Clearing

Articles

16 Sep 2020 — Deputy Editor

LCH has cleared the first Israeli Shekel-denominated interest rate swaps.

ILS is the latest currency to be cleared at SwapClear, which offers clearing for interest rate derivatives in 27 currencies. Clearing brokers supporting ILS include Citi, Goldman Sachs, HSBC and J.P. Morgan.

+0
2 MINS
10 Jul 2020 — Bill Hodgson

ISDA has published a paper illustrating the wide variety of terms in cleared IRS. ISDA suggest that there may be a perception that by mandating clearing for OTC products they have become 'standard' rather than their variable nature in the wild. Those of us on the inside of the market know this not to be the case, but just to prove a point, ISDA and DTCC have assembled the data to show how variable cleared OTC IRS can be.

+0
2 MINS
03 Jul 2020 — Deputy Editor

Quantile has completed its first cleared interest rate initial margin (IM) optimisation run with LCH. Clients accessing this new service benefit from superior risk management and reduced margin funding costs, increasing the efficiency and liquidity of derivatives markets.

+1
3 MINS
28 May 2020 — Bill Hodgson

The BIS have conducated a rigorous study using public metrics to look for a relationship between the amount of CCP capital at risk in the default waterfall, and the behaviour of CCP risk models. I won't spoil the surprise on the outcome, but this appears to be the first quantitative study into the possibility that if a CCP is likely to lose money, they operate more conservative risk models.

The paper covers:

+0
2 MINS
27 May 2020 — Bill Hodgson

Since 2005 the Monetary Authority of Singapore has been publishing the SORA benchmark each day. The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of unsecured overnight interbank SGD transactions in Singapore between 9:00 am and 6:15 pm. 

+0
2 MINS
21 Apr 2020 — Bill Hodgson

Learn more about how European CCPs have adapted to the COVID-19 pandemic via the EACH resource page

+0
2 MINS
07 Apr 2020 — Bill Hodgson

RBC becomes the first Canadian bank to join the cleared repo platform

+0
1 MIN
24 Mar 2020 — Bill Hodgson

LCH provides assurance on their continuity during the Pandemic

+0
1 MIN
23 Mar 2020 — Bill Hodgson

Eurex can now offer clearing services onshore in Japan.

+0
2 MINS
10 Jan 2020 — Bill Hodgson

Growth in all LCH business lines and record results from the UK clearing business.

+2
3 MINS
11 Dec 2019 — Deputy Editor

Cboe Global Markets has entered into an agreement to acquire EuroCCP, for an undisclosed amount. The transaction is expected to close in the first half of 2020 subject to regulatory approval.

+1
1 MIN
The Future of Clearing
10 Apr 2019 — Bill Hodgson

The World Federation of Exchanges (“WFE”), the global industry group for exchanges and central counterparties (CCPs), has published a joint report with Oliver Wyman examining the post-crisis developments that have shaped the current clearing landscape, along with forward-looking recommendations on how to build the CCP of the future.