creation of central data utilities