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November 24, 2013

Weekly Roundup | Post-Trade Processing and Clearing | 25 November 2013

Post-Trade Processing

EMIR UTIs – Part 2: Everything You Always Wanted to Know, But Were Too Afraid to Ask

In our previous article, we looked at why a UTI is required and at what proposals exist to standardise this across the market.  Here, we consider what that means in practice. RegTechFS: EMIR UTIs – Part 2: Everything You Always Wanted to Know, But Were Too Afraid to Ask.

Buy-side Looks to Ease Trade Reporting Burden

European buyside traders are asking sellside brokers and banks to shoulder their responsibilities for reporting derivatives trades, amid fears that they will not be able to meet a key regulatory deadline. Financial News: Buyside Looks to Ease Trade Reporting Burden.

DTCC DDR Helps to Meet CFTC Needs

Virtually all provisionally registered swap execution facilities (SEFs) are now reporting to DDR’s data repository, leveraging the fact that their customers already report their derivatives transactions to DDR. Securities Technology Monitor: DTCC DDR Helps to Meet CFTC Needs.

LME and DTCC Announce Partnership for EMIR Reporting

The London Metals Exchange (LME) and DTCC today announced a partnership to connect LME Clear to DTCC for EMIR reporting purposes. CTRM Center: LME and DTCC Announce Partnership for EMIR Reporting.

Clearing

DCO to QCCP in 199 Pages

The CFTC has issued its final rules for SIDCO’s and DCO’s to achieve full consistency with the International Principles for Financial Market Infrastructures.

CFTC Rules on CCP Liquidity Facilities: Treasuries Need to Be Covered.

The CFTC, as reported in a Nov. 15th article in Bloomberg “CFTC Passes Collateral Rule to Backstop Treasuries in Swap Trade” by Matthew Leising, followed through on their proposal to require CCPs to have back-up liquidity lines against US Treasuries they hold as collateral. Securities Finance Monitor: CFTC Rules on CCP Liquidity Facilities: Treasuries Need to Be Covered.

Cross-Currency Margining Can Bring Savings, Says SwapClear's Michael Davie

Margin efficiency will be the main driver of success in the OTC clearing world and while cross-margining with futures has been touted as a potential game changer, the gains from this may be illusory, says Michael Davie, head of SwapClear, and soon to be chief executive of LCH.Clearnet. Risk: Cross-Currency Margining Can Bring Savings, Says SwapClear's Michael Davie.

EU Watchdog Pushes for Clearing House Resolution Plans

Europe's top securities watchdog has urged swift action on plans to wind down central derivatives clearing houses (CCPs) that run into trouble to help limit potential damage to the global financial system. Reuters: EU Watchdog Pushes for Clearing House Resolution Plans.

CCPs Face $161 Billion Liquidity Shortfall to Clear FX Options, GFXD Finds

Results of an industry study reveal the scale of the liquidity burden that would fall on CCPs clearing physically delivered forex options – but a net settlement mechanism could reduce the number by 73%. Risk: CCPs Face $161 Billion Liquidity Shortfall to Clear FX Options, GFXD Finds.


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