Bill Hodgson

CFTC Commissioners Expiry Dates | Not a Job For Life

May 20, 2013 by Bill Hodgson 0 Comments

Being a limey I forgot to think that the 5 CFTC commissioners don’t stay in their jobs for life, here’s when they are due to either retire, or be extended: Scott O’Malia 15th April 2015 Jill Sommers 13th April 2014 (but is planning to resign early) Bart Chilton 13th April 2013 (He remains in office […]

CFTC, News

cftc, chilton, gary gensler, limey, o malia

Useful Roundup of SEF rules plus Q&As

May 19, 2013 by Bill Hodgson 0 Comments

All the source materials from the CFTC on the new SEF rules. CFTC Votes SEF Rules Forward.

CFTC

Buy Side Backs Bloomberg Margin Request | Makes No Sense

May 19, 2013 by Bill Hodgson 0 Comments

All this debate on the appropriate holding period for futures, swaps or their hybrids, would be avoided if the CFTC and other regulators developed an approach that obliged each DCO (CCP) to provide empirical evidence for the product and market they wish to clear. This evidence would include trading data, portfolio data from market markers, the […]

The EMIR Delusion

May 16, 2013 by Bill Hodgson 4 Comments

Reblogged from Regulatory Reform: Introduction Under EMIR, parties to OTC derivative transactions are classified as either: financial counterparties (“FC”); non-financial counterparties which have exceeded the clearing threshold (“NFC+”); or non-financial counterparties which have not exceeded the clearing threshold (“NFC-”). Whilst primarily used to determine whether a counterparty is subject to the obligation to clear, in […]

News

iPhone 4 32GB | For Sale

May 15, 2013 by Bill Hodgson 0 Comments

I have an iPhone 4 for sale, it’s a UK phone, currently on O2, but not locked to a network as it came from Apple originally. It’s in good condition, fully working. I think I’ve got a box somewhere, and a charger if you need it. Looking at completed successful eBay sales, it appears to […]

Non Banking

iphone 4

OTC Derivatives, Bilateral Trading and Central Clearing | David Murphy | Palgrave Macmillan

May 15, 2013 by Bill Hodgson 5 Comments

On the 26th of July, open your wallet for the next book with a chapter by myself on the mechanics of clearing, plus a whole lot from David Murphy too. OTC Derivatives, Bilateral Trading and Central Clearing | David Murphy | Palgrave Macmillan.

Book, Clearing, News

Too much choice: The problems with Europe’s plethora of segregation models – Risk.net

May 14, 2013 by Bill Hodgson 2 Comments

Speaking from experience, the number of models and the details underneath them aren’t going to get any easier, especially when the interpretation of the word by word reading of EMIR can lead to considerable ambiguity and flexibility. Tom has done a good job of illuminating the challenge of solving the legal, operational and commercial challenges […]

SwapClear to Comply with Dodd Frank this weekend | Real-time Registration Goes Live

May 14, 2013 by Bill Hodgson 1 Comment

The new process for registration of trades to meet the CFTC 60 second rule is planned to go live this coming weekend (May 18th). LCH.Clearnet Group – Member Notices – Circulars – 2013-05-13 SwapClear Member Notification.

SwapClear LLC Fees | Nice Price

May 13, 2013 by Bill Hodgson 2 Comments

LCH have published the price for membership of their new SwapClear LLC clearing service, at $250k per direct member. This compares with a special ‘new joiner’ fee of £500k / $750k (plus volume fees) or the basic price of £1.5m / $2.25m per year for the base tariff, of the SwapClear Ltd Global service. Perhaps […]

LCH.Clearnet, SwapClear