Think Global, Act Local
We put out a press release today announcing that Tod Skarecky is joining us to head up our US business. Please see Tod Skarecky to head US Business. To add some background around this. For a while now it has become clear to us that the US is our most important market. As we are […]
SDR View, Capped Notional Changes
Those of you that read my blog post SDR, Block Trade Rule, 30 July Update will know that from 30th July, we moved from the interim period to the initial period. One of the main changes introduced was that capped notionals were increased and that blog has the before and after tables for US IRS Swaps. […]
ISDAFIX, Looking for Evidence of Price-manipulation
There has been much recent press on the investigations into ISDAFIX and whether this will turn-out to be similar to the LIBOR rigging scandal. See CFTC’s Path in Rate-Swaps Probe or US Regulators ‘find evidence’ of banks fixing derivative rates. While there is much speculation that millions of emails will have to be sifted through to […]
Will regulation improve the quality of markets?
Amir’s article in FTSE Global Markets, Will regulation improve the quality of markets?
SDR, Block Trade Rule, 30 July Update
Those of you that read my previous post on the Block Trade Rule will know that on July 30th we moved from the Interim period to the Initial period. This means two significant changes, firstly that the public dissemination of all trades is no longer delayed by 30 minutes, only block trades are delayed and secondly […]
USD IRSwap Client Clearing, CME or LCH?
Following on from my article of June 25th, Mandatory Clearing, June 10, Week Two and CME or LCH, I wanted to update the figures with more recent data. So focusing only on USD IRSwaps and having taken the daily figures from CME and LCH websites, I created weekly volume figures, which are shown in the charts […]
Swaptions Clearing, why is it important?
As a number of recent news stories have commented on Swaptions Clearing, I decided to look into this topic. For the stories see CME finalising plans for swaptions clearing and Swaptions clearing proves tall order. The first question we need to answer:”Is there sufficient trading activity in Swaptions to allow it to be successfully cleared?”. So […]
Mandatory Clearing, June 10, Week Two and CME or LCH?
Following on from my blog post of Week One, I wanted to provide an update after Week Two and also ask the question whether the Cleared trade activity is going to CME or LCH? Lets start with a few charts. Cleared USD Swap Weekly Notionals from May 6 to June 21. (Click to Enlarge) Uncleared USD […]
Swap Data Repository, Block Trade Rule, the Bad News
Under the Dodd-Frank Act, the CFTC issued Part 43 of its regulations to implement the real-time reporting mandate. This has a requirement for “real-time public reporting”, which is defined as “to report data relating to a swap transaction, including price and volume, as soon as technologically practicable after the time at which the swap transaction […]
Mandatory Clearing, June 10, Week One and YTD
Following on from my blog post of Day 3, I wanted to provide an update of Week One and also take a longer view; the Year to Date. First two points of note: As Daily Swap volumes can fluctuate widely, it is generally better to look at weekly or monthly figures. We are observing trends and […]