Derivatives

ISDA publishes new derivatives principles calling for changes to SEFs

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O'Malia: SEFs need to be more flexible

O’Malia: more flexibility is needed on SEF models

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An Elegant Answer to the Wrong Question (or an Incomplete One)

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News to Use: ISITC, BNY Mellon, Custom House and More

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Oversight Pointers: Fund managers will soon have practical guidance for best practices in overseeing outsourced operations contracts with custodian bank, fund administrators and other post-trade service providers. The ISITC, trade group representing operations specialists from over 100 buy and sell-side firms, is publishing a white paper with its recommendations in the fall. The guidelines, ISITC officials […]

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SunGard’s New Derivatives Processing Utility: Panacea or Pipedream?

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SunGard’s outsourced business model for handling post-trade functions in the listed derivatives and swaps market might sound like a dream come true for futures commission merchants and given that it has already nabbed its first mega client it’s off to a great start. But whether the initiative will gain widespread industry buy-in remains to be […]

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Client Portfolios will Dominate CCP Risk

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Using Client Open Interest figures we can project the share of CCP portfolio risk due to Clients once Clearing reaches a mature state. This will take several years as first legacy non-cleared Rates portfolios (which dominate global notional outstanding) need to run off

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Will automatic stays on securities financing trade defaults really help? We doubt it.

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Automatic stays in the case of a default sends shivers down the spine of securities financing traders. If the non-defaulting party can’t liquidate immediately, it calls into question how much risk a trade absorbs.

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