Clearing

Société Générale Announces the Sale of a 2.05% Stake in Euroclear to SFPI

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Société Générale announces the sale of a 2.05% stake in Euroclear to Société Fédérale de Participations et d’Investissement (SFPI).

After the sale of this stake, Société Générale remains a significant minority shareholder of Euroclear.

This disposal is the consequence of the mechanical increase of the Group holding induced by the successive share buy-backs implemented by Euroclear over the past years.

All the authorizations required for the closing of the transaction have already been obtained.

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Collateral Management: Why 2019 is the Year to Build a Long-term Strategy

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Collateral managers will continue to be under pressure in 2019 as they work to meet regulatory obligations, and also look to invest strategically in their operations to improve efficiency and increase automation.Helen Nicol, Global Product Director, Collateral Solutions at Vermeg, which acquired Lombard Risk earlier this year, discusses the challenges that they face, and the various market solutions available to them.

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ESMA proposes ‘no-deal Brexit’ rule change for novation of uncleared OTC derivatives

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The European Securities and Markets Authority (ESMA) has published a final report with draft regulatory technical standards (RTS) on the clearing obligation under the European Market Infrastructure Regulation (EMIR).

In the event of a no-deal Brexit, the report proposes a limited exemption in order to facilitate the novation of certain non-centrally cleared OTC derivative contracts to EU counterparties during a specific time-window.

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FIA Welcomes Progress on Clearinghouse Access

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CCP Disclosures 2Q 2018 – What the Data Shows

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Clearing Houses 2Q 2018 CPMI-IOSCO Quantitative Disclosures are now available, so lets look at what the data shows, similar to my 3Q 2017 trends article. Background Under the voluntary CPMI-IOSCO Public Quantitative Disclosures by CCPs, over two hundred quantitative data fields covering margin, default resources, credit risk, collateral, liquidity risk and more are published each quarter with a quarterly lag. CCPView has […]

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Clearing Incentives, Systemic Risk and Margin Requirements

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Central clearing of standardized derivatives and margin requirements for non-cleared derivatives are two of the basic tenets of global financial regulatory reform. They are also inter-related: the purpose of margin requirements is to both reduce systemic risk and promote or incentivize central clearing.

Recent studies and research into clearing incentives and margining raise questions about whether certain aspects of the requirements do in fact support these key policy goals. These questions include:

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Demand Derivatives Partners with GMEX Group to Launch a Futures Exchange and Blockchain Clearing House

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Demand Derivatives Corp., a creator of novel derivative instruments, and GMEX Group (GMEX), a leading provider of exchange and post-trade business technology solutions, will combine forces to launch a U.S.-regulated futures exchange, RealDemand Board of Trade (“RealBOT”), and clearing house, RealDemand Clearing (“RealClear”). To further align interests and share in the success of the project, GMEX will take a minority equity stake in Demand Derivatives.

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CME Group Announces First OTC SOFR Swaps Cleared

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CME Group, the world’s leading and most diverse derivatives marketplace, announced five market participants have cleared trades worth more than $200 million in notional value of over-the-counter (OTC) Secured Overnight Financing Rate (SOFR) interest rate swaps since launching the service on Oct. 1. This builds on the growing liquidity of SOFR futures, which during August and September averaged more than 5,400 contracts per day and traded the equivalent of nearly $1 trillion in notional value since their launch in May 2018.

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Global Swaps Volume and Market Share in Q3 2018

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I last looked at the market share of cleared swaps in major currencies in my July article in Risk, which covered the period up to 2Q 2018. In today’s article I will bring that analysis up to date and follow the structure of my start of the year article, 2017 CCP Market Share Statistics. In CCPView we […]

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Industry Groups Set Out Impact of Hard Brexit on Derivatives

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The International Swaps and Derivatives Association, Inc.

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