October 27, 2013

Weekly Roundup | Clearing | 28 Oct 2013

Clearing News

Clearing in Europe Won’t Bite Until 2015, Banks Expect

CFTC's Chilton says "continuing to kick the can down the road is just not acceptable", as expectations grow that Europe will miss 2014 start date. Clearing in Europe won’t bite until 2015, banks expect.

ESMA CCP Front-Loading – Problem Waiting to Happen?

ESMA rules deem that once one CCP is authorized to clear a given product, non-exempt participants have to clear every trade executed after that date – even if the clearing mandate for new trades is not live yet.   Participants can either clear the trades immediately on execution or more likely by catching up or “front-loading”. CCP frontloading: the pricing nightmare.

EU Parliament Demands CCPs Act in the General Public Interest

On 23 October 2013, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a report containing a motion for an EU Parliament resolution on a framework for non-bank RRP. Regulatory Reform WordPress blog: EU Parliament Demands CCPs Act in the General Public Interest.

Newedge UK Financial Ltd joins EurexOTC Clear

Eurex Clearing, Europe's leading clearing house, welcomes Newedge UK Financial Limited as a new member of EurexOTC Clear for Interest Rate Swaps (IRS) to bring the total membership to 17 firms. Eurex Clearing press release: Newedge UK Financial Ltd joins EurexOTC Clear.

Does CCP Recovery Fall Unfairly on Asset Managers?

The buy-side already pays brokers to support the default fund; why should its assets be at risk in the event of a clearing house default asks Dan Barnes? Futures & Options World (FOW): Does CCP recovery fall unfairly on asset managers?

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