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March 6, 2014

Weekly Roundup | Trading & Post-Trade Processing | 6 March 2014

Trading

US IRS volumes – SEF MAT Cliff or Steady Decline?

A couple of recent pieces suggested a dramatic downturn in SEF IRS trading in week 1 of MAT. The OTC Space: US IRS volumes – SEF MAT Cliff or Steady Decline?

 

Interest Rate Swaps – SEF MAT Week 2

Following my post last week SEF MAT cliff or steady decline, here's a look at SEF MAT IRS week 2 – courtesy of the Clarus SDRView tool. The OTC Space: Interest Rate Swaps – SEF MAT Week 2.

 

SEF Trading: What Really Happened in Week 1?

Volume estimates for the first week of trading on swap execution facilities displayed a high degree of disparity and divergence. TABB examines the numbers. Tabb Forum: SEF Trading: What Really Happened in Week 1?

 

JP Morgan Puts Derivatives Reg Costs at US$1bn

The new global regulatory framework for derivatives will cost JP Morgan around US$1bn in revenues per year, shaving 5% off its overall markets revenues by 2016. IFR: JP Morgan Puts Derivatives Reg Costs at US$1bn.

 

Learning to Share the Swap Market

Asset managers, hedge funds and proprietary trading shops all want access to platforms that currently serve dealers only – a test for rules on impartial access and, potentially, the start of a long-awaited revolution in over-the-counter markets. Risk: Learning to Share the Swap Market.

 

Prop Shops to Rival Dealer Market-Makers on Broker Sefs

Impartial access rules for Sefs allow firms to gatecrash interdealer market. Risk: Prop Shops to Rival Dealer Market-Makers on Broker Sefs.

 

Meet the New OTC Market-Makers

New swap trading platforms are often seen as a way of levering open the OTC market for a range of non-dealer market-makers – from opportunistic buy-side firms to aggressive Chicago prop shops. But how many of these firms are serious, and what difference will they make? Risk: Meet the New OTC Market-Makers.

 

CDS Makes Smooth SEF Shift

The over-the-counter credit default swap market took its first steps on to exchanges this week as current on-the-run and most recent off-the-run series of index CDS contracts referencing investment grade and high-yield corporates were mandated to trade on swap execution facilities. IFR: CDS Makes Smooth SEF Shift.

 

U.S. Credit-Default Swaps Head for Biggest Decline Since October

A measure of U.S. corporate credit risk is heading for its biggest monthly drop since October as the Federal Reserve reassured investors that its monetary policy remains dependent on the economy’s progress. Bloomberg: U.S. Credit-Default Swaps Head for Biggest Decline Since October.

 

A Safer Way to Trade Interest Rate Swaps

In the early days of the interest rate swap market, former Salomon Brothers trader Thomas Jasper remembers, transactions were recorded by hand. Bloomberg Businessweek: A Safer Way to Trade Interest Rate Swaps.

 

Post-Trade Processing

"What A Mess": Market Reflects on Start of Emir Reporting

By any standards, Europe’s new reporting regime got off to a bad start. Many companies were not ready to comply; some repositories were not able to cope with those that were. Regulators, meanwhile, did not agree on what was in scope. Risk: "What A Mess": Market Reflects on Start of Emir Reporting.

 

WM Datenservice: "Emir Was Too Fast"

Germany’s issuer of legal entity identifiers opened for business almost 12 months ago, but demand only surged in the weeks leading up to Europe’s February 12 reporting deadline. Risk: WM Datenservice: "Emir Was Too Fast".

 

They Think It's All Over…

After the scramble to meet the 12th February ‘go-live’ for European Markets Infrastructure Regulation (EMIR) trade reporting, you may feel that your work on this is now done. Rule Financial: They Think It's All Over…

 

Trade Reporting – First Indications from Vendors

With the start of the EMIR reporting deadline having passed us by reports are starting to come to us from the vendors. CTRM Center: Trade Reporting – First Indications from Vendors.

 

LEIs: First Part of Common Data Format Published

On 24 February 2014, the Regulatory Oversight Committee (ROC) of the global legal entity  identifier system (GLEIS) published the first part of a common data format to be used by pre-LOUs as a standard for sharing or publishing data in the interim GLEIS. DRS: LEIs: First Part of Common Data Format Published.

 

LEIs Fail to Gain Traction

Regulators’ mixed messages on the requirement of legal entity identifiers (LEIs) for trade reporting are believed to be behind weak adoption of the 20-digit identity code. The Trade News: LEIs Fail to Gain Traction.

 

 


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