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January 18, 2014

Weekly Roundup | Trading & Post-Trade Processing | 18 January 2014

Trading: SEFs

What Next After SEFs?

Just finished listing to an interesting webcast on Global OTC market reforms, and where next after the US and SEFs? SingleDealerPlatforms.org: What next after SEFs?

Bloomberg SEF Files Conservative MAT Submission

Bloomberg SEF has put forward the second ‘made available to trade’ (MAT) plan to include both credit and rate swaps, supporting growing industry consensus that swap execution facilities should focus on the most liquid instruments. The Trade News: Bloomberg SEF Files Conservative MAT Submission.

Promoting Standardisation in Sef Reporting

Jodi Burns of Thomson Reuters looks at the need for greater harmonisation in the Sef back office. The launch of Swap Execution Facilities (Sefs) has represented a milestone for the derivatives market. Futures & Options World: Promoting Standardisation in Sef Reporting.

Numerous SEF Challenges Predicted in 2014

The absence of harmonised cross-border rules is just one of a number of problems facing operators and users of swap execution facilities (SEFs) when mandated trading begins, a report from research consultancy Aite has found. The Trade News: Numerous SEF Challenges Predicted in 2014.

Sponsored Access, SEF Aggregation, the Agent, the Introducing Broker, and His (Buy-Side) Lover*

Models borrowed from other markets can help deliver new pools of liquidity to the swaps market. But it is important to note that there are some key differences in the way these techniques apply to the world of swaps. Tabb Forum: Sponsored Access, SEF Aggregation, the Agent, the Introducing Broker, and His (Buy-Side) Lover*.

 

Other Trading News

Top Posts of 2013 from Kevin on the Street

With 2013 just about behind us, I thought it would be fun to look back at the most read posts on Kevin on the Street since my joining Greenwich Associates roughly 5 months ago. Kevin On The Street: Top Posts of 2013 from Kevin on the Street.

Derivatives House and Credit Derivatives House: Citigroup

The seemingly unending overhaul of banks’ derivatives businesses in response to a changing regulatory regime left the door wide open for those that were first-movers in post-crisis recovery. For defying its critics to finally surge into the top tier across regions and asset classes with a model built to embrace the new regime, Citigroup is IFR’s Derivatives House and Credit Derivatives  House of the Year. IFR: Derivatives House and Credit Derivatives House: Citigroup.

A Central Limit Order Book for CDS

MarketAxess Holdings Inc. (MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, announces the expansion of MarketAxess Trade Crossing Hub (MATCH), the first independent central limit order book (CLOB) for single-name credit default swaps (CDS). Pink Iguana: A Central Limit Order Book for CDS.

Veröffentlichung und Inkrafttreten des BaFin-Rundschreibens BA 6/2013

Am 18. Dezember 2013 hat die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) das Rundschreiben BA 6/2013 "Anforderungen an Systeme und Kontrollen für den Algorithmushandel von Instituten" auf Ihrer Webseite (http://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Meldung/2013/meldung_131218_rs_algorithmushandel.html) veröffentlicht. VOB: Veröffentlichung und Inkrafttreten des BaFin-Rundschreibens BA 6/2013.

Banks Poised to Reduce Rate-Swap Trading as Revenue Seen Reduced

Dealer revenue from negotiating interest-rate swap transactions is poised to plunge about 45 percent as new rules boost trading costs, pressures that may prompt banks to participate less in the $633 trillion over-the-counter derivatives market, Tabb Group LLC estimates. Bloomberg: Banks Poised to Reduce Rate-Swap Trading as Revenue Seen Reduced

Key Themes for Investment Banking in 2014 and Beyond

There was some interesting research published last week, that looked at the key themes for Investment Banking for 2014 and beyond. SingleDealerPlatforms.org: Key Themes for Investment Banking in 2014 and Beyond.

High Speed Trading Overtaken by Strategies and Analysis

FOW, Tabb Forum, High speed trading overtaken by strategies and analysis, here. Alte Group says: “16 firms globally which are truly ultra low latency and of those only the top five are firms that count every microsecond for competitive advantage.” So who are the top five? Pink Iguana: High Speed Trading Overtaken by Strategies and Analysis.

CFTC Said Ready to Push Interest-Rate Swaps to Trading Platforms

The Commodity Futures Trading Commission is poised to push interest-rate and credit swaps onto trading platforms designed to make prices more transparent and competitive. BloombergBusinessweek: CFTC Said Ready to Push Interest-Rate Swaps to Trading Platforms.

 

 

Post-Trade Processing

EMIR Trade Reporting Deadline: Manning the Panic Stations?

A lot of firms have absolutely no idea how the unique transaction identifier (UTI) issuance process will be conducted, and they are not alone. Aite Group: EMIR Trade Reporting Deadline: Manning the Panic Stations?

OTC Reporting and Reconciliation

Of all the provisions contained within the Dodd-Frank Act, the European Market Infrastructure Regulation (EMIR) and similar regulations that have been applied across the globe, the new reporting requirements are amongst the most far-reaching and represent a significant challenge for the over-the-counter (OTC) derivatives market. JP Morgan: OTC Reporting and Reconciliation.

Firms Facing EMIR Bottleneck? Late LEI Registrants May Be Left Out in the Cold on 12 February

Trade reporting for EMIR begins in February 2014 and firms are beginning to register their entities (and their clients) for LEIs in order to meet the deadline. RegTechFS: Firms Facing EMIR Bottleneck? Late LEI Registrants May Be Left Out in the Cold on 12 February.

Regulation Forces Trend to Daily Reconciliation

Market participants are becoming increasingly pro-active in their use of portfolio reconciliation for OTC derivatives, according to a report from consultancy Celent. The Trade News: Regulation Forces Trend to Daily Reconciliation.

Get the Whole Story Straight for Trade Repository Reporting

There may be two sides to many stories. But not in the newly centralized world of derivatives trading, where regulators are demanding one complete and accurate version of events for all contracts. Tabb Forum: Get the Whole Story Straight for Trade Repository Reporting.

 

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