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December 2, 2013

Weekly Roundup | Trading & Post-Trade Processing | 3 December 2013

Trading

Europe’s OTF to Follow the US’s SEF? Lessons in Electronic Swaps Trading

It is still probably too early to derive meaningful conclusions from the impact of Swap Execution Facilities (SEF) on trading behavior. However, European regulators and counterparties can learn from the US experience as they implement the European equivalent of SEF – Organized Trading Facilities (OTF) as part of the Markets in Financial Instruments Regulation (MiFIR). Capco: Europe’s OTF to Follow the US’s SEF? Lessons in Electronic Swaps Trading

OTFs and Sefs: Equivalence in Doubt

European legislators are close to finalising their derivatives execution rules, but trading platforms are concerned the OTF framework may be sufficiently different to US Sef rules to scupper any chance of equivalence determinations. Risk: OTFs and Sefs: Equivalence in Doubt.

SEF Volumes for Week 8

Week 8 is in the books. For this week, I set out to enhance the SEF reporting to be more similar to the Clarus SDR reporting. ClarusFT: SEF Volumes for Week 8.

MarketAxess SEF Complies with Impartial Access

Changing its technology in response to the CFTC's guidance of Nov. 14, MarketAxess said it's now providing open and impartial access to its SEF for all market participants. WallStreet&Technology: MarketAxess SEF Complies with Impartial Access.

Tradeweb's SEF Enables First Electronic Compression Trade with Arcem Capital

Macro-global investment firm executed a pool of interest-rate swaps using TW SEF's compression tool to net exposures at LCH.Clearnet. WallStreet&Technology: Tradeweb's SEF Enables First Electronic Compression Trade with Arcem Capital.

Fierce Competition and Active Regulation for Product Providers in Germany

With structured product volumes in Germany having fallen steadily all year, the arrival of new entrants competing for a slice of a smaller market suggests 2014 could be a tough year for profitability. Risk: Fierce Competition and Active Regulation for Product Providers in Germany.

Smaller Rivals Hope to Gain Listed Derivatives Market Access

The largest exchange groups in Europe are bracing for a radical shift in the competitive landscape as new rules for listed derivatives trading edge closer to the finish line. Financial News: Smaller Rivals Hope to Gain Listed Derivatives Market Access.

UBS restructures FX, Rates and Credit Businesses

UBS is restructuring its foreign exchange business, with the co-head of the unit stepping down, amid a burgeoning investigation into potential manipulation of currencies markets. Financial News: UBS restructures FX, Rates and Credit Businesses.

Post-Trade Processing

ESMA Approves Two Further EMIR Trade Repositories

On 28 November 2013, the European Securities and Markets Authorities (ESMA) published a press release confirming the authorisation of a further two Trade Repositories (TRs) under EMIR.

UPIs, UTIs and LEIs: Key Issues and Methods

Following the success of Tony Russell’s UTI article, it seems apparent that implementing new identifiers will be a major area of difficulty prior to the start of OTC/ETD trade reporting in Februrary 2014. RegTechFS: UPIs, UTIs and LEIs: Key Issues and Methods.



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