The OTC Space | Category Archive

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 […]

UniCredit to shun US derivatives trading – FT.com

April 28, 2013 by Bill Hodgson 6 Comments

UniCredit, plus DBS in Singapore and Nordea in Sweden have all adopted a “don’t trade with the US” approach to Dodd Frank. TJ Lim, Head of Capital Markets at UniCredit announced their strategy at the ISDA AGM last week. Little known fact: TJ Lim used software called “The Blotter” at Merrill Lynch in 1992 onwards, […]

Dodd Frank, ISDA

Isda AGM: Industry to address negative interest rates under CSA – Risk.net

April 27, 2013 by Bill Hodgson 1 Comment

With OIS rates below low, in some cases the interest on your cash posted under a CSA can go negative, i.e. you pay to post. ISDA has been working on a clarification on this, and might issues a protocol. On the other hand it might mean a re-papering exercise for customised CSAs. Isda AGM: Industry […]

Collateral Management, CSA, CSAs, ISDA

ISDA AGM 2013 | Virtually There

April 25, 2013 by Bill Hodgson 3 Comments

For the many who couldn’t attend this years ISDA AGM, below is a round up of the key stories. If any of the attendees have anecdotes, incriminating pictures or gossip, please send it over. Best quote of the AGM, courtesy of Risk: Athanassios Diplas, a senior adviser to the Isda board said: “If I tell you […]

ISDA, News

2013, AGM, Annual General Meeting, otc derivatives

ISDA AGM: Asian Clearing Houses to dominate | Risk.Net

April 23, 2013 by Mihir Vaidya 0 Comments

An interesting article in Risk.Net on the future of Clearing in Asia. The article covers the results of a survey by Celent with findings that close to 50% of all OTC participants in APAC are expected to clear through local clearing houses with around 38% opting for Global CCPs, creating a potential liquidity fragmentation and […]

Clearing, ISDA, News, Risk

APAC, Asia, ccp, Clearing

More ISDA Master Agreement Amendments on the Way: ISDA Publishes DFA Exclusionary Terms and Keepwell Provisions | Regulatory Reform

April 22, 2013 by Michael Beaton 1 Comment

More ISDA Master Agreement Amendments on the Way: ISDA Publishes DFA Exclusionary Terms and Keepwell Provisions Posted on April 22, 2013 by Michael Beaton Introduction In CFTC Letter 12-17 dated 12 October 2012, the CFTC clarified that, effective immediately, it was unlawful under Section 2(e) of the Commodity Exchange Act (“CEA”) for a person that […]

CFTC, Dodd Frank, ISDA, News

ISDA, IIF, AFME and SIFMA Blast Proposed Margin Rules

April 15, 2013 by Bill Hodgson 1 Comment

A letter from the above four trade associations spells out the consequences on imposing Initial Margin requirements on un-clearable OTC products. The letter was sent to the Chairman of the BIS Stefan Ingves, Mark Carney at BoC, William Dudley at the New York Fed, Greg Medcraft at IOSCO and Paul Tucker Chairman of the CPSS. Some […]

Clearing Connectivity Standard for FCMs | Webinar

April 10, 2013 by Bill Hodgson 0 Comments

Top item here: http://www.fpml.org/samples/ccs.html

Clearing Connectivity Standard, ISDA

ISDA sees risk of contagion if derivatives clearing member defaulted

April 4, 2013 by Bill Hodgson 2 Comments

The story below reported at the Investment and Pensions Europe website relates to this PDF Capital Treatment for Exposure to CCP Default Funds (posted on the front page of the ISDA website on the 2nd.) I’ve yet to read it, but let me know what you find. ISDA sees risk of contagion if derivatives clearing member defaulted […]

Default Management, English, ISDA, News