Trading

The Twilight Zone

I came across the term ‘Twilight Pool’ for the first time this week. The basic idea is that it is essentially a dark pool that lights up certain pieces of information, or at certain times, in order to provide users with some idea of what is or isn’t lurking there. Fidessa Fragmentation Index: The Twilight Zone.

Trading Safety Measures Pay Off

The eagerly awaited final MiFID II text potentially includes regulation around circuit breakers. Yesterday Eurex saw trading in the FDAX drop by 2% within minutes of an ECB announcement, only to recover shortly after. Finextra: Trading Safety Measures Pay Off.

Speed Dating by Candlelight – The Growth of Twilight Pools

The majority of trading venues fall into one of two categories: either lit markets or so-called dark pools. Tabb Forum: Speed Dating by Candlelight – The Growth of Twilight Pools.

Fidessa Explores Rise of Futures Algos

Fidessa group plc (LSE: FDSA) today announced it has secured the global distribution rights to new research from TABB Group, “Algos in Futures Markets: Shifting into High Gear.” The report examines the rise of the futures algo – touring the existing landscape and highlighting trends – against the backdrop of the increasing use of automated trading strategies across derivatives markets. Fidessa: Fidessa Explores Rise of Futures Algos.

New Years Revelations for Derivatives Market

Volatility has returned to the futures and options market. FOW Intelligence: New Years Revelations for Derivatives Market.

SEF Offshore Push confirmed | ISDA Analysis

ISDA published a survey of 44 participants who in summary opined that as a result of CFTC's October 2nd SEF rules trading had been curtailed, shifted away from US persons and away from eTrading in favor of voice. The OTC Space: SEF Offshore Push confirmed | ISDA Analysis.

Post-Trade Processing

Seven Days and Counting

In exactly one week’s time, the European Market Infrastructure Regulation (EMIR) trade reporting mandate, which forms part of broader regulation designed to de-risk the world of shadow banking, comes into force. Finextra: Seven Days and Counting.

8 Days to GLERT – Are You Ready? Is Anyone in Commodities Ready?

With only 8 days until the Go Live of EMIR Reporting of Trades, all market participants should now be at the final stages of testing and refinement. CTRM Center: 8 Days to GLERT – Are You Ready? Is Anyone in Commodities Ready?

Banks to Corporates Prepare for Big Bang of EU Swaps Rules

Companies from banks and technology firms to energy suppliers are set to face European Union swaps rules, amid warnings from some businesses that they may not have all the systems in place to meet this month’s deadline.

• Business Week: Banks to Corporates Prepare for Big Bang of EU Swaps Rules
• CFTC Law: EU Warns Businesses to Brace Themselves for Swap Reform.

European Companies Struggle with Derivatives Reporting Deadline

European companies are in danger of failing to comply with the new derivative reporting standards required under European Market Infrastructure Regulation (EMIR), one of the most challenging pieces of regulation companies are facing crunch time over. Euromoney: European Companies Struggle with Derivatives Reporting Deadline.

GLERT is a Week Away. How Do We Know If We Are Ready? What Do We Do If We Are Not?

In only one week, the Go Live for EMIR Reporting of Trades, GLERT, will be upon us. As we saw yesterday, the picture for those in commodity trading is far from clear. CTRM Center: GLERT is a Week Away. How Do We Know If We Are Ready? What Do We Do If We Are Not?

Thousands of Derivatives Users Not Ready for Emir Reporting

Number of legal entity identifiers is sitting at 83,337 – well short of the required total, which is estimated at anything from 100,000 to one million. Risk: Thousands of Derivatives Users Not Ready for Emir Reporting.

The OTC Mirage: As Deadlines Near, Global Trade Reporting Follies Emerge

With the 12 February EMIR trade reporting deadline just around the corner, the atmosphere in the derivatives industry suggests just as much turmoil as ever. RegTechFS: The OTC Mirage: As Deadlines Near, Global Trade Reporting Follies Emerge.

Missing UTIs Will Cause Reporting Chaos, Corporates Warn

Regulators have left industry to come up with Emir trade identifiers – a huge mistake, according to one corporate treasurer. Risk: Missing UTIs Will Cause Reporting Chaos, Corporates Warn.

How to Set Up Your EMIR OTC Derivatives Portfolio Reconciliation

Risk Mitigation Techniques such as Portfolio Reconciliation for uncleared trades must be applied by firms as described in article 13 of the EMIR regulation. ReconArt: How to Set Up Your EMIR OTC Derivatives Portfolio Reconciliation.