Derivatives

Trade Surveillance in Swaps Trading

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Swap Execution Facilities (SEFs) and Swap Data Repositories (SDRs) mean that it is now possible to implement effective Trade Surveillance in the OTC Swaps market and to do so in an analogous manner to the Futures market. Swap Dealers or

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Come on, feel the noise!

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Better than an Oasis b-side, we thought what better time to talk about volatility than just after a payrolls report that saw 10 years move by over 12bp? Will the Fed in action be good for the SEF industry? I think we

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Why has Global Rates Client Clearing Open Interest Plateaued?

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Client clearing open interest is steadily increasing right? One would be forgiven for thinking that client clearing open interest is steadily increasing given the 2013 CFTC clearing mandate which impacts US clients directly (as well as any non-US client that trades

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ESMA trade reporting standards “could decide” future of markets

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Pickles: the ESMA consultation matters

Pickles: the ESMA consultation matters

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February 2015 Review – ICAP vs Bloomberg

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Bloomberg and ICAP are fighting it out for the number one position in our latest monthly review of Interest Rate Swap volumes. We show that February looked a lot like January for both SEFs and CCPs, and that nearly 25% of risk was traded as

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What is the Impact of the BGC Acquisition of GFI?

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After a struggle over many months BGC succeeded in getting majority shareholder agreement for its hostile takeover of GFI as announced in the press recently.  CME had pulled out shortly before so I had expected this. Using SEFView we can get a

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Swap Curve and Fly Trading: What goes in, must come out

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Curve and Fly trading looks like a simple old game – existing trades are ripped-up and replaced with spot-starting hedges. So why don’t people do that across the Bloomberg SEF? Curve and Fly Trades Today, we indulge in a little bit

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Update from the City & Financial Global Conference in London

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I recently attended and spoke at the City & Financial Global Conference in London that was titled; “Deluge or Drought in Liquidity Markets?—How new regulations are transforming collateral management.”  A fancy title that had sessions covering a number of topics such as:

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