Clearing

Articles

CFTC Cleared Derivatives Markets
04 Jun 2021 — Bill Hodgson

This is an interim staff report that provides preliminary analysis and findings related to activity in the cleared derivatives markets regulated by the Commodity Futures Trading Commission1 (CFTC) during March and April of 2020.

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OCC David Ye
03 Jun 2021 — Bill Hodgson

OCC has announced the hire of David Ye as Chief Risk Officer and a member of OCC’s Management Committee. With over 20 years of leadership experience in financial and operational risk management, including executive positions at State Street Global Markets and Nomura Holding Americas, Ye will be responsible for implementing OCC’s risk management strategy.

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LCH James Pearson
24 May 2021 — Bill Hodgson

LCH, the global clearing house appoints James Pearson as Head of ForexClear, effective 1 June 2021. Based in London, James will be responsible for LCH’s FX derivatives clearing service, reporting to Isabelle Girolami, CEO, LCH Ltd. 

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Transcend collateral management
24 May 2021 — Bill Hodgson

Transcend launches CCP Central: the first platform to connect and automate margin and collateral management activities across a global network of Central Clearing Counterparties

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Clearing Commissioner
14 May 2021 — Bill Hodgson

During the past decade, the focus in the derivatives clearing space has been implementation of new clearing mandates for over-the-counter (OTC) products—a response to the last crisis.  But no one could have predicted what was to come...

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CCPs commentary
10 May 2021 — Bill Hodgson

An interesting paper by a senior CCP leader on the economics of central clearing. 

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ISDA survey: initial margin
23 Apr 2021 — Bill Hodgson

The International Swaps and Derivatives Association, Inc. (ISDA) has published its latest annual margin survey, which shows a substantial increase in the amount of initial margin (IM) and variation margin (VM) collected by the 20 largest market participants for their non-cleared derivatives trades last year.

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Blockchain Credit Suisse
14 Apr 2021 — Bill Hodgson

A post-trade trial between Credit Suisse and Nomura indicates the future for equities clearing, if blockchain technology can be scaled to meet the needs of a global equities market. Gillian Tett from the FT explains more.

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21 Jan 2021 — Bill Hodgson

Incentives are at the heart of CCP’s robust risk management. Our newly published paper delves into the key CCP concept of skin-in-the-game (SIG), considers its purpose as an incentive for CCPs’ risk management, analyse SIG requirements across different jurisdictions and compares it to the rest of the default management resources available at CCPs to deal with market stresses.

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30 Oct 2020 — Bill Hodgson

ASX had flagged a delay to the project, which was scheduled for 2021, amid market turmoil in March. A proposed target of April 2022 has now been moved to 2023 after consulting market participants, ASX said in a statement.

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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.

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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.

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