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March 6, 2014

Weekly Roundup | Clearing & Collateral Management | 6 March 2014

Clearing

Time to Embrace European Derivatives Competition

For decades, the European derivatives landscape has been dominated by national exchanges, often monopolies and duopolies in local markets. These dominant institutions have so often entrenched themselves by either being, or moving to, the vertical silo model controlling both trading and clearing, thus locking in, or locking out market participants. FT: Time to Embrace European Derivatives Competition.

 

Rethinking the Cost of Clearing: Capital Standards Weigh on FCM Business Models

Banking regulators are putting in place a new set of international capital standards aimed at strengthening the banking system’s capital base. Futures Industry: Rethinking the Cost of Clearing: Capital Standards Weigh on FCM Business Models.

 

Options Trading Error Heightens Clearing Fears

Central clearing concerns have been reignited after an erroneous options trade pushed South Korea’s HanMag Securities to the brink of bankruptcy and set in motion the Korea Exchange’s default waterfall, mutualising W46bn (US$43m) of losses among clearing member firms. IFR: Options Trading Error Heightens Clearing Fears.

 

CME Clearing Europe Expands OTC Interest Rate Swap Offerings

CME Clearing Europe, CME Group's European clearing house, has received Bank of England approval to add Overnight Index swaps (OIS), zero coupon swaps, Forward Rate Agreements (FRAs), basis swaps, variable notional swaps and SEK, DKK and NOK currencies for clearing beginning 3 March to its existing interest rate swap offering. Automated Trader: CME Clearing Europe Expands OTC Interest Rate Swap Offerings.

 

Collateral Management

"Fixed Rate Full Allotment Reverse Repo Will Become the Fed’s Central Policy Tool" | Barclays Research Note

"We believe that the fixed rate full allotment (FRFA) reverse repo will become the Fed’s central policy tool" says Barclays Joe Abate in a research note last Friday. The OTC Space: "Fixed Rate Full Allotment Reverse Repo Will Become the Fed’s Central Policy Tool" | Barclays Research Note.

 


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