The OTC Space | Category Archive

An insightful A-Z on the OTC Clearing Revolution

June 1, 2012 by Bill Hodgson 0 Comments

I spoke at TradeTech this week and told a story of Alice (a Project Manager) and Bob (Head of Collateral Management) and how they prepared for the coming regulatory changes. I didn’t take the title literally, although as you’ll see I used some artistic license. The key message from the presentation was to engage with […]

ccp, clearing member, collateral management, derivatives, otc derivatives

Eurex OTC Clearing Services – Full update

May 31, 2012 by Bill Hodgson 0 Comments

On Monday 21st Eurex provided an update on the details of their plans to move into OTC clearing. Highlights were: Timing (page 7 in the PDF below) Technical readiness at end of March 2012 (so now): You could login to a test environment and experience the whole system Production readiness at end of June: To […]

interest rate derivatives, otc equity derivatives

EMIR compliance dates moved

May 30, 2012 by Bill Hodgson 2 Comments

Patrick Pearson (Head of the EU Financial Market Infrastructure Unit) and David Bailey (Acting Head of Market Infrastructure & Policy, UK FSA) both spoke at the TradeTech conference on Monday and made emphatically clear that the target date for compliance with EMIR is not 1st January 2013. The new dates stated by David were: Clearing from […]

Conference, EMIR, Featured

regulatory arbitrage, target date

Steve O’Connor (ISDA Chair) interviews Gary Gensler

May 23, 2012 by Bill Hodgson 0 Comments

At the recent ISDA AGM, Steve O’Connor had a ‘fireside chat’ with Gary Gensler the Chairman of the CFTC, below is a video of the event. The official source of the videos in various snippets is here, with a link to a full video on YouTube at the bottom of the ISDA page.

CFTC, Featured, ISDA, News

cftc, derivatives, isda, otc derivatives

A&O Seminar on Dodd Frank and EMIR

May 23, 2012 by Bill Hodgson 2 Comments

Allen and Overy provided one of their lunchtime seminars on Monday with a comparison between Dodd Frank and EMIR. Below are my notes from their presentation and a PDF of the slides. You should follow up with the very knowledgeable A&O staff on this: EU: damian.carolan@allenovery.com US: deborah.north@allenovery.com US: john.williams@allenovery.com Key points: Entity definitions for […]

cftc, derivatives, dodd, Dodd Frank, EMIR, rate swaps, research

Speakers wanted – Collateral Management and Risk (VaR)

May 18, 2012 by Bill Hodgson 2 Comments

I have agreed to host & run an interactive workshop for half a day prior to the Marcus Evans annual Collateral Management conference, the event is described in this PDF and already has good support from key industry people. I have two speaking slots available, each for 45 minutes plus 15 mins for the interactivity such […]

Conference, Featured

clearing houses, collateral management, credit exposure, derivatives, marketing

Massive change at SwapClear – new Default Fund, Open Access

April 26, 2012 by Bill Hodgson 2 Comments

UPDATE (Friday 27th): I wrote a longer before/after comparison here. Segregated Default Fund of between £1bn and £5bn Requirement for an ‘A’ rating dropped Requirement for a minimum $1trn portfolio size dropped Minimum contribution to the Default Fund of £10m Too much to read after a couple of glasses of wine – but big change […]

Featured, LCH.Clearnet, SwapClear

State of the ecosystem snapshot

April 2, 2012 by Bill Hodgson 1 Comment

Below is an update on the state of CCPs, SEFs and SDRs from public information. The research was carried out by a SK Lim, a consultant from http://www.jdxconsulting.com for myself. The data were collected at the end of February, only my slowness delayed the publication. Updates include JSCC, KRX and Shanghai CCP data or plans […]

Dodd Frank & EMIR time line update

February 23, 2012 by Bill Hodgson 0 Comments

The effects of new regulation from the US and Europe are drawing closer, whilst rule making is still not complete, and unpredictable, the regulators deadlines are becoming more clear. UPDATE Nov 2nd: This post has been superseded by this one: http://theotcspace.com/2012/05/30/emir-compliance-dates-moved/ For dutch viewers: Emir Status En Tijdlijnen Background Since the collapse of Lehman Brothers in 2010, […]