Trading

SEF Trading: Volumes Find Balance in Week 2

Following a precipitous drop in Week 1 of mandatory trading, rate swap volumes on SEFs rebounded in Week 2. Meanwhile, evidence suggests investors increasingly are testing the swap futures waters. Tabb Forum: SEF Trading: Volumes Find Balance in Week 2.

SEF Volumes Pick Up After Slow Start

The second week of mandatory swap trading on SEFs has brought an upturn in volume following a lackluster first week, caused in part by weather and the calendar. Markets Media: SEF Volumes Pick Up After Slow Start.

Swaps Market Reform Has Little Effect on Trading Patterns

It’s been two weeks since the swaps market reform has forced banks and traders onto SEFs, and so far little has changed. CFTC Law: Swaps Market Reform Has Little Effect on Trading Patterns.

Swaps Revolution Falling Flat as Brokers Keep Grip on New Market

Meet the new swaps market. Same as the old swaps market. U.S. lawmakers and regulators sought to transform the $693 trillion over-the-counter derivatives market by bringing transparency and competition to a historically private part of the financial industry that worsened the 2008 credit crisis. 

• Business Week: Swaps Revolution Falling Flat as Brokers Keep Grip on New Market
• The OTC Space: C2D vs D2D Split Preserved Despite SEF MAT | Bloomberg Article.

The US Invasion of European Fixed Income

Capital is expensive and getting more expensive.  But the problem is proving a much harder one to manage in Europe, with European banks continuing to deleverage and already complying with the principles of Basel III while US banks have their capital houses (relatively) in order. Kevin On The Street: The US Invasion of European Fixed Income.

Post-Trade Processing

EMIR After Reporting | What Comes Next?

Just to start warming up for our next steps and in case you haven't had the time to notice, being fully occupied with EMIR Reporting after-implementation effects, there is another deadline fast approaching. The OTC Space: EMIR After Reporting | What Comes Next?

EMIR Trade Reporting: UTI Matching, FX Derivatives Definitions Still Complicate the Process

Problems still persist weeks following the EMIR trade reporting deadline with confusion over UTIs, details of the new ESMA Q&A and debate over FX derivatives definitions clouding already muddy post-trade processes. DerivSource: EMIR Trade Reporting: UTI Matching, FX Derivatives Definitions Still Complicate the Process.