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December 8, 2013

Weekly Roundup | Trading & Post-Trade Processing | 9 December 2013

Trading 

Some SEF Trading Certainty – Finally!

Who would have guessed that Black Friday would have turned out to be a big day for SEF trading.  Both Javelin and Tradeweb resubmit their MAT filings, both scaling back the number of products made available for trading.  This is a big deal for a few reasons. Kevin On The Street: Some SEF Trading Certainty – Finally! 

What Next After SEFs?

Just finished listing to an interesting webcast on Global OTC market reforms, and where next after the US and SEFs? Single Dealer Platforms: What next after SEFs?

CFTC Extends No-Action Relief to Sole Asian SEF

Australia-based Yieldbroker can continue to service US clients while CFTC considers its Sef application. Risk: CFTC Extends No-Action Relief to Sole Asian SEF.

MATerial Consensus – Now When Is the Live Date? | SEF CFTC Submissions Converge (part 2)

As a result of some CFTC dialogue and comment letters on the topic, we seem to be homing in on consensus around LIBOR only spot-starting and MAC/IMM swaps. The OTC Space: MATerial Consensus – Now When Is the Live Date? | SEF CFTC Submissions Converge (part 2).

SEFs Battle with Confirmations After CFTC Relief Expiry

A second no-action relief period that exempted Sefs from issuing confirmations expired on November 29, leaving forex traders unsure whether Sefs can handle the requirement. Risk: SEFs Battle with Confirmations After CFTC Relief Expiry.

Europe Set for Swap Futures Shoot-Out

Up to eight venues are gearing up to launch interest rate swap futures in Europe – each with a different take on the product. What does the market make of their chances? Risk: Europe Set for Swap Futures Shoot-Out.

High Frequency Trading: Clear and Present Danger?

As we look back on 2013, it has certainly been a year of increasing scrutiny and criticism of capital markets trading participants. One particular area of focus is so-called "High Frequency Trading" (HFT), the practice of automated trading algorithms rapidly taking market positions. Huffington Post: High Frequency Trading: Clear and Present Danger?

 

Post-Trade Processing

UK and Ireland to move to T+2 settlement

The UK and Irish capital markets are to move to a shortened T+2 securities settlement timeframe with effect from October 2014. Finextra: UK and Ireland to move to T+2 settlement.

A Guide to the EMIR Trade Reporting Obligations – Part 1

On November 7th ESMA authorized four Trade Repositories to offer their services to Europe’s entities and ESMA’s updated version of EMIR implementation timeline showed the 12th of February as the start date for trade reporting, for all derivative asset classes, for both ETD and OTC derivatives. The OTC Space: A Guide to the EMIR Trade Reporting Obligations – Part 1.

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.

Trayport White Paper and Solution on UTI Generation and Handling

Trayport have released a white paper, on the generation, communication and matching of Unique Trade Identifiers under EMIR. CTRM Center: Trayport White Paper and Solution on UTI Generation and Handling.

 


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