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December 2, 2013

Weekly Roundup | Clearing & Collateral Management | 3 December 2013

Clearing

Survey of CCP Progress Since the US Clearing Mandate Kicked In

It’s been a few months since we last updated the CCP chart, and in that time clearing has become mandated in the US. In most cases the quantity of trades in each CCP has increased, but the effects of netting and tear-ups might be behind the reduction in others. The OTC Space: Survey of CCP Progress Since the US Clearing Mandate Kicked In.

Swaptions Clearing, a More Detailed Look

Last week at SEFCON IV in NY, CFTC Chairman Gary Gensler in his keynote stated that Swaptions were the largest Interest Rate product not currently being Cleared.

SwapClear to Restart Compression in Leverage Boon for Banks

Banks hope for leverage exposure relief after interest rate swap clearer fixes clash with CFTC rules. Risk: SwapClear to Restart Compression in Leverage Boon for Banks.

Standard Chartered to Offer Client Clearing for Non-US Persons

UK bank looks to offer clearing option outside US regulatory requirements. Risk: Standard Chartered to Offer Client Clearing for Non-US Persons.

BofA Merrill Lynch and Goldman Sachs join EurexOTC Clear for Interest Rate Swaps

Two of the world’s largest financial institutions, BofA Merrill Lynch and Goldman Sachs, have become clearing members of EurexOTC Clear for Interest Rate Swaps (IRS). Eurex Clearing: BofA Merrill Lynch and Goldman Sachs join EurexOTC Clear for Interest Rate Swaps.

BoE's Carney: Liquidity Support for CCPs is a 'Last-Resort Option'

BoE governor insists clearing houses must have enough liquidity to cope with default of two big member firms. Risk: BoE's Carney: Liquidity Support for CCPs is a 'Last-Resort Option'.

Some of Cassandra’s (AKA SWP’s) Warnings on Clearing Begin to Take Hold

Craig Pirrong (alias Streetwise Professor) explains why some of his warnings about how central clearing can amplify systemic risks. Streetwise Professor: Some of Cassandra’s (AKA SWP’s) Warnings on Clearing Begin to Take Hold.

Collateral Management

How to Select the Right Collateral Management System?

Sean Owens of Woodbine Associates explains some of the factors to consider when selecting a collateral management system capable of meeting new industry requirements based on recent research that reviewed the business requirements of ten vendors systems. DerivSource: How to Select the Right Collateral Management System?

Liquidity, Innit?

The ongoing debate about CCP collateral is interesting. The claim at its simplest is that even very good quality bonds – US T-bills for instance – are not perfect collateral because they cannot be turned into cash immediately. Deus Ex Macchiato: Liquidity, Innit?


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