The OTC Space | Tag Archive

Charity Appeal

November 19, 2012 by Bill Hodgson 0 Comments

For anyone who’s found this site useful, please consider supporting my Movember fund raising effort, just so my itchy top lip is worth it. Full details here.

The Movember Effect: Awareness & Education, Survivorship, Research
The funds raised in the UK are directed to programmes run directly by Movember and our men’s health partners, Prostate Cancer UK and the Institute of Cancer Research. We work with these partners to ensure that Movember funds are supporting a broad range of innovative, world-class programmes in line with our strategic goals in the areas of awareness and education, survivorship and research.

Non Banking

cancer uk, research, survivorship research

Darrell Duffie: Replumbing Our Financial System: Uneven Progress

July 31, 2012 by Bill Hodgson 0 Comments

An interesting paper from Darrell on the ‘plumbing’ of the stability sense between the major market participants including Central Banks, CCPs, Prime Brokers and other large players. Available from his home page (
http://www.darrellduffie.com
) or download directly here.

Capital

economy, prime brokers, research

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:

Key points:

Entity definitions for SD & MSP are done
Product definitions are not, once they are, the rest of the regulations will lock into place
EMIR final text not yet published, still being finalised
Regulatory and Implementing Technical Standards are being prepare for Sept 30th European Commission
First text of MIFIR out 9th May ‘first compromise text’
- Trading
- Transparency
- Position limits
- Mandatory clearing of certain contracts
- Now goes into trialogue before final text
SEC & CFTC product exceptions (page 7)
- Insurance
- Consumers
- Fx forwards and Swaps but not NDFs
Page 8, definitions of an OTC product sources for Europe
No carve out in Europe for FX contracts, MIFID doesn’t capture physically settled FX forwards
Page 9: Not clear if trades with non-US parties count in aggregation towards SD threshold of $8bn
Page 10
- Branches not yet clear
- Is a branch of a non-EU entity included?
- Intra-group exemptions for clearing and reporting
Page 11
- Pre-enactment swaps
- Designation of clearable trades coming in the autumn
- Will probably be an exemption for inter-affiliate trades in the US
Page 12: Exemption must be invoked on a trade by trade basis, to show they are hedging or mitigating commercial risks
Page 13: LSOC implementation Nov 8th 2012
Page 14: April 9th LSOC rule published, Compliance by Nov 8th 2012
Page 16:
- A trade struck between a CCP offering it for clearing and ESMA agreeing it should be mandatory, should be back-loaded (front loading)
- Group assessment criteria need working through in detail to get group exemptions
Page 21: Once mandatory clearing rules finalised (product definitions), then trading is 30 days after
Page 24
- All swaps must be reported regardless of exemptions
- Regulators seem unconcerned whether swaps get reported to multiple repositories
- Who regulates the repositories?
- Trades struck on a SEF or at a CCP can be reported by the SEF of CCP, you need to provide valuation data on an on-going basis
Page 25: Reporting is either July 16th or 60 days after the product definitions of swap
Page 30
- If no repository available, then report to ESMA
- Reporting will be retrospective
Page 36: Trades with NFCs don’t require collateral unless threshold reached
Page 37:
- Once the product definitions are issued, registration will be required
- ISDA protocol project on business conduct standards

The full presentation can be downloaded as a PDF here.

Allen Overy, Dodd Frank, EMIR, Featured, Regulation

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

4th Annual eFinancialNews regulatory survey

April 17, 2012 by Bill Hodgson 0 Comments

From eFN & ICMA:

We are running our 4th annual regulatory snapshot survey (in association with the International Capital Markets Association) to gauge opinion on financial regulation.

We are looking for responses from across the industry – fund management, investment banking and capital markets, trading and technology to respond to the survey. Please can you pass this link
https://www.research.net/s/regulatorysnapshot2012
around your organisation/clients and ask them to take part? The questions have tickbox answers so the survey won’t take long to complete and it anonymous. The survey will close at the end of next week [April 29th or thereabouts]

If you have anyone who is super keen to talk about any of the regulatory issues raised in the survey, let me know as we can organise interviews for the accompanying editorial analysis, please ask them to fill out the survey first. The results will be published in FN on May 21^st and distributed at the ICMA annual conference in Milan May 23-25.

Last year’s survey results and analysis are here
http://www.efinancialnews.com/special-reports/2011-05-23/icma-regulatory-survey-2011

Bill: Apparently there may or may not be a secret prize for participating, but I’m not allowed to say.

Regulation

research, snapshot survey

Step by Step guide to leaving the Euro

March 9, 2012 by Bill Hodgson 0 Comments

Article here at :
http://validusrm.com/news/a-step-by-step-guide-to-leaving-the-euro/

At the bottom, footnote 2, is the source of the article, and because I love my readers, I went and found it for you, click here to download the PDF.

News, Publication, Research

literature, research

Jobs for Grads & Under-Grads

March 1, 2012 by Bill Hodgson 0 Comments

New business in the City employing students launches

JDX Consulting (www.jdxconsulting.com) has launched a new business to solve staffing needs in city institutions not served by other sources of people. JDX is recruiting graduates (or under-grads) who are energetic, communicative and enthusiastic to be placed into short and long term roles within banks, investment managers, trading firms and other institutions.

Example work assignments are:

Re-keying accounting data into a new software platform
Setting up new customers on an electronic global trade confirmation system
Loading up derivatives trades into an electronic processing platform with their customers
Reviewing expenses claims and looking for patterns
Redacting (putting black lines through) names and addresses on legal documents to ensure privacy before sending offsite

JDX has a lively team at their office in Farringdon, we will provide all graduates with training specific to their work assignments, and in most cases a two week programme to teach you about the capital markets, it’s products and services, so you are able to fit into your roles and be oriented towards the companies you work at.

JDX will support each person or team whilst on site to ensure both they and the client are happy with progress. We will provide drinks, fun and frolics to build team spirit, in addition to attractive pay rates.

If you’re lively, able to take the initiative, like hard work, can communicate well, especially with customers and new contacts, are capable with a computer and software such as Word and Excel, then get your CV together and sent it to the address on this page:
http://jdxconsulting.wordpress.com/careers/

If you know someone who might be interested, pass them this info and tell them to get in touch.