Derivatives

Market Share in the Swaps Market

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Interest Rate trading volumes are going up and up – October 14th last week saw nearly 2.5 times the Average Daily Volume trading when compared to the past year. As volumes move higher, it is important to appreciate where those

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It *Was* Too Quiet Out There

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Four weeks ago I gave the keynote talk at Energy Risk Asia in Singapore. My talk was a look back at commodity market developments in the past year, followed by a look forward.

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Swaps and the Flash Crash 15th October 2014

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Did SEFs Survive the Crash? Yesterday’s events reminded everyone, everywhere of what trading in ‘08 and ‘09 was like. And yet Swaps trading has changed completely since then. In theory, we should now see continuous trading across SEFs with a

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Trying to divine the evolution of the SEF landscape

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I’ve been at Greenwich Associates a little over a year now.  Since I’ve been here I’ve written a few blog posts about SEFs, but have otherwise not written any formal research pieces on the topic.  When I started looking at this back in 2010 via SEF 101, it was a green field.  Today there is […]

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Mechanics and Definitions of Spread and Butterfly Swap Packages

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(a.k.a. Spreads and Butterflies Part Zero) Interest Rate Swap markets are jargon-heavy. Traders live and breathe the language. Professional investors pick-up the nuances over time and the vicious circle of incomprehensibility is complete. However, now that Swaps markets have transitioned

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Aggregating Swaps Data: Putting the Cart Before the Horse?

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How can we effectively monitor systemic risk in the swaps market? That is the question now facing regulators around the world, and if financial firms were to have their way a federated approach to aggregating data would be the best option, they tell FinOps Report. Whether this scenario — one of the options now under review by […]

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USD Swaps: Spreads and Butterflies Part III

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This is Part III in a series. Please also see Part I and Part II. As we continue upon our noble goal of democratizing swaps market knowledge, we look into (maturity) spread prices and their volumes. We’ve so far been

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Feds Crack Down: First Criminal Indictment for Spoofing

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The proverbial hammer was thrown down yesterday as, for the first time, criminal charges were brought for “spoofing.”  Spoofing, as you may remember fromthis previous post,
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Feds Crack Down: First Criminal Indictment for Spoofing

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The proverbial hammer was thrown down yesterday as, for the first time, criminal charges were brought for “spoofing.”  Spoofing, as you may remember fromthis previous post,
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