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.
LCH faced with issuing a 'notice of retirement' for its UK clearing services will benefit from the European Commission granting a temporary equivalence status to UK CCPs.
A new patent covering the risk monitoring of multiple cleared CCP accounts may conflict with CCPs and other FinTech vendors from providing similar functions.
The ISDA AGM generated a wave of content last week which we've assembled into one handy place. Most of the material is focussed on margin for non-cleared products given the changes due in 2019.
Notionals in IRD have increased since January, some from OIS which has a larger gross notional than IRS. The uncleared margin rules have boosted FX Clear, and the exchange rate from EUR to USD has appreciated increasing the values. SGX appears to be out of FX clearing, notional dropping to zero, the biggest swing is HKEX who quadrupled their IRD notional.