Clearing

CCP Best Practices

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Welcome to 2019 - The OTC Space has been busy with other projects, but I couldn't miss passing on this one from ISDA. Does anyone else find it interesting that ISDA has taken on the role of reminding CCPs how to do their job properly?

I would think regulators themselves should be reminding CCPs of these sensible guidelines. Given the flood of clearing regulations, is there some doubt that CCPs can do their job?

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Clearing House Disclosures 3Q 2018 – Some Surprises

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Clearing Houses 3Q 2018 CPMI-IOSCO Quantitative Disclosures are now available, so lets look at what the data shows, similar to my CCP Disclosures 2Q 2018 article. Summary: IR Swaps margin decreases for the first time quarter-on-quarter LCH SwapClear Client margin is lower ETD margin is up quarter-on-quarter CME ETD Client margin is higher New disclosures on the default […]

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Euro Clearing Post-Brexit – Your Questions Answered!

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In a DerivSource webinar held in Nov 2018 with Eurex Clearing, a panel explored how this CCP clearing environment in Europe may evolve post-Brexit and the challenges various different relocation scenarios may pose from an operational, regulatory and legal perspective. In this feature, Matthias Graulich, Chief Strategy Officer, Member of the Executive Board, Eurex Clearing, addresses some of the audience questions relating to the changes to organizational and technical procedures, possible costs and opportunities through change.

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LCH SwapAgent facilitates its first cross-currency swap compression

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•    TriOptima compresses €4.5 billion notional of settled-to-market (STM) cross-currency swaps registered in LCH SwapAgent
•    LCH SwapAgent offers standardised infrastructure and efficiencies to the non-cleared derivatives market

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LCH applies for EU equivalence in preparation for no-deal Brexit

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London’s LCH has applied for equivalence with Europe’s regulatory watchdog to carry on doing business in the continent in a no-deal Brexit situation, while also applying to the Bank of England as an overseas derivative clearer.

The application follows the recent decision by the European Commission to grant a 12-month equivalence pass to non-EU clearing houses in the case of a “no-deal” Brexit.

The European Securities and Markets Authority (ESMA) has begun its review of UK clearing houses and central securities depositories (CSDs) to approve their equivalence applications.

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SGX goes live with LSE’s post-trade technology

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The Singapore Exchange (SGX) has gone live with a new post-trade platform provided by the London Stock Exchange’s (LSE) technology arm.

LSEG Technology recently implemented a new settlement and central securities depository (CSD) on the SGX, building on a centralised post-trade clearing solution already provided to the exchange.

The new functionality will enable the SGX to align to global market practices, messaging standardisation, and the introduction of a T+2 settlement cycle for the Singapore market.

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Societe Generale to establish clearing base in Paris

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Letter to EC on Temporary Equivalence and Recognition for UK CCPs

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The International Swaps and Derivatives Association (ISDA), Futures Industry Association (FIA), Association for Financial Markets in Europe (AFME) and International Capital Markets Association (ICMA) welcome the statement regarding temporary equivalence for the purpose of recognition for UK central counterparties (CCPs) in the European Commission’s (EC) communication regarding Brexit Contingency Planning published on November 13, and the statement by the European Securities and Markets Authority on November 23.

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FSB and Standard-Setting Bodies Publish Final Report on Effects of Reforms on Incentives to Centrally Clear Over-the-Counter Derivatives

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The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published today their final report on Incentives to centrally clear over-the-counter (OTC) derivatives.

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Direct Clearing: Why Has Uptake Been Slow?

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Despite well publicised industry concerns over sell-side retrenchment, buy-side firms have not been as keen to take advantage of direct clearing as expected. Lynn Strongin Dodds looks at what is keeping buy-side firms from jumping in, where the direct clearing model is headed, and why repo has taken off, while OTC derivatives direct clearing has stalled.

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