October 15, 2013

The week that was (Dazzling Derivatives; issue of 15th October 2013)

Dear all,

The TOP Stories of last week:

SEFs have started trading… first insights Tabb Group says that the bulk of SEF trades were conducted on dealer-to-customer (D2C) platforms, according to SEF data. Bloomberg and Tradeweb were the initial winners for market share, with 32 buy-side firms either onboarding, testing or live trading with them. More analysis was performed by Amir Khwaja. Meanwhile, interest in swap futures as an alternative product to swaps has doubled over the past year, reaching 17% of respondents, as open interest in the contracts has steadily increased.
Commodity markets see regulation as key concern On the Energy Risk Europe conference a few days ago, a key them resonated with market participants: regulation. But regulation was not only seen as burdensome but also as an opportunity for new business (subs required).
Derivatives regulation – key lessons learned Tabb Group has tried to summarise seven key lessons learned from the regulation of derivatives markets, stretching across the mandates for clearing, reporting and exchange trading.
(FYI, some articles require a subscription (e.g. RISK, FT, Financial News), others a free registration (e.g. Tabb Forum, DerivSource))



(1.1) EUROPE

Lack of Esma clarity delays progress on FX trade reporting

Questions raised by Isda concerning trade reporting workflows have not yet been answered, delaying preparations for the start of mandatory trade reporting early next year

FCA EMIR Notifications Web Portal Now Available

On 7 October 2013, the FCA announced that its EMIR web portal is now available on its EMIR notifications and exemptions webpage.

Hong Kong lags on Esma equivalence

Esma unable to grant equivalence on Hong Kong's OTC clearing regime as framework is not yet in place

Bigger budget, better results? ESMA invests in tech infrastructure for 2014, will we see more enforcement action?

On 10 October, the ESMA released its 2014 work programme and budget for the next fiscal year.

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